Mt. Gox postpones payments for a year: risk of 45,000 BTC overhang removed
The bankruptcy trustee of the bankrupt Japanese cryptocurrency exchange Mt. Gox Nobuaki Kobayashi on the official portal mtgox.com officially announced the postponement of the deadline for payment of compensation to creditors for another full year – until October 31, 2025. As follows from the communique published on the website, the decision to extend the deadline for basic, intermediate and one-time early payments was agreed upon and approved by the Tokyo District Court.
This decision removes the fundamental fear of market participants about the potential release of 44,905 BTC (about $2.85 billion) remaining on the trust’s balance sheet into the glasses, which analysts called the main factor of pressure on the spot quotes of the first cryptocurrency ahead of the end of the year. The news caused an immediate rally among institutional and derivatives traders, eliminating the risk of a local short squeeze down.
Why did trustee Nobuaki Kobayashi extend the payment period for another 12 months?
In an official address to affected clients on the website mtgox.com, the trustee identified key obstacles:
- Pending verification of thousands of creditors
- Regulatory and technical delays of banks and partner exchanges
- Risks of sending funds to incorrect or fraudulent details
Problems with user verification
A significant portion of users applying for payments have still not provided a complete set of documents, have not passed KYC biometric identification, or have made critical errors when registering payment details in the MTGOX Claim Filing System online system.
Delays on the part of exchange agents
Interactions with designated cryptocurrency exchange agents (Kraken, Bitstamp, BitGo, SBI VC Trade) and traditional correspondent banks faced unexpected checks in certain jurisdictions, due to which some transactions were returned back to the trust accounts.
Safety of payments exceeds deadlines
The manager emphasized that the team’s goal is to guarantee 100% correctness of settlements with each verified applicant, eliminating the risk of permanent loss of assets due to haste.
How many bitcoins are left on the trust balance and what does Arkham on-chain data record?
Although the trust successfully distributed a significant portion of the initial fund over the summer, the remaining amount of crypto assets still represents an impressive strength:
- Current cold wallet balances: 44,905 BTC and BCH
- Volume already paid: more than 96,000 BTC
- Strategy of most recipients: long-term HODL
Real distribution of coins among wallets
According to on-chain monitoring of the Arkham Intelligence service, 44,905 BTC (about $2.85 billion) and an equivalent volume of Bitcoin Cash (BCH), distributed over several protected addresses with a multi-signature, remain under the control of the trustee. Between July and September, the competition supply decreased from 141,686 BTC to the current values.
No panic selling by old investors
On-chain metrics confirm that the majority of lenders who received their assets after 10 years of waiting preferred to transfer them to personal cold storage. This refuted the panicky forecasts of skeptics about an immediate market collapse due to profit taking in fiat.
How will the removal of the 45,000 BTC supply overhang affect price action in the fourth quarter?
The elimination of the end-October deadline radically changes the psychology of participants in the spot and derivatives markets.
Elimination of the “sword of Damocles” over glasses
Traders and algorithmic funds no longer factor in the sudden liquidation of $2.85 billion worth of bitcoins into their risk models. This frees up buyers to storm local resistance levels without regard to sudden multi-thousand-dollar transactions from Mt. addresses. Gox.
Strengthening the seasonal trend “Uptober”
Historically, the fourth quarter is the most profitable period for the first cryptocurrency. The removal of regulatory and liquidation stress returns the institutional focus to capital inflows into spot ETFs and macroeconomic easing of monetary policy by the US Federal Reserve.
Reducing short positions on derivatives
A drop in funding rates for short positions was recorded on the CME and Binance exchanges. The market is leaving the mode of hedging catastrophic scenarios and moving on to the organic accumulation of positions.
The crypto market isn't just about numbers—it's a complex ecosystem where politics, technology, and economics intertwine. In my news coverage, I strive not merely to recount events, but to analyze their real impact on the market. My goal is to make cryptocurrency news clear, accessible, and objective.
