MtGox: what happened, what creditors are owed, and why payment is still running

Key facts

• ~850,000 BTC went missing. Mt Gox shut its site on 25 February 2014: roughly 750,000 BTC belonging to customers and roughly 100,000 BTC belonging to the company. About 200,000 BTC were later found in an old wallet, cutting the loss to roughly 650,000 BTC.
• The case is a civil rehabilitation, not an ordinary bankruptcy. That distinction is worth billions: bitcoin claims are repaid in BTC and BCH rather than converted to their 2014 cash value of about $483 per coin.
• Roughly 34,500 BTC is still undistributed — around $2.9 billion at current prices — out of the roughly 142,000 BTC the estate held. About 107,000 BTC has gone out since July 2024, to more than 19,500 creditors (on-chain figure as of June 2026; the Trustee publishes no running total).
• The repayment deadline is 31 October 2026, already extended four times, from 2023 to 2024 to 2025 to 2026.
• New claims can no longer be filed. The window closed on 22 October 2018, with a narrow late exception the Trustee supported only through 18 November 2019. What remains open is collection by existing creditors, not new filing.

What MtGox was, and how it failed

MtGox Co., Ltd. was a Tokyo-based bitcoin exchange, registered in Shibuya-ku and represented by Mark Karpelès. It closed its site at noon on 25 February 2014 (Japan time) and three days later applied to the Tokyo District Court to open civil rehabilitation proceedings.

The company's own filing set out what had gone wrong. Illegal access early in February 2014, exploiting a bug in the bitcoin system, produced a surge of incomplete transfers, and an internal investigation then found that roughly 750,000 bitcoin deposited by users (around $64 billion at today's prices) and roughly 100,000 bitcoin belonging to the company (around $9 billion) had disappeared — about 850,000 BTC in total (around $72 billion). On the same day the company found a large discrepancy between cash held at financial institutions and customer deposits, approximating JPY 2,800 million (around $18 million) (filing announcement, 28 Feb 2014).

That picture improved slightly three weeks later. Old-format wallets used before June 2011, assumed empty, were rescanned, and on 7 March 2014 the company confirmed a balance of roughly 200,000 BTC (around $17 billion) in one of them. Adding the roughly 2,000 BTC (around $170 million) already known, holdings came to about 202,000 BTC (around $17 billion), and the estimated loss fell to roughly 650,000 BTC (around $55 billion) (BTC balance announcement, 20 Mar 2014).

From bankruptcy to rehabilitation

The rehabilitation application was dismissed and the company placed under provisional administration on 16 April 2014. At 5 p.m. on 24 April 2014 the Tokyo District Court ordered the commencement of bankruptcy proceedings and appointed Nobuaki Kobayashi, attorney-at-law, as bankruptcy trustee (commencement announcement and FAQ, 24 Apr 2014).

Bankruptcy is the worse outcome for this estate, because it converts non-monetary claims into money at values fixed on the commencement date — that is, bitcoin claims valued at 2014 prices. On 24 November 2017 a group of creditors petitioned to convert the case, and at 5 p.m. on 22 June 2018 the court ordered the commencement of civil rehabilitation proceedings (Tokyo District Court 2017 (sai) no. 35), staying the bankruptcy and appointing Kobayashi as Rehabilitation Trustee. In rehabilitation, claims for the return of bitcoin are not converted into money, which is why creditors ultimately receive coins rather than a 2014 cash valuation (commencement of civil rehabilitation, 22 Jun 2018).

Creditors and what survived

When the filing period closed, 23,267 exchange-related rehabilitation claims had been filed — 18,767 through the online system and 4,500 on paper — alongside seven non-exchange creditors. A further population of users never filed at all; the Trustee recorded their balances himself as self-approved claims, covering another 133,999 BTC (around $11 billion) and 144,222 BCH (third creditors' meeting report, 1 Oct 2019).

Against those claims the estate held, as of 21 September 2018, 141,686 BTC (around $12 billion) and 142,846 BCH, plus cash and deposits of JPY 69,675,538,357 (around $444 million) (property status report, 26 Sep 2018). Roughly 141,000 bitcoin (around $12 billion) against approved claims of 938,476 BTC (around $80 billion): the shortfall that defines the entire case.

