The Neverending Story – More than six and a half years after its hack and bankruptcy, the old Mt. Gox platform keeps its former users waiting. Their hope of seeing even a part of their investment is once again delayed, until the end of this year.
The finish line for Mt. Gox users moved ever further
“Still missed” must be said by users of the defunct Mt. Gox platform, whose bitcoins (BTC) have been blocked since February 2014.
Nobuaki Kobayashi, the administrator of the funds recovered on the old crypto exchange, has just announced in a document that the rehabilitation plan will be postponed once again.
After many previous postponements, the planned date of October 15 was finally postponed to December 15, 2020.
According to the announcement, there are some issues that need to be “examined more closely” before the rehabilitation plan can finally be put in place.
Nearly $ 2 billion in bitcoin pending
The cryptocurrency market is on edge, awaiting this possible release of 150,000 BTC to aggrieved clients of Mt. Gox – which currently totals more than $ 1.7 billion.
Indeed, many investors in the cryptosphere expect this rehabilitation to create strong selling pressure on BTC prices.
This has already been the case in the course of 2018 when Nobuaki Kobayashi sold directly against Japanese yen for nearly 25,000 bitcoins – and as many bitcoins-cash (BCH).
Even if the present rehabilitation must be paid in cryptocurrency, and not converted into fiat currencies by the administrator as before, the ex-clients of Mt. Gox will certainly want to take advantage of the great capital gain that their so desired bitcoins since 2014.
No one knows if the users of Mark Karpelès’ fallen platform will really see (finally) the end of the tunnel next December. In any case, the risk of price disruptions, when that does happen, is very real.