Mt Gox has opened its repayment portal, but repayments “will take some time”

The opportunity for repayments to be made by October 31, 2023, has opened since the deadline for Mt Gox creditors to submit their payback information has passed.

However, the Mt Gox trustee warned that the payback process would take time and that the deadline for making payments might be adjusted.

Now that the time for reimbursements to Mt Gox creditors has closed, creditors may begin making payments.

According to a letter dated April 7 from the Mt Gox Trustee, the payment deadlines for the base, intermediate, and early lump sum repayments have been extended until October 31.

The Trustee said that he will make the necessary arrangements to make the repayments, collaborating with the banks and cryptocurrency exchanges on the list of entities that would collect the payments and disperse them to the creditors. The Trustee acknowledged that “in light of this, it is expected to take some time before the repayment is commenced.”

The Trustee said that the repayment schedule may be extended if the Tokyo District Court agreed to do so.

Of the 142 thousand bitcoins ($3.9 billion), 143 thousand bitcoin cash ($17.9 million), and 69 billion Japanese yen ($523 million) in Mt. Gox’s possession, the exchange plans to release an undisclosed amount.

Bitcoin, Bitcoin Cash, and traditional currency will all be used in the transaction process. Each creditor will get a yen payment for the first 200,000 yen of their claim. If their claim is more than that, they will be paid in a combination of 71% cryptocurrency and 29% fiat currency once the first payment is made.

Also Read: CBDCs Might Be Used For “Control” During Financial Crises, Says European Central Bank Chief