What the company owed

The company's own February 2014 filing put assets at JPY 3,841,866,163 (around $24 million) against current liabilities of JPY 6,501,119,371 (around $41 million) — insolvent, but by a margin that bears no relation to what the claims process later revealed.

The real scale emerged once claims were filed. The Trustee's balance sheet as at the rehabilitation commencement date records total filed liabilities of JPY 1,706,625,454,218 (around $11 billion), made up of 1,167,842 BTC (around $99 billion at today's prices), 1,363,351 BCH, JPY 1,697,280,635,676 in monetary claims (around $11 billion) and balances in seventeen other currencies.

That figure is inflated by two disputed claims. They account for almost all of the monetary liabilities, and for years they were most of the uncertainty in the case. Both came from the "non-exchange" side, which had only seven creditors in total.

CoinLab: a $75 million contract dispute that became a JPY 1,690 billion claim

CoinLab was a Seattle bitcoin incubator. In November 2012 Mt Gox granted it the exclusive right to use Mt Gox's technology to run bitcoin exchange services for customers in the US and Canada (GeekWire, May 2013). The partnership collapsed within months. In May 2013 CoinLab sued Mt Gox and its parent TIBANNE in federal court in Washington State. It alleged that Mt Gox kept serving North American customers directly and withheld the data and system access CoinLab needed, and it claimed $75 million in damages (CoinDesk, May 2013).

Mt Gox countersued in September 2013. It argued CoinLab had never registered as a money transmitter, and so could not lawfully operate as its US partner. It also said CoinLab had collected $12,788,701 from Mt Gox customers in March and April 2013 but passed on only $7,473,490, keeping roughly $5 million (CoinDesk, Sep 2013). The US case was stayed once Mt Gox's Japanese insolvency was recognised under Chapter 15 in 2014 (CourtListener).

In the civil rehabilitation, CoinLab filed JPY 1,690,067,284,938 (around $11 billion at today's rate; reported at the time as about $16 billion) plus undetermined delay damages. That is more than two hundred times its original lawsuit. Press reports at the time said the figure rested on 15 years of lost revenue: the ten-year agreement plus five years of revenue sharing, applied to a share of global bitcoin trading volume (CoinGeek, Apr 2019). Creditors widely read the claim as a blocking tactic, because while a claim that size stayed open the Trustee could not size everyone else's recovery (Bitcoin.com, Feb 2019).

The Trustee rejected the claim, and CoinLab petitioned the court for an assessment. On 30 August 2019 the court allowed JPY 384,857,605 (around $2 million) plus delay damages — roughly one yen for every 4,400 claimed (third creditors' meeting report, 1 Oct 2019). CoinLab could still appeal, and the plan was not allowed to wait on it. In January 2021 CoinLab, the Trustee and MGIF, an entity within Fortress Investment Group, announced an arrangement letting creditors take up to 90% of the remaining bitcoin while the litigation continued (Decrypt, Jan 2021).

The confirmed plan also contains a backstop that MGIF provides. If the final repayment rate turns out lower than the Early Lump-Sum rate, MGIF must either subordinate its own claims to cover the shortfall or pay the shortfall in yen. MGIF chose to pay, secured by a Sumitomo Mitsui letter of credit delivered in December 2021 (MGIF collateral notice, 15 Dec 2021). The public site does not say how the CoinLab dispute finally ended.

TIBANNE: the parent company, and the shareholder surplus

TIBANNE Co., Ltd. was Mt Gox's parent. It was wholly owned by Mark Karpelès and held 88% of Mt Gox (Bloomberg Law, Feb 2015), and it has itself been in bankruptcy since 30 January 2015. In the rehabilitation it filed 82,508 BTC (around $7 billion) and the same amount of BCH, plus JPY 386,068,174 (around $2 million) and undetermined amounts. The Trustee disapproved all of it. On 31 July 2019 the court upheld the Trustee's position, and TIBANNE appealed on 30 August 2019 (third creditors' meeting report, 1 Oct 2019).

Most of the money in fact runs the other way. Mt Gox lent to its parent and its founder, and those loans are carried at zero. The Mt Gox trustee filed a claim of JPY 25,841,657,102 (around $165 million) in TIBANNE's bankruptcy, which TIBANNE's own trustee contested, and a claim of JPY 25,190,162,021 (around $160 million) in Karpelès's personal bankruptcy (property status report, 26 Sep 2018).

