In an email sent to certain creditors, the bankrupt entity MtGox provided an update on its repayment plans. The MtGox bankruptcy trustee confirmed that repayment will commence soon and will be made in cash. “The Rehabilitation Trustee plans to begin repayment to creditors shortly,” stated MtGox, noting that the repayment will be completed in cash within the 2023 calendar year.
As outlined in the email, the repayment process for MtGox rehabilitation will be initiated in 2023 and continue into 2024. This information was specifically communicated to rehabilitation creditors who have already selected their preferred repayment methods and have had their destination information approved.
The trustee explained that the extension of payment into 2024 is due to the large number of rehabilitation creditors involved, as well as various factors such as different types of repayment, preparation, and processing time.
Moreover, although the trustee raised hopes, it did not provide specific details about the timing of individual repayments. The MtGox trustee stated, “The specific timing of repayment to individual rehabilitation creditors is undetermined and therefore it will not be possible to provide advance notice to each rehabilitation creditor regarding the specific timing of their Repayment”,
The community response indicates that similar instances in the past have raised hopes without resulting in actual repayments. In a tweet, one user dismissed the email as “same old news,” while another questioned its authenticity, asking, “Is it real this time?”
Initially, MtGox had set October as the deadline for repayment plans but later adjusted the timeline. The most recent update mentioned a repayment period extending into Q4 2024, which the Trustee reaffirmed in the recent communication.
The Mt Gox repayment process involves the distribution of 142,000 BTC, 143,000 BCH, and 69 billion yen, among other assets.
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