Mt Gox Creditors Face Further Delays In Repayment Process

Key Points:

• Deadline for Mt. Gox creditors to provide repayment information has passed, opening the window for repayments to be made.
• Mt. Gox will distribute an unknown portion of 142,000 BTC ($3.9B), 143,000 BCH ($17.9M), and 69B JPY ($523M).
• Payments will be made in a mix of crypto and fiat money with the first 200,000 JPY worth of each creditor’s claim paid in JPY.

Mt Gox creditors to provide their repayment information has now passed, opening the window for repayments to be made.

It is expected that the repayments will be made in a mix of crypto and fiat money, and will be distributed by a list of financial institutions, including crypto exchanges. The repayments will consist of base, intermediate, and early lump sum payments, and will be paid out until the Oct. 31 deadline, according to an April 7 letter from the Mt Gox Trustee.

The Trustee has noted that he will coordinate with the list of financial institutions to ensure that the payments are distributed to creditors as soon as possible. However, he has also mentioned that “it is expected to take some time before the repayment is commenced,” due to the necessary preparations that must be made. The Trustee has also pointed out that the deadline for making the repayments could be extended with the permission of the Tokyo District Court.

It is important to note that Mt Gox is set to distribute an unknown portion of the 142,000 BTC ($3.9 billion), 143,000 BCH ($17.9 million) and 69 billion Japanese yen ($523 million) that it holds. This means that creditors will finally receive some compensation for their losses.

The first 200,000 yen worth of each creditor’s claim will be paid in yen. If their claim is greater than this amount and they choose crypto and cash, they will receive a mix of around 71% crypto and 29% cash after the initial payment. This is a significant development for Mt Gox creditors who have been waiting for years to receive the funds owed to them.

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