FTX Bankruptcy Claims Reach New Highs 💥

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👇 1) The Mt. Gox trustee Nabuaki Kobayashi has officially changed the deadline for paying back the exchange’s creditors from Oct 31, 2023, to Oct 31, 2024. This removes an overhang of 142k Bitcoins that could have been sold, but it also shows that creditors might have to wait a long time to receive their money back as Mt. Gox collapsed in 2014.

👇 2) Users would have taken ten years to recover their money. Bitcoin traded at $500 when the exchange collapsed, and while users might walk away with a multiple of their money, the hacker had sold most of the tokens early on, most for less than $100 per Bitcoin. Those funds can never be returned.