Mt. Gox Disappoints Former Customers Yet Again

By Vince • September 21, 2023 11:59 am • Comments

Former customers of the now-defunct Mt. Gox exchange received disappointing news on Thursday.

According to Nobuaki Kobayashi, the rehabilitation trustee for Mt. Gox, the deadline for reimbursing customers affected by the 2014 collapse of the exchange has been pushed back by 1 year.

This most recent delay was simply another point in a continued trend, as ProCoin News previously reported, Mt. Gox disappointed customers earlier this year by pushing back the repayment window by 2 months.

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Colin Wu reports: “Mt Gox Rehabilitation Trustee has changed the deadline of the Base Repayment, the Early Lump-Sum Repayment, and the Intermediate Repayment from October 31, 2023 to October 31, 2024.”

Coin Telegraph jokingly asked the X community: “What is more probable?  A—Bitcoin reaching $100,000 by the end of the year or B- Mt. Gox reimbursing funds in 2024?”

Coin Telegraph explained:

Additionally, Kobayashi explained that, for rehabilitation creditors who have provided the necessary information, repayments will be made in sequence as early as the end of this year.

Popular crypto influencer Crypto Rover provided background information on the Mt. Gox hack: “In 2011, a significant hack occurred, leading to the exchange’s eventual downfall in 2014, attributed to claims of insolvency. This unfortunate incident impacted around 24,000 creditors and led to the disappearance of 850,000 BTC.”

Another prominent voice in the crypto community celebrated the move due to the perceived impact on broader markets: “$𝟯.𝟴 𝗕𝗜𝗟𝗟𝗜𝗢𝗡 𝗪𝗢𝗥𝗧𝗛 𝗢𝗙 𝗕𝗜𝗧𝗖𝗢𝗜𝗡 𝗦𝗘𝗟𝗟 𝗣𝗥𝗘𝗦𝗦𝗨𝗥𝗘 𝗚𝗢𝗡𝗘. Mt. Gox currently holds  142,000 Bitcoin, 143,000 BitcoinCash, [and] 69 billion Japanese yen.”

CoinDesk writes:

The creditors of Mt. Gox have been looking for some sort of relief for a decade. The exchange managed to recover around 20% of the stolen tokens after the hack.

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