Mt. Gox Creditors Hit by Another Delay as Repayments Deadline Pushed to 2025
2024-10-14

The trustee overseeing Mt. Gox’s assets has announced another delay in distributing the remaining funds to creditors, pushing the deadline by one year to 31 October 2025, according to a report by Krisztian Sandor for CoinDesk. This follows the initial repayments that started in July 2024. 
Mt. Gox, once the world’s largest cryptocurrency exchange, collapsed after a major hack in 2014, which led to the loss of hundreds of thousands of bitcoin BTCUSDT from customer wallets. The exchange’s downfall marked a significant event in Bitcoin’s history, and its recovery process has been slow due to the complex legal proceedings involved.
Despite beginning repayments, a substantial amount of crypto remains tied up. According to data from Arkham Intelligence, Mt. Gox-linked wallets still hold 44,900 BTC worth approximately $2.8 billion. The trustee’s recent statement attributes the delay to the fact that many creditors have not yet completed the necessary procedures to receive their repayments. Various issues in the repayment process have contributed to the delay, with some creditors facing difficulties that have slowed the distribution.
The delay has sparked interest in how creditors might handle their funds when they eventually receive them. Analysts from Coinbase noted that the extension could ease concerns in the short term about potential market disruption caused by creditors selling their recovered bitcoin on the open market. However, uncertainty remains about what might happen once these large amounts of bitcoin begin to move again.
Despite the postponement easing some immediate concerns for the crypto market, Bitcoin’s value remains influenced by several key factors. For example, the upcoming U.S. presidential election and shifts in monetary policies could either stimulate further gains or trigger downward pressure, leading to possible sell-offs. 
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