Mar 09, 2023
MT GOX CREDITORS GIVEN ANOTHER MONTH TO CLAIM LOSSES
The registration deadline for Mt. Gox creditors has been extended, giving them an additional month to file their claims. According to the announcement, the deadline has been moved from March 10 to April 6. The deadline for distribution of assets to creditors has also been pushed back, with the new date set for October 31st.
The official document cited various circumstances as the reason for the shift in deadlines, such as the progress made by rehabilitation creditors in respect of the selection and registration. Creditors have the option of a lump-sum payment, bank remittance, fund transfer service provider, or going through a cryptocurrency exchange or custodian.
Mt. Gox was a Tokyo-based cryptocurrency exchange that once accounted for more than 70% of Bitcoin transactions. In 2014, the exchange was hacked and filed for bankruptcy after thousands of Bitcoin (BTC) were stolen. Creditors have been waiting for years to get compensated for their losses.
As Cointelegraph reported in February, Mt. Gox Investment Fund — the largest creditor of the defunct crypto exchange — chose to have an early payout in Bitcoin rather than wait longer for an even larger payment after a legal battle. The early payout meant creditors would receive approximately 90% of what was due. The bankruptcy trustee doesn’t have to sell tokens to acquire fiat funds for the payment since the creditor also chose to be paid in BTC.
The extension in deadline means other creditors will have another month to decide whether to take the lower amount now or wait another nine years to get the full amount.
The Mt. Gox creditor payout has been in focus for quite some time now, especially considering the value of BTC has increased multifold since the exchange went bust. There has been speculation about the impact of Mt. Gox creditors on the market if they decided to sell their holdings. However, a report from Bloomberg has noted that the largest Mt. Gox creditors have no plans to sell their BTC.
The extension of the registration deadline for Mt. Gox creditors may have a positive impact on the web3 space. The additional month gives creditors more time to explore their options and consider the potential benefits of selling their NFTs, or using them to promote their products and services.
NFTs have become increasingly popular as an effective way to promote and market products and services, and they can be used to generate revenue as well. Many companies are now using NFTs as a way to engage with their customers and build brand loyalty.
For instance, Twitter recently launched its own NFT marketplace, allowing users to purchase and sell NFTs. This has opened up a whole new world of opportunities for companies to promote their products and services using NFTs.
In addition, there are now a number of NFT marketing agencies that specialize in helping companies promote their products and services using NFTs. These agencies can help companies create and promote NFTs, as well as provide advice on how to best use them to increase brand visibility and generate revenue.
The extension of the registration deadline for Mt. Gox creditors may provide a valuable opportunity for companies to explore the potential of NFTs and take advantage of the growing NFT market. With the right strategy and the help of an experienced NFT marketing agency, companies can use NFTs to promote their products and services, engage with their customers, and generate revenue.
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