Creditors of crypto exchange Mt.Gox will start receiving payments from the platform


The trustee announced the date when the creditors of the Mt.Gox crypto exchange will start receiving payments from the platform — this will happen no later than October 31.

It is expected that all necessary preparations, such as agreeing on a list of those who will receive the payments and their distribution, should be made before the payments begin. The total amount to be distributed is 142,000 BTC ($3.9bn), 143,000 BCH ($17.9m) and 69bn Japanese yen ($523m) in both cryptocurrency and fiat money. Moreover, lenders can demand payment of the first 200,000 yen in yen, if they so wish. Although this period may be extended with permission from the Tokyo District Court if necessary.

The official announcement of the platform mentioned various explanations for the delay, such as the promotion of rehabilitation creditors in selection and registration. Initially, payments were expected to be received by July 31, one year after the start of preparations for payments.

The complainants have been waiting to recover their losses since the exchange was hacked in 2014. At the time, attackers stole BTC from Mt.Gox, which at the time was one of the largest bitcoin exchanges. In total, the attackers stole 850,000 BTC worth around $500 million, causing suffering to some 24,000 creditors. The registration date for the payment process has been rescheduled again and again, the latest change being from March 10 to April 6, and the distribution of assets is now due to take place on October 31, rather than September 30.

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