Mt.Gox Puts Off Compensation Date
The management of troubled crypto exchange Mt. Gox has announced that the deadline for compensation payment has been extended from October 31, 2023 to October 31, 2024.
The exchange has 142,000 BTC (~$3.8 billion), 143,000 BCH (~$30 million), and 69 billion yen (~$4.5 million) in assets according to documents.
Payments will begin for creditors who have provided necessary information by the end of this year.
The exchange has been undergoing civil rehabilitation since June 2018 and a court-approved plan was proposed in 2021.
The trustee submitted a plan for reimbursement in December 2020 and it was approved by the court in February for a vote. Voting ran from May 31 to October 20, with the proposal receiving support from 83% of users.
Previously, investment company Fortress Investment Group offered to buy out claims from Mt. Gox creditors for 80% of their value.
In March 2023, former Mt. Gox CEO Mark Karpelès announced plans to launch the UNGOX crypto rating agency and distribute non-fungible tokens exclusively to clients of the hacked platform.”
