Mt.Gox pushes back compensation deadline by a year

The management of the bankrupt Bitcoin exchange Mt.Gox предупредило about extending the deadline for compensation payments—from October 31, 2023 to October 31, 2024.

According to the documents, the closed trading platform holds 142,000 BTC (about $3.8 billion), 143,000 BCH (about $30 million), and 69 billion yen (about $4.5 million).

For creditors who provided the necessary information, payments will be made in sequence at the end of this year.

Mt.Gox clients have waited ten years for the return of their funds. The civil rehabilitation process began in June 2018. In 2021, the Tokyo court approved the plan proposed by the exchange.

The custodian presented the compensation proposal in December 2020. In January 2021, details of the plan became known, and in February the court approved it for subsequent voting.

It started on May 31 and ended on October 20. The compensation initiative was supported by about 83% of the exchange’s users.

Earlier Fortress Investment Group proposed to Mt.Gox creditors to buy out their claims at 80% of value.

In March 2023, former Mt.Gox head Mark Karpeles announced the forthcoming launch of the crypto rating agency UNGOX and the distribution of non-fungible tokens, which will be received only by clients of the hacked platform.