Topic: Repayment Deadline Increased for the MT Gox Exchange’s Creditors - page 2. (Read 377 times)

Are you sure need lawyer for Mt Gox and FTX exchange user have loss their fund? I think waste time, energy and our money because little chance for refunding our money have loss in both exchange above. Good scenario planning by Mt Gox where publishing issues they will refund all bitcoin user loss last several years ago and they have promised more than three time but never got happy ending for Mt Gox user. Right now the same with FTX try they will refund the user assets but I doubt how come scammer will realize and go to the right way for returning back their member assets.

Open up our new journey and forget with how much loss in both exchange, never trust with sweet promising if Mt Gox will return and have deadline day when their member assets will refund.

Again bad news for investors waiting for MT Gox to refund. One year is very big duration and I don't know why MT GOX playing with them. Tokyo district court gives approval also is very strange. according to coinmarkecap  Kobayashi(trustee handling the Mt Gox bankruptcy) required  time for checking and finalizing all data of users and institution. MT GOX holding BTC, BCh and Japanese Yen but btc value is bigger.
Coinmarkecap Article

Now The question is , Mt Gox will refund the the total amount of btc at the price of collapse or quantity everyone lost?


You can check official announcement in their official website https://www.mtgox.com/

Wow didn’t think they would extend it that long, I assumed it would be a few more months not another year. This is why there is little hope for FTX creditors because after these lawyers all get paid we will all get Pennies on the dollars in about 10 years time.

They really need to speed up this process because the only winners in this scenario are pretty much just the lawyers. They extend it as long as possible to get the most money. It’s ridiculous.

If they are stalling then obviously there is something wrong and they cannot full repay anyone just yet. They are already under pressure by regulators to repay investors and traders. But this might mean that they are not going to repay anyone at all. I doubt that the government will give them a bail out. Maybe they are just simply trying to appease the public with simple PR rather than taking action on their promise? Perhaps they are hoping that with enough time, they can fix the situation or get off, scott free, from the debt?

At some point we could be seeing imprisonment of the people responsible and nobody will get their money back.

Nice highlight.

So, really we can expect all refunds to be done by Oct 2024, meaning supply will be released between now and then.

I wonder if the 69billion in Japanese Yuan will be used to rebuy more of the lost coins...and I wonder if there is a way to keep track of the situation outside or media coverage.

Does anyone have any tools to track this saga on chain or any way outside of MSM/MSCM?

I’m wondering where they got that information and how true it is. I haven’t seen any notification of such. Maybe I should go check my mail, but typically these sorts of notifications are done over email and I usually receive them before seeing news articles like this. So for now I’m taking this news with a grain of salt, but it wouldn’t surprise me if it were true.

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.

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.

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.

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.

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.

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.

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.


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.

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.

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.

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.

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.

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.

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.

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.

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