FxNews—The administrator handling Mt. Gox’s assets has announced a delay in the payout schedule to creditors. Originally set for this year, the new deadline has been extended to October 31, 2025. This update was released on the Mt. Gox website last Thursday.
Background on Mt. Gox
Mt. Gox was previously the biggest cryptocurrency exchange before it collapsed in 2014 due to a significant hacking incident. Following numerous delays, it began disbursing nearly $9 billion in recovered assets to its creditors this July.
Despite these payouts, as reported by Arkham Intelligence, 44,900 bitcoins, valued at $2.8 billion, remain unaccounted for.
The statement from the Mt. Gox trustee highlighted that several creditors have yet to receive their payments. This delay is due to incomplete processing steps and other complications encountered during the distribution phase.
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Impending Mt. Gox Payouts Pressure Bitcoin Value
Bitcoin‘s value dropped earlier this year when Mt. Gox announced forthcoming payouts and significant bitcoin transfers. The decision to postpone the distribution date by another year aims to mitigate concerns about potential market impacts when these large sums are eventually released.
However, Coinbase analysts David Duong and David Han caution that price fluctuations could still occur once the transactions resume.