As a seasoned crypto investor who lived through the Mt. Gox saga, I can’t help but feel a mix of emotions upon hearing the latest delay in repaying creditors. On one hand, it’s disheartening to see such a significant chapter in our community’s history dragging on for another year. On the other, I guess patience truly is a virtue in this wild world of crypto!
Closed cryptocurrency platform Mt. Gox has extended the timeline for refunding its creditors by one year, moving the payback date to October 31, 2025.
Based on the official statement, “a significant number of creditors involved in rehabilitation have yet to receive their due repayments because they failed to comply with necessary procedures.
One of the world’s first cryptocurrency exchange platforms processed approximately 70% of all global Bitcoin transactions at one time. Unfortunately, it was plagued by several security incidents and undetected hacks, ultimately resulting in a suspension of withdrawals and its downfall in 2014. This unfortunate event left the funds of around 127,000 users inaccessible.
Back in July, the administrator handling funds tied to Mount Gox started dispersing approximately 9.4 billion dollars among creditors. As of now, it’s been reported by Arkham Intelligence that wallets associated with this exchange are still awaiting 2.8 billion dollars worth of assets. In a statement, Nobuaki Kobayashi, the trustee for Mount Gox, mentioned:
“[…] 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.”
Problems occurred while repaying money, specifically instances where too much was deposited into certain user accounts because of a technical glitch. Later on, the platform acknowledged the mistake and asked those who received excess funds to return them.
The Mt. Gox repayment procedure has sparked considerable worry about its possible influence on Bitcoin‘s market value. By July’s end, approximately 59,000 BTC, representing over 41.5%, had been returned to creditors. At that point, a Glassnode report indicated that creditors were holding around $4 billion in assets.
141,686 Bitcoins, along with Bitcoin Cash (BCH) and traditional currency, are being distributed to creditors following a decade-long legal process in Japan, which included waiting and court battles. Currently, the value of one Bitcoin stands at approximately $62,926, marking a 5.3% increase over the past day.
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2024-10-13 19:35