Newsletter
- With the permission of the Tokyo court, the civil reorganization trustees of Mt and Gox have postponed the payment deadline for this defunct exchange to October 31, 2027.
- Trustee Nobuyoshi Kobayashi stated that many creditors have not yet completed the procedures required to receive their compensation payments, while others are encountering problems in the process.
- According to data from blockchain analysis company Arkham, wallets related to Mt and Gox currently hold approximately 34,388 units of BTC, valued at around 2.8 billion US dollars.
According to a notice dated last Friday, the deadline for the civil reorganization trustees of the defunct cryptocurrency exchanges Mt and Gox to repay their creditors has been extended by another year to October 31, 2027.
Trustee Nobuyoshi Kobayashi stated that for creditors who have completed the necessary procedures without encountering any issues, the basic repayments, lump-sum early repayments, and intermediate repayments have mostly been completed.
However, Shinaki Kobayashi writes, "Many再生债权人 have not yet received their repayments because they have not completed the necessary procedures required to receive them," and there are also "a considerable number" of creditors who have not been paid due to issues in the process. The court has approved this change to the deadline; the previous deadline was October 31st of this year.
This is the fourth time that the deadline has been postponed by a full year. The trustee initially postponed it from October 2023 to October 2024, then to October 2025, and again to October 2026 last October, for the same reasons: the process was not completed and there were issues to be addressed. By that time, approximately 19,500 creditors had received their funds.
According to data from blockchain analysis company Arkham, wallets related to Mt and Gox currently hold approximately 34,388 units of BTC, valued at around 2.8 billion US dollars.
Arkham data shows that since June, there have been no withdrawals from this asset pool. At that time, 10,422.65 BTC were transferred from a cold wallet, valued at over $739 million at the time, and most of it was transferred to a new wallet. That transfer did not indicate any sale activity, nor did it signify the initiation of a new round of repayments.
A wait of ten long years
Mt. Gox used to be the largest Bitcoin exchange in the world until it went bankrupt in 2014, at which time approximately 850,000 BTC were lost. In 2021, a Tokyo court approved its civil reorganization plan, paving the way for the return of about $9 billion worth of Bitcoin and Bitcoin cash to an estimated 24,000 creditors through the registered exchange.
These repayments once disturbed the market. In June 2024, the trustee indicated that distributions would begin in July of that year, and traders feared that creditors would sell off their holdings, causing Bitcoin to fall to $61,060, a decrease of 6.5% in a single day. At that time, wallets identified as Mt and Gox held approximately 141,686 units of BTC. Subsequent extensions caused little reaction, but an extension in October 2024 temporarily prevented potential supply from entering the market, which briefly pushed up prices.
Observers now believe that the risks associated with the remaining tokens are relatively minor. XYO, a decentralized data network, co-founder Markus Levin stated to Decrypt in June of this year that this quantity is "small in comparison to the liquidity and trading volume of today's Bitcoin market." He also said, "At this stage, it's more like a recurring headline in the news rather than a real source of downward pressure."