TIBANNE's bigger significance was as a shareholder, not as a creditor. Bankruptcy fixed bitcoin claims at their 2014 value of about $483 per coin. Once bitcoin rose, the estate's remaining coins were worth far more than the claims, and under Japanese bankruptcy law that surplus would have gone to shareholders, meaning 88% to TIBANNE and so to Karpelès (Piper Alderman). That outcome is what the creditor petition for civil rehabilitation in 2017 was designed to prevent. When the court granted it in June 2018, creditors' bitcoin claims stayed in bitcoin (Fortune, Jun 2018).

Stripping those out, the approved liabilities are the meaningful number:

For context on what the bankruptcy process had already fixed: claims filed and determined in the bankruptcy, principal and delay damages combined across both BTC and monetary claims, came to approximately JPY 73,373 million (around $467 million), of which monetary claims alone were about JPY 17,864 million (around $114 million) (property status report, 26 Sep 2018; third creditors' meeting report, 1 Oct 2019).

The categories of creditor

The Trustee's filings cut the creditor population along three independent lines, and a creditor's treatment depends on where they sit on each.

By source of the claim. Exchange-Related Rehabilitation Claims are users' claims for the return of cash or cryptocurrency held on the exchange — the overwhelming bulk of the case. Non-Exchange-Related Rehabilitation Claims are everything else: only seven creditors filed, but they included CoinLab and the parent company TIBANNE, whose disputed claims dominated the headline liability figure and, for years, blocked the plan.

By what is owed. Cryptocurrency claims (BTC, and by extension the BCH that split from it) and monetary claims denominated in yen or one of eighteen other currencies. This distinction is the most consequential in the whole case. The bankruptcy process would have converted crypto claims to cash at 2014 prices; civil rehabilitation does not, so BTC claims stayed denominated in BTC. The Trustee's own FAQ confirms creditors were not asked to file separately for forks: a creditor who filed for bitcoin was deemed to have filed for the split cryptocurrencies in proportion (commencement of civil rehabilitation, 22 Jun 2018).

The two were also protected differently before rehabilitation opened. Monetary creditors got a trust: the bankruptcy trustee placed JPY 15,894,530,915 (around $101 million) with Sumitomo Mitsui Banking Corporation, backed by a guarantee payable only out of those trust assets. BTC creditors were not included in that trust — the sale of 24,658 BTC (around $2 billion at today's prices) and 25,331 BCH, raising JPY 25,975,702,352 (around $165 million), was judged sufficient to secure their position instead (measures to secure interests, 25 Sep 2018).

By whether they filed. Creditors who filed a proof of claim were approved or disapproved on the merits. Users who never filed were not simply written off: because civil rehabilitation requires the trustee to record claims he is aware of, their exchange balances were entered as self-approved claims — 133,999 BTC (around $11 billion) and 144,222 BCH. But a group of filed creditors objected to a large slice of these, and where no assessment petition followed within the statutory window and the objection was not withdrawn, 78,680 BTC (around $7 billion) of self-approved claims fell away (third creditors' meeting report, 1 Oct 2019).

There is also a category defined by size rather than kind, which matters for how people are actually paid: creditors small enough to be cashed out in full under the Early Lump-Sum Repayment, versus everyone else.

What creditors are actually paid in

Both. The answer turns on the distinction above: rehabilitation did not convert bitcoin claims into money, so a creditor with a BTC claim is owed bitcoin, not a 2014 dollar figure.

In practice the Rehabilitation Plan lets a creditor take a portion of a cryptocurrency claim in Bitcoin and Bitcoin Cash, with the remainder paid in cash. Nothing on the public site is denominated in dollars. Cash repayments are made by bank remittance or by remittance through a fund transfer service provider, and the funds include proceeds from the Trustee's own sales of BTC and BCH. Crypto repayments are not sent to creditor-controlled wallets: they go through designated cryptocurrency exchanges and custodians, which receive on the creditor's behalf under an agency receipt agreement.

That structure meant every creditor had to make four decisions inside the claim filing system — collectively the "Selection and Registration":

1. whether to take the Early Lump-Sum Repayment;
2. their preferred method of receiving cash, plus recipient details;
3. whether to take part of a cryptocurrency claim in BTC and BCH rather than cash;
4. their account details at a designated exchange or custodian, if taking crypto.

