Behold, the granddaddy of crypto exchanges, Mt. Gox, which once soared like a eagle but now flaps its wings in the dust, has once again delayed the repayment of its debts, this time until the fateful year of 2026. 🕰️💸
According to a Monday proclamation, the great Mt. Gox has postponed the restitution of funds to the 31st of October, 2026. Just four days prior to its previous deadline of October 31, 2025, they decided to push the date further. How thrilling! 🎉
The trustee, with the wisdom of a court-appointed sage, declared that while most of the initial lump-sum and intermediate payments have been made to those who bothered to fill out the paperwork, many others remain in the dark, waiting for their share. 🤷♂️
“As it is desirable to make the Repayments to such rehabilitation creditors to the extent reasonably practicable,” the announcement states, as if “reasonably practicable” is a magic word that can summon Bitcoin from thin air. 🧙♂️
The Mt. Gox debacle
Mt. Gox, at its zenith in early 2014, was the king of Bitcoin trading, commanding over 70% of the realm. But alas, in February 2014, it collapsed like a house of cards after losing a staggering 850,000 BTC to a digital heist and declared bankruptcy in Japan. 🏴☠️
Later, a mere 200,000 BTC were recovered, leaving 650,000 still missing, as the estate waded through a labyrinth of legal procedures. Under the court-approved rehabilitation plan, the trustee began dishing out payments in 2024, distributing Bitcoin and Bitcoin Cash. 🧾
Will Mt. Gox cause a sell-off?
The sheer volume of Bitcoin to be redistributed has sent shivers down the spines of market participants, who fear it may trigger a massive sell-off. Yet, not all are pessimists; some believe it may be a fleeting storm. 🌩️
According to Arkham Intelligence, Mt. Gox still clings to 34,690 BTC, worth nearly $4 billion. A far cry from the 142,000 BTC it held in mid-2024-a drop of over 75%. 📉
Still, back in the summer of 2024, an onchain analyst suggested that the redistribution would only have short-term effects on the sell pressure. 🧠
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2025-10-27 14:04