The deadline to enter repayment information from the long defunct crypto exchange MT Gox has passed now almost a decade since it entered bankruptcy in February 2014.
Circa 10,000 crypto creditors around the world had to select for the past six months whether to be paid in crypto or in fiat, and to which crypto exchange or address or bank account or indeed PayPal.
Considering the complexities of the new verification system, which often required a renewal of ID documents, the deadline was pushed three time, but now no more.
Creditors had until today, April 6th Tokyo time, to enter repayment information and the deadline has not been pushed this time.
Cryptonians therefore are set to receive about 165,000 in bitcoin, the same amount in BCH, and circa half a billion dollars in fiat.
For some, this will be a significant amount. A bitcoin in 2014, even at the peak, cost $1,000 and as little as $100 for much of 2013. It is now worth nearly $30,000.
About 20% to 25% of the original deposit in MT Gox, once the biggest and almost the only crypto exchange, will be distributed depending on complex selections that each creditor had to make, like full and final payment or gradual payments to account for potential future recoveries.
Like from Alexander Vinnik, the imprisoned operator of BTC-e which played a significant role in laundering MT Gox hacked coins. The New Zealand police seized NZD 140 million ($90 million) belonging to him in 2020, with these funds now subject to a restraining order as gox creditors might have an interest.
The vast majority are thought to have opted for a full and final settlement, a process that has now entered its very final stage.
Just when the payments will be made is unclear at this point. The crypto part can be fairly instant you’d think, but the MT Gox trustee has been paid millions by creditors for years, so he might want to go slowly to keep some more of those millions.
The fiat part is a smaller portion, but these are early cryptonians so whether they will use some of that gox fiat to buy more crypto is to be seen, even as some speculate they might sell their crypto.
The Trustee has not clarified just what happens now. There is therefore no confirmation or indication of how long the act of repayment might take, though the goxers that have ‘held’ for years expect the usual extremely slow movement which might mean by September.
Not that some weeks or months matter to them much after ten years of waiting, but it is over, almost. The goxing is ending.
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- Source: https://www.trustnodes.com/2023/04/06/the-mt-gox-deadline-finally-passes
