Mt. Gox creditors deny rumours of Bitcoin repayments

Contrary to rumors, Mt. Gox trustee Nobuaki Kobayashi has not yet begun distributing funds under the civil rehabilitation process. This was stated by one of the creditors of the failed Bitcoin exchange, Eric Wall.

As it currently stands, you can’t even register where (which exchange) you want your BTC & BCH sent yet.

— Eric Wall (also supports X 🏴) (@ercwl) August 27, 2022

” Mt.Gox is not distributing coins — neither this week, nor next, nor the one after. Source: I am a creditor [of the platform]. The settlement system has not started yet. […] At present you can’t even specify where (which exchange) you want to send your BTC and BCH,” he wrote.

Earlier online there were rumors about distributing 140,000 BTC among the platform’s creditors, which would take place on August 28. This is likely linked to July statement by Kobayashi — when he pointed to ‘the end of August’ as the start of the ‘restrictive period’.

Wall stressed that payments would be made in tranches, and no final dates have been announced yet. He added that some participants in the process have sold their claims to Mt. Gox to Fortress.

This information was confirmed by another creditor of the exchange — the founder of the Metallicus project, Marshall Hayner.

I am a creditor of Mt. Gox and can confirm we are not close to receiving our #Bitcoin. Most people like me also have no intention of selling it. Don’t believe what influencers on Twitter are telling you.

— Marshall ℙ Hayner ⚛️Ⓜ️ (@MarshallHayner) August 28, 2022

“I am Mt.Gox creditor and I can confirm that we are not close to receiving our bitcoins. Most people, like me, are not going to sell. Do not believe what Twitter influencers tell you,” he wrote.

Some attributed the potential payouts to creditors as one of the reasons for the recent decline in the price of digital gold. At the same time, some community members are convinced that an influx of an additional 140,000 BTC to the market will not exert significant downward pressure on the quotes.

Mt. Gox releasing 140k BTC tomorrow is probably fake news as there’s no defined date, repayment system isn’t live yet, could take months to get released.

But, even if we assume it gets released then it’s simply an unnecessary fear as daily bitcoin trade volume is >1.5M BTC. pic.twitter.com/VquVZHtFuo

— oddgems ⋈ (@oddgems) August 27, 2022

In the last 24 hours, Bitcoin prices moved in a range of $19,800-$20,280. At the time of writing, the asset was trading near $20,000.

Mt.Gox declared bankruptcy in 2014. The civil rehabilitation process was launched in 2018.

Several years later, in 2020, Kobayashi submitted a plan to reimburse creditors to the Tokyo court, which approved the document. At that time, Mt. Gox’s wallet held 137,891 BTC.

There have been concerns that beginning payouts to Mt. Gox creditors could press on Bitcoin’s price, as many may begin selling assets after receipt.

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