Repayment Deadline Increased for the MT Gox Exchange’s Creditors

[Faisal2202]

According to the cointelegraph, the trustee Nobuaki Kobayashi has changed the repayment date by 1 year. I mean directly from  Oct 31, 2023, to Oct 31, 2024. That was so unpredictable and honestly I don't know on what basis they are delaying the repayment. Even though they have funds in their hands. It would be good if they had repaid the amount to the creditors so that they would use them according to the market's current condition. I mean according to the upcoming halving event.

source

To be honest, I almost thought that, they would increase the repayment date. But did not think that they would put an increment of 1 year. That's so long for the waiters. But if they have waited this long then I think they can wait for another year too. Plus I have a question, is this a good factor for the market or not? I do know that, if they would pay the amount then we will see some selling of BTC, BCH and Yuan, etc. Which would cause a dump in the market. But what else I am missing other than this?

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[tbct_mt2]

According to the cointelegraph, the trustee Nobuaki Kobayashi has changed the repayment date by 1 year.

Shake my head when I read this. Again, it happens again. Delay again and again, years already.

Will Mt.Gox victims receive their coins back after all those delays?

I doubt it but even those victims receive their bitcoins, Bitcoin market will be big enough to absorb those bitcoins if they are all sold on the market. Assume victims will receive coins in October 2024, there will be more FUD about it around that month. Assume distribution will be made, you must bookmark that article and that date to avoid likely fud attacks around that time, next year.

It's important for you to cash out before that date or to prepare capital to buy dips.

[DaveF]

Also from that article linked:

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.

From what I see the 2024 date is the END of the repayments, not the start. I can see them wanting to do it slowly and in batches to make sure it goes well as opposed to shoving it all out the door as fast as possible and dealing with all the issues at once. There are merits to doing it both ways.

-Dave

[Bureau]

1 year is still a big deadline, they might start from the end of the year, but there is nothing confirmed. There are 24000 creditors who have been patiently waiting and now again they have to wait. I do not think this news would influence the existing market. The market is still going sideways and I do not think we will think any changes would happen. We cannot ascertain now how the market would react when they will pay what they promised. Bitcoin halving will happen next year, at the moment it is likely to happen by March. There would be a six-month gap in between to complete it, the bull market should start by that time.  

[DeathAngel]

There is no justifiable reason for a delay here, this is not good enough. I’m not sure what games are going on here but maybe people in higher places have ordered this delay due to the halving & potential ETF approval. Maybe the expected dump following the release of coins is better served for the powers that be later on, down the road. The trustee has had plenty of time to get everything sorted for pay out at the original date. The reasoning given for delay is not good enough.

[Die_empty]

From what I see the 2024 date is the END of the repayments, not the start. I can see them wanting to do it slowly and in batches to make sure it goes well as opposed to shoving it all out the door as fast as possible and dealing with all the issues at once. There are merits to doing it both ways.

-Dave

This is not the first time they have postponed the repayment date. I guess many of these victims will immediately sell off their coins when they receive the repayment. And this would have flooded the market which might lead to a drop in price. But if payment to the victims will be done in batches, then it is a welcome development. At least the sales of this bitcoin will spread within one year which will not affect the market so much. Repaying these funds in batches will also reduce errors and other complications. It is also a green light to investors I keep buying and hodling. I just hope that everybody who has lost money in MT Gox gets back their funds.

It is also possible that Rehabilitation trustee Nobuaki Kobayashi and his advisers are targeting next years having and huge investment in the bitcoin sector. Maybe they want to make more money for these claimants.

[WillyAp]

It borders on wonders that they repay losses.
Hopefully it sets an example.

[sokani]

That was so unpredictable and honestly I don't know on what basis they are delaying the repayment. Even though they have funds in their hands. It would be good if they had repaid the amount to the creditors so that they would use them according to the market's current condition.

I would have said they are trying so hard to fix their reputation, but the truth is after the hack and the long time it took them to announce the reimbursement of the victims, they can't fix their reputation. Even if they repay all the victims money today, they've already tarnished their reputation and I don't think anyone with a thinking cap would want to use the exchange.

Plus I have a question, is this a good factor for the market or not? I do know that, if they would pay the amount then we will see some selling of BTC, BCH and Yuan, etc. Which would cause a dump in the market.

