Payment of the largest bitcoin compensation has been postponed until October

Creditors of the bankrupt cryptocurrency exchange Mt. Gox has once again extended the deadline for registering and choosing how to receive compensation. The date of the first payment has been postponed to October.

According to Mt. Gox representatives, the deadline for choosing the options for receiving funds has been postponed from March 10 to April 6, and the date of the first payment has been postponed to October 31. According to the bankrupt exchange’s statement, the team is dealing with a «large number of inquiries» and may not be able to respond to creditors in time if they have questions about the process.

According to the plan of Mt. Gox asset manager Nobuyaki Kobayashi, creditors can receive an early lump sum payment of 90% of the desired amount. Another option involves waiting for the bankruptcy process to end with the hope of receiving full compensation. The two largest creditors of the platform have decided to receive most of their compensation in Cryptocurrency rather than fiat currency.

The New Zealand crypto exchange Bitcoinica, which ceased operations in 2012, and the MtGox Investment Funds (MGIF), which accounts for about 20% of all claims against Mt. Gox, have opted for a lump sum payment to the HTS. They are the largest creditors of Mt. Gox. As early as March, Bitcoinica and MGIF users will start receiving 90% of their funds blocked on the exchange back in 2014.

As a reminder, Mt. Gox is the oldest cryptocurrency exchange that lost more than 850,000 BTC as a result of a hack in 2014. Ten years later, in November 2021, the exchange released a «Rehabilitation Plan» to return about 137,000 BTC to investors. Representatives of Mt. Gox representatives are waiting for applications for the return of BTC until March 10, 2023 (previously it was January 10), after which former customers who did not submit an application will no longer be able to receive compensation.