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Homepage > News > Business > Mt Gox extended to 2025, 11 years after theft and bankruptcy The Japanese bankruptcy trustee overseeing funds from defunct Bitcoin exchange Mt. Gox has extended its payout deadline by yet another year. Many who’d looked forward to the end of October 2024 to find out if they’d receive a payout now have another year to wait—until October 31, 2025. This was due to many remaining creditors still not receiving payouts, having missed key submission deadlines, or after encountering other issues in the process. At stake are the remains of Mt. Gox’s 2014 deposit pool of JPY698,246,328 and around 200,000 BTC. Those amounts have diminished over the years since. The story of Mt. Gox is intertwined with the history of Bitcoin itself. In Bitcoin’s earlier years, and certainly around the time Bitcoin first gained mainstream attention, it was the primary place to trade between BTC and fiat currency. Despite being based in Tokyo, Japan, Mt. Gox was the only Bitcoin-fiat exchange with serious liquidity and remittance access to U.S. bank accounts. These bank transfers, along with Mt. Gox’s in-house security and record-keeping shortcomings, would later contribute to its undoing. Bitcoin finally hit the (relative) “big time” in 2013, its unit price first soaring to around US$300 in April before falling below $100 and then rebounding to over $1,000 by the end of that year. There have been claims that Mt. Gox’s own automated trading bots contributed to that bull run. Suddenly, many early Bitcoin adopters found themselves incredibly wealthy. Much of that BTC had been mined by individual hobbyists or acquired for mere cents each. Mt. Gox experienced problems with its U.S. banking partners, and starting in late 2013, there were rumors that the exchange might be insolvent. This was widely dismissed as “FUD” by…

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Filed under: News - @ October 16, 2024 7:21 am