Certainly, we are going to experience an increased amount of sells but I don't think it's going to affect the market that much. Some of the victims are no more with us, while some have gone on to be good Bitcoin hodlers, so if they had received their Bitcoin, they would have hodl unto it and sold during the bull.

[Beparanf]

Not surprising since they keep announcing this potential refund more than 6+ years and no one already paying attention to this refund already due to delays.

Afaik, Their refund process is by batch so this 1 year extension is understandable since they are planning long term distribution also they might use the Bitcoin halving hype to increase their Bitcoin holding value before they liquidate it slowly to benefit on price spike.

[Lucius]

This is not the first time they have postponed the repayment date. I guess many of these victims will immediately sell off their coins when they receive the repayment. And this would have flooded the market which might lead to a drop in price.
~snip~

One of the payment options is directly to a bank account, so I wonder why someone who just wants to get cash as soon as possible would choose a payment in Bitcoin at all? All these stories and speculations about how the price will fall because people will start selling en masse when they get all the coins is one of the biggest FUD that has been going around for years.

If we were somewhat realistic and divided those 140 000 BTC in the following way, then we could end this story once and for all.

- 40 000 BTC will be paid directly to clients in their wallets and they will mostly keep it.

- 40 000 BTC will be sold by the bankruptcy trustee via OTC (over a period of time) and the money will be paid into the clients' bank accounts.

- 60 000 BTC will be paid out in BTC and (there is also a BCH option), and the majority will be sold through various CEXs over a period of several months to perhaps a year.

If you take this scenario into account, then it is completely stupid to think that a few tens of thousands of BTC that will be sold gradually could have any impact on the price. Of course, all this would make sense in a world where people behave rationally, but given the obsession with this topic, I have no doubt that it will be very easy to sow panic when the time comes.

[vapourminer]

those who want cash instead of btc/bch can have mtgox do that conversion automatically and sent to a bank account. so those left must want the btc and bch directly.

of that, i would expect many/most keep the btc but sell the bch, prolly into btc.

well thats my plan anyway.

so a btc selloff once we get some coin back seems unlikely.

[Faisal2202]

Shake my head when I read this. Again, it happens again. Delay again and again, years already.

Will Mt.Gox victims receive their coins back after all those delays?

I doubt it but even those victims receive their bitcoins, Bitcoin market will be big enough to absorb those bitcoins if they are all sold on the market. Assume victims will receive coins in October 2024, there will be more FUD about it around that month. Assume distribution will be made, you must bookmark that article and that date to avoid likely fud attacks around that time, next year.

It's important for you to cash out before that date or to prepare capital to buy dips.

You have raised a good point and a great advice. I will definitely add this thread or simply add this information on a sheet of delaying dates. To be honest, I doubt if they will repay the amount even on 2024. Because in the letter the trustee has declared that, they can still change the date according to the conditions. This raises concerns too. But fingers are crossed and let's see what will happen next. But for the time being, I feel sad for those who have their funds stuck in it but at the same time I am happy too.

Because the sword of dip due to mt gox's payment, that was hanging on our heads is not removed. This means we might not see fuds related to this issue for some time now.

[philipma1957]

According to the cointelegraph, the trustee Nobuaki Kobayashi has changed the repayment date by 1 year. I mean directly from  Oct 31, 2023, to Oct 31, 2024. That was so unpredictable and honestly I don't know on what basis they are delaying the repayment. Even though they have funds in their hands. It would be good if they had repaid the amount to the creditors so that they would use them according to the market's current condition. I mean according to the upcoming halving event.

source

To be honest, I almost thought that, they would increase the repayment date. But did not think that they would put an increment of 1 year. That's so long for the waiters. But if they have waited this long then I think they can wait for another year too. Plus I have a question, is this a good factor for the market or not? I do know that, if they would pay the amount then we will see some selling of BTC, BCH and Yuan, etc. Which would cause a dump in the market. But what else I am missing other than this?

This gives them a way to crash market in fall of 2024.
If coins take off and are 75k in oct they release these and the market slumps.
They must feel owners of the coins would sell them all.

