The management of the bankrupt bitcoin exchange Mt.Gox has warned that the deadline for paying compensation will be postponed from October 31, 2024 to October 31, 2025.
"Because it is desirable to make payments to the rehabilitation creditors to the extent practicable, the trustee, with the leave of the court, has amended the repayment deadline from October 31, 2024, to October 31, 2025," the statement said.
In September 2023, Mt.Gox already postponed the compensation payment date from October 31, 2023 to October 31, 2024.
The latest delay temporarily eases concerns about the impact of potential sales of the first cryptocurrency by the exchange's clients on the asset's price. During 2024, Mt.Gox moved $9 billion, $6 billion, $2.85 billion, $2.25 billion and $784 million worth of bitcoins.
Some experts believe that the impact of compensation payments on the price of digital gold is exaggerated. JPMorgan noted that the sale of Mt.Gox creditors is putting pressure on the market. Glassnode added that most of those receiving payments can be classified as hodlers, which potentially softens the scale of the impact.
Mt.Gox customers have been waiting for their money back for ten years. The civil rehabilitation process began in June 2018. In 2021, a Tokyo court approved the exchange's proposed plan.
The trustee submitted a proposal for reimbursement in December 2020. In January 2021, details of the plan became known, and in February, the court approved it for a subsequent vote. The initiative for reimbursement was supported by about 83% of users.
In December 2023, Mt.Gox creditors began receiving payments.
Recall that in September 2024, former owner and CEO of Mt.Gox Mark Karpeles announced the launch of a new cryptocurrency exchange EllipX in Poland with a focus on “transparency” and user convenience.