Creditors Mt. Gox have to wait an extra month for their bitcoin

It has been a little over nine years since the largest bitcoin (BTC) exchange at the time went offline. Mt. Gox grew very quickly and within three years could call itself the largest bitcoin exchange in the world. At the time, it processed a whopping 70% of all bitcoin trades worldwide.

Earlier this week you could read in the Bitcoin news that the creditors of Mt. Gox had until March 10 to file their claims and eventually get some of their bitcoins back. The registration deadline has now been moved forward by a month.

Bitcoin payment postponed

According to the announcement the registration deadline has been moved from March 10 to April 6, 2023. With this, the distribution deadline has also been automatically postponed by one month. The distribution of assets to creditors now starts on October 31 instead of September 30, 2023.

The minutes cited various circumstances for the postponement, such as the progress of rehabilitation creditors with regard to selection and registration.

With the extension of the registration deadline, creditors have one month more to decide whether to receive a sum of money immediately or to wait for a so-called ‘final payment’. Creditors must also choose whether they want to be paid in dollars or in bitcoin and bitcoin cash (BCH).

BTC crash imminent?

The payment of the creditors of the bankrupt crypto exchange has been receiving a lot of attention within the crypto world for some time now. There is generally a lot of fear about a possible bitcoin crash. A lot of BTC could be sold at once, which could cause the bitcoin price to fall. However, you could recently read that the British bank UBS believes that the negative consequences of the bitcoin payment will not be too bad.

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The two largest creditors, Mt. Gox Investment Fund (MGIF) and Bitcoinica have already opted to receive their outstanding debts in bitcoin. This is relatively good news, but it is important to keep in mind that these parties can still choose to sell their BTC all at once.

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