Mt. Gox Disappoints Victims Yet Again
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January 6, 2023 11:34 am
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The 2014 collapse of Mt. Gox was an infamous and somewhat legendary event in the crypto world.
Bitcoin tanked in price, confidence was completely shaken, and many thought that it was the end of the crypto markets—the exchange handled 70% of all worldwide Bitcoin trading volume.
Clients, customers, and creditors were out hundreds of millions at the time of the collapse, and recourse was limited at the time, following the exchange’s filing for bankruptcy protection.
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After a litany of legal proceedings and filings, victims of the Mt. Gox collapse got a spot of good news when they were told that at least some of their funds would be returned to them.
Today those hopes have been postponed yet again, but only for 2 months…
Mt. Gox recently announced that the first payments to victims of the collapse will start on March 10th, 2023, and the deadline to receive funds has also been pushed back to September 2023:
💥BREAKING: Mt. Gox first repayments pushed back to September 👀
🔸Mt. Gox creditors will have an extra two months to provide crypto exchange and banking details for repayments.
🔸Creditors will also have to wait a further two months to receive the first tranche of repayments. pic.twitter.com/JNb6mMWZGc— Crypto Rand (@crypto_rand) January 6, 2023
🚨BREAKING: MT GOX REGISTRATION DEADLINE PUSHED FROM JANUARY 10TH TO MARCH 10TH
DISTRIBUTION DEADLINE PUSHED BACK FROM JULY 31ST TO SEPTEMBER 30THhttps://t.co/wp3v4QYwVm pic.twitter.com/Mc1HBA4DJd
— Craig B (@altbender0x) January 6, 2023
The Digital Asset Investor points to some very troubling claims about Mt. Gox…
Could the platform have represented collusion between the state and the banking sector? Mt. Gox’s collapse has left more questions unanswered than answered:
New Bernie Madoff documentary on @netflix What do you know? JP Morgan had the ponzi account. They also had the Mt Gox account. pic.twitter.com/MRJ4LyN2sx
— Digital Asset Investor (@digitalassetbuy) January 6, 2023
FACT: Goldman Sachs and JP Morgan were both working with the Ethereum Founders BEFORE the main net launch.
FACT: JP Morgan Banked Mt Gox
FACT: Homeland Security met with the four Satoshis. They know exactly who created Bitcoin(Goldman/JP Morgan/Government???) https://t.co/T5GzPFjj2G— Digital Asset Investor (@digitalassetbuy) January 2, 2023
Coin Telegraph reports:
The update also clarified that those who have already completed the process don’t need to perform it again. In addition, the update asked those who already completed the process to abstain from making any revisions to registration to make the confirmation process more smooth.
Repayments of Bitcoin lost to MtGox are mandated by the liquidators to only happen through Kraken (some time next year apparently) but I just got this mail from Kraken stating they are shutting down in Japan in around 35 days time! Very sus! #mtgox #kraken #crypto @krakensupport pic.twitter.com/j0Hujr4y50
— Dylan Lindgren (@dylanlindgren) December 28, 2022
The Block speculated that Kraken potentially impacted the release of the customer funds:
Among Mt. Gox creditors, there has been speculation that the timeline shift could be related to the crypto exchange Kraken’s exit from the Japanese market. Creditors had to select from a few exchanges to receive their crypto payments, with Kraken being one of them. But the exchange said it intended to leave the Japanese market in January after global layoffs.
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