While it was expected that Mt. Gox’s 140,000 bitcoins would be returned in 2022, a new announcement shows that this will not be the case

With no news, no movement, the period in which the 140,000 bitcoins (BTC) of the failed exchange Mt. Gox were supposed to be returned has passed. But after an announcement last week, the market turned its attention to a new date from which this event could occur.

Refund officials said they launched “a feature that allows creditors to select a payment method and record their information“. They also stated that the deadline for this online procedure is January 10, 2023.

“Please note that even if you have completed the initial registration, in the event that you have not completed the selection and registration of the payment method in the system by January 10, 2023 (Japan time), you will not be able to receive any refunds“, they warned, stressing the importance of completing this step on time.

No date yet for Mt. Gox refunds

It’s worth noting that the statement does not specify when the refund will begin. And this is in addition to the number of times the resolution of this case has been extended. Meanwhile, Mt. Gox users remain without their bitcoins since the exchange closed in 2014, waiting to get a percentage back when this clearing process is complete.

This confirms what some creditors had been saying: the payback will not happen yet, and it could not have happened in the last few months as some had believed. This is because they had not yet chosen the method of payment, they explained.

For this reason, the analyst and on-chain trader Juan Rodriguez said before the new announcement that he should not “to expect“to partial payments/sales of these bitcoins in 2022. “The downward pressure on it is evaporating” he said, as there is speculation that some creditors may sell their BTC upon receipt.

If the selling force is greater than the buying force, the price of bitcoin may fall. The delivery of the 140,000 BTC from Mt. Gox is creating uncertainty among traders about its impact on the market. Although, at the moment, with the new announcement, such a situation could extend into 2023.