[Hamza2424]

To be honest, I almost thought that, they would increase the repayment date. But did not think that they would put an increment of 1 year. That's so long for the waiters. But if they have waited this long then I think they can wait for another year too.

Now it's getting boring drama over and over they are extending the dates, whether it's on the long-term distribution or any of their other strategy and just engaging us into their lame excuses. 1 year or 1 month does that really matter if they are gonna change it again? So even if the waiters are ready to wait for one year I would like to let them know, that sooner or later there will be again a flash of hope.

Plus I have a question, is this a good factor for the market or not? I do know that, if they would pay the amount then we will see some selling of BTC, BCH and Yuan, etc. Which would cause a dump in the market. But what else I am missing other than this?

Buddy, I don't think it will have much effect on the market, as per the decision it even confused the market sentiments, currently they could have a holder if the day won't be changed, or according to the market price maybe most of them took an exit. But for now, there will be no such scene as funds are not in users' hands, so any unexpected event may not occur.

[hugeblack]

I hope that the date of October 31, 2024 is a final date in which the MT Gox problem will be resolved once and for all, and if this means that the currency will be done in batches or will be slightly regulated and the problems will be solved, I do not see that waiting will be a problem, especially since it is unlikely that we will reach the ATH by next October.
As for the effect on the price, it is calculated from the date the first customer receives his payments. If this happens, it will cause a temporary increase in the price, and then the news will be normal. The effect of MT Gox has ended and all that will happen is a temporary pump.

I just hope that the process ends quickly, otherwise when the price rises, we will start hearing that some people have sold thousands of Bitcoins, and this will be a reason to scare the price and break the ATH away from 150K.

[Solosanz]

In the next 6 months we will hear the deadline is Oct 31, 2025, next year we will hear the deadline is Oct 31, 2026 and keep repeating until the victims already tired to get back their funds.

As long as no victim posted he already get refunded by Mt.Gox, I will keep assume the repayment is still a bullshit.

[Dunamisx]

According to the cointelegraph, the trustee Nobuaki Kobayashi has changed the repayment date by 1 year. I mean directly from  Oct 31, 2023, to Oct 31, 2024. That was so unpredictable and honestly I don't know on what basis they are delaying the repayment. Even though they have funds in their hands. It would be good if they had repaid the amount to the creditors so that they would use them according to the market's current condition. I mean according to the upcoming halving event.

Before we talk about the repayment rate on the amount expected to be refunded, I don't think the victims of these same incident can all have the opportunity to partake in these second chance opportunity, i don't know the medium and procedures they may wanted to adopt in doing this but i just wish everything comes to live as expected, if adjusting the date is the only request made then i don't think this should be a problem because before you know, here comes 2024.

[el kaka22]

This has been prolonged for so long, it's really not looking nice for anyone that had any money there. It's a big legal hassle that is taking so long and we should have seen those people finally getting paid.

I know that it is hard to make sure that you can pay everyone, after all most of the money is gone, and the ones that are left is not enough to pay everyone back, and they are trying their best, but I would say gather all the money you can, basically every cent, literally sell their houses of those mt.gox management if you have to, get every single cent, and then pay everyone an equal fair share of their money. That's it, that would be the end of it and there wouldn't be anything else left to deal with ever again.

[ajiz138]

How do customers feel that they will receive this year after some news? Then there is news again Mt.gox is stalling for another year obviously this is boring time again, there is always a way that they will continue to delay indefinitely.

I think this will happen to FTX, when the trial is over then they will refund to their customers the same will continue to stall for the time they want, so always think that the expectation of a refund from the exchange should not be too much more it will all be nonsense.

Although in 2024/31 October they can fulfill their promise.

[Z-tight]

Another reason why people should not store their funds in an exchange, it must be frustrating for MT. Gox's creditors, having to wait this long and now an extra year added to the waiting time. On top of that, they aren't even getting a 100% refund because the exchange lost around 850,000 BTC and all they have right now is 140,000 BTC.

This issue has been used for a long time to create fud in the BTC market, but take note that they will not be making the refund in only BTC, but they also have around 143,000 in BTC cash and 69 billion in Japanese yen, so ignore anybody who is trying to create fud with this situation or at least let us just wait for the payment to be made first and see how the market reacts.