Missing the deadline had a hard consequence. A creditor who did not complete Selection and Registration cannot receive the Early Lump-Sum Repayment, cannot receive any part of a cryptocurrency claim in cryptocurrency, and cannot be paid by bank remittance or through a fund transfer service provider (repayment procedures, 6 Jul 2022; request to select a repayment method, 1 Dec 2022).

The three repayment types, and who gets which

The Rehabilitation Plan pays in tranches rather than one final distribution, because a large block of claims stayed disputed for years and could not be sized until resolved. Three repayment types run in parallel as the "first repayment", and the public notices treat them as a single set with a common deadline.

The three share a repayment deadline. The Trustee's own footnote confirms the design: the Early Lump-Sum Repayment deadline is set to match the Base Repayment Deadline, and the Intermediate Repayment deadline was expected to be the same date, so that "the deadline of the entire first repayment" is a single date (prohibition of assignment, 31 Aug 2022).

Monetary creditors whose claims were protected by the trust are funded from it. On 17 November 2023 the Trustee drew JPY 7,073,684,082 (around $45 million) out of the trust assets to fund the Base Repayment of those claims, leaving JPY 8,812,899,304 (around $56 million) in the trust (redemption of trust assets, 22 Nov 2023).

One further mechanic matters to anyone holding or trading these claims. To keep the payee register stable while money moves, the Trustee set an Assignment Restriction Reference Period beginning 15 September 2022 and running to the Base Repayment Deadline. During it, no claim transfer applications are accepted at all — online, by email, or otherwise. A transfer notice filed anyway suspends system access for both transferor and transferee, invalidates registered payee information, and can end with the repayment deposited at the Tokyo Legal Affairs Bureau. Since the Base Repayment Deadline has been extended repeatedly, this restriction has now been in force for four years.

That restriction sits awkwardly beside the other option a creditor has, which is not to wait at all. Rehabilitation claims of this kind are a traded asset: specialist distressed-claim buyers quote for Mt Gox positions and pay cash up front, and a creditor who would rather have certainty now than an uncertain date and a variable bitcoin price can sell instead of holding to the end.

The timing complication is real, though, and anyone weighing a sale should understand it. The Trustee has not accepted claim transfer applications since 15 September 2022, and filing a transfer notice during the restriction period can suspend system access for both sides and invalidate registered payee details. A sale agreed now is therefore not something the Trustee will record while the restriction stands, which is a question for the buyer's structuring rather than a detail to discover afterwards.

What has actually been distributed

Money and coins began moving in late 2023, nearly ten years after the collapse, and the crypto distribution itself ran from July 2024.

Two things are worth drawing out of that table.

First, the crypto distribution has reached a specific and stalled-looking number. Between August 2024 and March 2025 the cumulative count moved from over 19,000 to over 19,500 — roughly 500 more creditors across seven months, against an original filed population of 23,267 exchange-related claims plus the self-approved group.

Second, the Trustee's own framing as of October 2025 is that the work is substantially but not fully done: with the exception of certain repayment types, the Base, Early Lump-Sum and Intermediate Repayments have been largely completed for creditors who finished the necessary procedures and hit no problems along the way (change of repayment deadlines, 27 Oct 2025; repayments in BTC and BCH (5), 21 Aug 2024; repayments in BTC and BCH (6), 27 Mar 2025).

How much is still outstanding

The Trustee publishes no running total of what remains unpaid, so the only current measure is on-chain. Wallets attributed to Mt Gox held about 34,500 BTC — roughly $2.9 billion at current prices — when they were last read in June 2026, against the roughly 142,000 BTC the estate started with. On that arithmetic about 107,000 BTC has been distributed and something close to a quarter of the bitcoin has not.

Two caveats. The figure comes from blockchain analytics rather than from the Trustee, and coins moved to an exchange for distribution may leave the tracked wallets before they reach a creditor, so the true unpaid balance is probably somewhat lower. And bitcoin is only part of it: the estate also held around 143,000 BCH and about JPY 69 billion (around $440 million) in cash, and no comparable public tracker exists for either.

Who has not been paid

The October 2025 notice is unusually direct about this, and it names two distinct groups.

