Creditors of the defunct crypto exchange Mt.Gox now have an extended deadline to register for a repayment option as the exchange's trustee is set to recover losses this year.
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According to a document published on Mt.Gox's website, creditors now have time until April 6 to select their repayment method. As a result, the distribution process has been pushed to October 31 instead of September 30.
Mt.Gox trustee, Nobuaki Kobayashi, said the delay was made due to the "progress by rehabilitation creditors in respect of the selection and registration." As iHodl earlier reported, Mt.Gox's largest creditor, Mt.Gox Investment Fund, selected an option of payout in bitcoin (EXANTE: Bitcoin) rather than fiat currency, suggesting the fund doesn't want to wait for all the litigation process to be over, which could take as many as nine years.
Mt.Gox was one of the world’s largest crypto exchanges, and accounted for 70% of bitcoin transactions at its peak. Between 2011 and 2014, the platform was repeatedly hacked and experienced technical difficulties. In early 2014, problems with the withdrawal of user funds began, as a result, Mt.Gox froze trading and went out of business.
Mt.Gox was subject to a hacker attack, during which 850,000 Bitcoins valued at over $450 million at the exchange rate at the time ($50.8 billion at the moment) were stolen. The exchange was unable to recover the stolen funds, so it filed for bankruptcy in April 2014. The process is still ongoing.
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