Mt. Gox Clients Won’t Get Paid Again in 2024

Bankrupt crypto exchange Mt. Gox once again postponed the repayment date for its creditors. Now some of the victims of the collapse will not receive funds until next year.

The new report shows that most creditors have already received primary and early payments, but some still need to complete the necessary procedures or are facing various problems. Therefore, the repayment period was postponed from October 31, 2024 to October 31, 2025.

“As it is desirable that Repayments to such rehabilitation creditors be made to the extent reasonably practicable, the Rehabilitation Trustees, with the permission of the court, changed the due date for Repayments from October 31, 2024 (Japan Standard Time) to October 31.” , 2025 (Japan Standard Time).”

Market remains calm after news from Mount Gox

Bitcoin (BTC) is trading around $61,000, up less than 1% in the last 24 hours – Mt. The news from Gox did not cause much reaction in the market.

BTC price chart | Source: TradingView

According to Arkham, Mt. Gox’s crypto wallet currently holds 44,905 Bitcoins, which equates to more than $2.7 billion.

Mt. Gox BTC assets | Source: Arkham

Meanwhile, the exchange has moved Bitcoin holdings elsewhere in the past; For example, on May 28, it transferred $8.7 billion worth of cryptocurrency in preparation for the first payments to creditors. At the end of July Mt. Gox moved another 37,477 BTC worth $2.5 billion and reported that 60% of payments to creditors were completed.

New growth driver or disappointment for October?

Many crypto community members have long been concerned that the exchange’s payouts could sink BTC and cause a massive selloff in the crypto market.

However, Mt. News of Gox payments being delayed is not uncommon. Crypto exchange creditors regularly postpone maturity dates, and the latest news about the postponement of maturities did not cause a strong reaction in society.

“So far Uptober looks like Rektober.”

Wise Advice

Eljaboom, founder and CEO of Ajoobz, Mt. He believes that the news about Gox has become another impetus for the growth of the crypto market. According to him, a number of factors, including support for US presidential candidate Donald Trump and global interest rate cuts, are driving the growth and upward trend.

Mt. Gox refund delayed

China is printing billions of dollars to stimulate the market

Global interest rate cuts are taking place at the fastest pace since 2020

M2 money supply at new ATH

Trump’s chances of winning were highest against Kamala

FTX distribution is approved by:

— Elja (@Eljaboom) October 10, 2024

Mt. Why haven’t Gox customers received their money for 10 years?

The crypto market is experiencing many fluctuations and changes, and one of the most iconic pages in its history is Mt. Gox exchange example. Launched in 2010, this platform at one point became the largest in the world in terms of bitcoin trading volume.

However, it went bankrupt in 2014 and 850,000 customers lost their BTC, amounting to more than $450 million. Since then, various attempts to return the funds to investors have continued, and the latest news about payment delays again attracted the attention of both investors and experts.

Mt. Gox’s bankruptcy raised many complex legal issues. Creditors and investors were involved in lengthy litigation that lasted for years. Complex procedures for determining rights to cryptocurrency assets only sometimes comply with traditional legislation, which creates additional difficulties.

Source: X

The recovery and distribution of assets is associated with the need to account for and identify owners; This requires time and the right approach. Crypto assets may be dispersed across different addresses and wallets, making it difficult to return funds. Moreover, a serious technical basis is required to ensure the security and transparency of transactions on the exchange, and developers need to create and test it. However, some investors can avoid delays in payments.