Creditors who never completed the procedures. The Trustee states that many rehabilitation creditors still have not received their repayments because they have not completed the steps required to receive them. That means registering on the claim filing system, obtaining a creditor code, verifying identity against the name as filed, and completing Selection and Registration before the deadline.

Creditors whose repayment hit a problem in processing. A considerable number have not been paid because of issues arising during the repayment process itself. The BTC and BCH notices spell out what those look like: information on a registered account needing correction, an account whose validity could not be confirmed, a designated exchange that has not accepted the intention to subscribe to the agency receipt agreement, discussions between the Trustee and an exchange not yet concluded, or the Trustee not yet satisfied that repayment can be made safely and securely.

Two smaller groups sit outside both. Corporate creditors who failed to upload corporate identity verification documents by 30 June 2023 had their choice of repayment method nullified, and may not receive the repayment they selected (corporate identity verification, 14 Jun 2023). And self-approved creditors whose claims were objected to, where no assessment petition was filed in time and the objection was never withdrawn, lost the claim outright.

It was to reach the first two groups that the deadline moved again: because it is desirable to make repayments to such creditors so far as reasonably practicable, the Trustee obtained the court's permission to push the deadline for all three repayment types from 31 October 2025 to 31 October 2026 (Japan Standard Time) (change of repayment deadlines, 27 Oct 2025).

Can a claim still be filed?

No. The filing window is long closed and the Trustee has said in terms that he will no longer support late filings.

The court-set deadline for filing proofs of rehabilitation claims was 22 October 2018 (Japan time). Japanese law allows a late filing where the delay is not attributable to the creditor, but only within one month after those grounds cease, and acceptance is the court's decision, not the Trustee's. Recognising that most creditors live outside Japan, the Trustee said he would support acceptance of claims delivered to his office by 18 November 2019 — and stated in capitals that, in principle, he would not submit a supporting opinion for anything delivered after that (proofs filed after deadline, 18 Oct 2019).

A separate route also closed. Users who had never filed in either proceeding held self-approved claims, and where objections had been raised against those claims the Trustee published a notice in August 2021 explaining how to participate. That window closed too, and the Trustee confirmed in October 2021 that the deadline had passed and he cannot respond to further requests to participate (passing of participation deadline, 22 Oct 2021).

What remains open until 31 October 2026 is not claim filing but collection: an existing, allowed creditor completing the procedures needed to receive a repayment already owed to them.

The portal

Everything creditor-specific runs through the MTGOX Online Rehabilitation Claim Filing System at claims.mtgox.com. The public site at mtgox.com carries only announcements; claim balances, plan documents, the Trustee's performance reports and the repayment elections all sit behind the login.

How to check your claim status: three steps

1. Get a creditor code. Apply at claims.mtgox.com/pre-signup. Nothing else works without it, and it is the step most people who have never logged in are missing.
2. Register the account. Go to claims.mtgox.com/signup and follow the prompts. Registration is rejected if the name on the identity document does not match the name as filed, which is a common failure; the fix is a separate amendment procedure to change the filed name, and it has to be done before registration will go through.
3. Check Selection and Registration, then ask. Once inside, confirm whether a repayment method and payee details are recorded and still valid — an account that has since been closed or renamed is a frequent reason a repayment stalls. Queries go through the form behind the FAQ button in the system. The same form is reachable at claims.mtgox.com/faq without logging in, but the Trustee notes that unauthenticated queries are harder to answer because identity cannot be verified (repayment procedures, 6 Jul 2022).

There is a second, separate login on the homepage for viewing documents for creditors.

One caution belongs here, because the Trustee has issued it four times. Fraudulent sites and emails impersonating MTGOX and the Rehabilitation Trustee are a recurring problem: a fake "MTGOX Team" email in April 2024, a site using the MTGOX name and logo to harvest creditor information in 2025, and a further warning in October 2025 after multiple reports. Creditor information should go to no site other than those the Trustee uses (caution on fraudulent sites and emails, 29 Oct 2025).

How the crypto actually moves

The Trustee does not send bitcoin to creditor wallets. Every crypto repayment passes through a Designated Cryptocurrency Exchange or custodian, which receives the coins on the creditor's behalf under an agency receipt agreement. The creditor registers an account at one of those venues during Selection and Registration; the Trustee pays the venue; the venue credits the creditor.

