Published on October 18, 2024
By: Indigo White
Following a court ruling on October 10, the defunct Japanese exchange Mt. Gox has extended its deadline to repay creditors. The new deadline, now set for October 31, 2025, has brought relief and optimism, easing concerns, at least for now, about a potential Bitcoin sell-off.
Nobuaki Kobayashi, the trustee overseeing the repayment process, said the extension is intended to give creditors more time to complete the necessary procedures. Since repayments began in July, many have encountered various issues.
Despite the challenges, Mt. Gox has already repaid more than 19,000 creditors in Bitcoin (BTC) and Bitcoin Cash (BCH). Once the largest exchange in the world, handling about 70% of all Bitcoin transactions, it collapsed in 2014 after losing around 850,000 BTC due to hacks and security breaches. Today, that amount is worth roughly $52.5 billion.
The Mt. Gox funds are being distributed through several crypto exchanges that have teamed up with the trustee to ensure secure asset transfers.
“With the exception of certain types of repayments, the Rehabilitation Trustee has largely completed the Base Repayment, Early Lump-Sum Repayment, and Intermediate Repayment (collectively, the “Repayments”) for rehabilitation creditors who have completed the necessary procedures for receiving repayments and have not encountered any issues during the Repayments process.
However, many rehabilitation creditors still have not received their Repayments because they have not completed the necessary procedures for receiving Repayments. Additionally, a considerable number of rehabilitation creditors have not received their Repayments due to various reasons, such as issues arising during the Repayments process”.
Mt. Gox wallets now hold nearly 45,000 BTC, which is worth over $2.8 billion. In early 2024, the exchange moved about 137,000 BTC across multiple transactions of roughly 2,000 BTC each, getting ready for the refund process.
Further news:
- PayPal Expands Its Crypto Offering: New Features for Merchants in the U. S.
- More Than 60 New Bitcoin Addresses Holding 1,000 to 10,000 BTC Emerged in 2024.
- Uruguay Passes New Law to Regulate the Crypto Industry.
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