The originally scheduled repayment date for Mt. Gox has triggered market panic, causing Bitcoin prices to drop below $60,000. However, the announcement of an extension of the repayment deadline two days prior alleviated the risk of Bitcoin oversupply, drawing widespread attention from the cryptocurrency market.
Timeline of the Mt. Gox Incident
The Mt. Gox incident originated in 2014 when one of the world's largest Bitcoin exchanges, Mt. Gox (commonly referred to as "Mt. Gox"), announced bankruptcy, claiming that it had lost 850,000 Bitcoins due to a hacker attack. This event had a tremendous impact on the Bitcoin market and became one of the most notorious security incidents in cryptocurrency history.
The situation began in February 2014 when Mt. Gox, which accounted for about 70% of BTC trading volume at the time, ceased operations. Shortly thereafter, it claimed that approximately 850,000 BTC had been stolen in a hacker attack, including 100,000 BTC from the Mt. Gox platform and 750,000 BTC from users. The overall timeline is as follows.
Image Source: Internet
February 2014: The Mt. Gox exchange was hacked, resulting in the loss of approximately 850,000 Bitcoins, and subsequently announced bankruptcy.
2019: The Tokyo District Court ruled that the 141,000 BTC to be recovered by Mt. Gox would be held in trust and initiated the compensation process.
September 2023: Mt. Gox extended the repayment originally scheduled for October 31 of that year to October 31, 2024, entering the formal repayment phase. This was the first extension of the repayment deadline.
May 28, 2024: Mt. Gox transferred all 141,680 BTC from its storage addresses to multiple addresses, suspected to be preparations for repayment.
June 24, 2024: The Mt. Gox compensation trustee prepared to repay using BTC and BCH, planning to start in early July.
From July 2024: Multiple exchanges (such as Kraken, Bitstamp, Bitbank, etc.) began distributing BTC and BCH to creditors.
August 21, 2024: Mt. Gox had cumulatively repaid over 19,000 creditors and attracted market attention through several large BTC transfers.
October 31, 2024: The originally tentative final repayment deadline for Mt. Gox.
Official Repayment Extended Again to October 31, 2025, Alleviating Bitcoin Oversupply Pressure
The official repayment has been extended again to October 31, 2025, which undoubtedly alleviates market concerns about large-scale sell-offs and brings a certain degree of optimism to the market. Analysts believe that the selling pressure may be less than expected, but market volatility still needs to be monitored.
The reasons for the extension of the Mt. Gox compensation involve multiple factors, primarily including the complexity of legal procedures, difficulties in asset liquidation, and considerations of market impact. Following the Mt. Gox incident, there were numerous legal lawsuits and claims from creditors. These legal processes often take a long time, especially when dealing with such a large-scale cryptocurrency theft case, requiring consensus among all parties and court review.
After the theft, the remaining assets, including Bitcoin and other cryptocurrencies, require careful planning for liquidation and compensation distribution. Given the high volatility of the cryptocurrency market, how to distribute assets without causing significant market disruption is a complex issue, and the implementation of the compensation plan may have a significant impact on the market. To prevent a large sell-off of Bitcoin from causing drastic price fluctuations, the compensation plan needs to be carefully formulated and executed.
In summary, the delay in Mt. Gox compensation is primarily due to the complexity of legal and procedural issues, market impact considerations, and difficulties in liquidating assets. Until these issues are resolved, the implementation of the compensation plan will continue to be postponed. However, this extension of the repayment deadline has temporarily reduced the selling pressure in the cryptocurrency market.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
