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The Trustee assigned to Mt. Gox, the world’s largest Bitcoin exchange that went bankrupt in 2014, has announced a change in the final payment date for creditors in its latest announcement.
Mt. Gox Trustee Changes Final Payment Date
According to the latest announcement from the Mt. Gox Trustee, the final payment date for principal repayments, early repayments, and interim repayments has been changed from October 31, 2023 to October 31, 2024.
Furthermore, repayments to creditors who have provided the necessary information are planned to be completed by the end of this year. However, the repayments will now be completed by October 31, 2024 instead of October 31, 2023. In its previous announcement, the Mt. Gox Trustee shared that it holds 142,000 BTC, 143,000 Bitcoin Cash (BCH), and 69 billion Japanese yen, among others.
Could Mt. Gox Repayments Cause Selling Pressure in the Cryptocurrency Market?
Participants in the cryptocurrency market are closely monitoring every development regarding Mt. Gox. Market analysts are sharing the risk of potential selling by creditors if they acquire their cryptocurrencies. Although the amount is relatively low compared to the Bitcoin trading volume, it is considered that panic selling triggered by market sentiment could accelerate the decline in BTC and other cryptocurrencies.
The cryptocurrency market is trying to recover after a challenging year in 2022, where many cryptocurrency companies are in difficult situations and some have filed for bankruptcy. While the cryptocurrency market is adversely affected by macroeconomic developments, it is also facing strict regulatory pressure. Experts express their concerns about the additional selling pressure that the Mt. Gox incident could create on the market.
At this point, it would not be wrong to say that the start of repayments by the Mt. Gox Trustee, who has been working on a repayment plan for years, is likely to create additional selling pressure for BTC.
