Tokyo court postpones Mt Gox Bitcoin settlement date to October 15

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Again, the deadline for the now-defunct Mt Gox Bitcoin settlement has been postponed by the Tokyo District Court. This is coming after the Rehabilitation Trustee filed for an additional extension of the date. Thus, the new date has been fixed to October 15.

Mt Gox Bitcoin settlement deadline postponed

On June 30, Nobuaki Kobayashi, who is the exchange’s Trustee, submitted a motion demanding another extension for the Mt Gox Bitcoin settlement. This was filed a day before the previously scheduled reimbursement date, which was supposed to be on July 1.

The document reads:

The Rehabilitation Trustee is currently formulating the rehabilitation plan, but as there are matters that require closer examination with regard to the rehabilitation plan, it has become necessary to extend the submission deadline for the rehabilitation plan.

The court heeds to the motion, thereby postponing the Mt Gox Bitcoin settlement date to October 15 this year. The latest postponement reportedly marks the third time reimbursement deadline will be shifted, with the angry investors longing for their repayment. 

About $2 billion available for reimbursement

The incident which occurred years ago at the exchange, locked up a significant amount of funds belonging to the user. To put things in perspective, about 850,000 BTCs and other digital currencies were lost in the hack. These Bitcoins will be worth $7.86 billion, following the current price of Bitcoin.

Meanwhile, the trustee only possesses $600 million in cash for settlement. For cryptocurrencies, the trustee reportedly has 142,846.35166254 of Bitcoin Cash and 141,686.35371099 Bitcoin, which runs into more than $1.3 billion. 

It appears that the Mt Gox Bitcoin settlement date is being prolonged amid the customers’ disagreement with the reimbursement term, such as the transfer type (whether Bitcoin or bank transfer).

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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