One of the earliest crypto platforms, the now-defunct Mt. Gox, has once again postponed creditor repayments, this time extending the deadline to October 31, 2026.
According to a recent announcement, Mt. Gox stated that while many early and intermediate repayments had been finished, several creditors are still waiting for their funds.
“As it is desirable to make the repayments to such rehabilitation creditors to the extent reasonably practicable, the Rehabilitation Trustee, with the permission of the court, has changed the deadline.”
“Es deseable realizar los pagos a esos acreedores en rehabilitación en la medida de lo razonablemente practicable, el administrador de la rehabilitación, con el permiso de la corte, ha cambiado la fecha límite.”
The Mt. Gox Saga
At its zenith in early 2014, Mt. Gox was responsible for over 70% of Bitcoin transactions globally. The exchange collapsed in February 2014, revealing a hack that resulted in the loss of around 850,000 BTC and subsequently filed for bankruptcy in Japan.
Following the bankruptcy, approximately 200,000 BTC were recovered, leaving approximately 650,000 BTC unaccounted for during a prolonged court process. Under a rehabilitation plan sanctioned by the court, repayments commenced in 2024, with distributions of Bitcoin and Bitcoin Cash.
Concerns Over Bitcoin Sell-Off
The substantial Bitcoin to be redistributed has raised concerns among market participants about a potential sell-off, although not all share this pessimistic perspective.
According to data from Arkham Intelligence, Mt. Gox currently holds 34,690 BTC valued at nearly $4 billion, which is down significantly from the 142,000 BTC it possessed in mid-2024.
In the summer of 2024, an on-chain analyst suggested that the impending redistribution would mainly have temporary influences on sell pressure.
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