That design explains the shape of the rollout. Repayments started in July 2024 and were released exchange by exchange, in the order in which the Trustee completed the exchange and confirmation of required information with each venue. Before any tranche moves, five conditions must hold: the creditor's registered account information is correct and any required action on it is done; the account's validity is confirmed; the designated venue has accepted the intention to subscribe to the agency receipt agreement; discussions between the Trustee and that venue are complete; and the Trustee is satisfied repayment can be made safely and securely.

The Trustee is explicit that the delay in starting was deliberate — time went into technical safeguards, compliance with financial regulation in each country, and negotiating arrangements with the exchanges (commencement of BTC and BCH repayments, 24 Jun 2024).

The dependency on individual venues has real consequences. Payward Asia, Inc., which provided Kraken's services to Japan residents, withdrew from the group of entities performing agency receipt, and the Trustee had to publish separate notices in January and March 2023 on the withdrawal and on how the affected agency receipt agreements would be handled (withdrawal of Payward Asia, 20 Jan 2023).

Separately, the Trustee sells BTC and BCH himself and repays some creditors in the cash proceeds. He has done this since the bankruptcy phase, and notably in a manner designed not to move the market: the 2018 sale of 24,658 BTC (around $2 billion at today's prices) and 25,331 BCH was conducted on expert advice, off-exchange rather than by ordinary sale, to avoid affecting the price.

Why it has taken more than twelve years

No single cause. The record on the site shows six, stacked end to end.

The proceeding was restarted from scratch. Bankruptcy ran from April 2014, users filed claims, and claims were adjudicated across ten creditors' meetings through March 2018. Civil rehabilitation then commenced in June 2018 and stayed the bankruptcy — and every creditor had to re-file. The Trustee's own FAQ apologised for it: creditors who had already filed in the bankruptcy were asked to file again.

Two disputed claims blocked the plan for years. CoinLab filed JPY 1,690,067,284,938 (around $11 billion) and TIBANNE filed 82,508 BTC (around $7 billion) and the same amount of BCH, plus cash. Until those were sized, the Trustee could not know what was left for everyone else. His October 2019 report says so plainly: the existence of a large amount of claims was undetermined, which made preparing a draft plan difficult. The plan submission deadline was pushed back at least five times, in April 2019, October 2019, March 2020, June 2020 and October 2020.

Then the plan itself took two more years to become final. The draft was filed in December 2020, referred to a creditors' resolution in February 2021, approved and confirmed in October 2021, and became final and binding on 16 November 2021. It was then amended twice more, with orders in September 2022 and May 2023.

COVID-19. The Trustee published a notice in May 2020 on the limitation of his work due to the pandemic, and asked creditors to stay away from the fifth and sixth creditors' meetings.

Paying 20,000-plus people in cryptocurrency across dozens of jurisdictions is genuinely hard. Roughly two and a half years separate the plan becoming final from the first coin moving, and the Trustee attributes that to technical safeguards, per-country financial regulation, and negotiating agency receipt arrangements with each exchange.

And the creditors themselves are the last bottleneck. Having built all of the above, the Trustee is now waiting on people: those who never registered, never completed Selection and Registration, registered an account that failed validation, or whose chosen venue has not concluded its arrangements. The deadline has now been extended four times — to October 2023, October 2024, October 2025 and now 31 October 2026 — each time so that creditors who have not yet collected still can.

FAQ

Will creditors get their bitcoin back, or its 2014 value?

Bitcoin — but only a fraction of it. Because the case runs as a civil rehabilitation rather than a bankruptcy, claims for the return of bitcoin were never converted into money at the 2014 price of about $483 per coin. They stayed denominated in BTC. The limit is supply, not valuation: the estate recovered roughly 142,000 BTC against approved claims of about 938,000 BTC, so a creditor receives a share of what survived, in coins, not the full balance they once held.

Why is the deadline still moving after twelve years?

The deadline is administrative, not a distribution date. Repayments have largely been made to creditors who completed the procedures and hit no snags; the extensions exist for the ones who did not. Two groups are outstanding — those who never registered on the claim filing system or never completed Selection and Registration, and those whose payment stalled on a registered account that failed validation or on a designated exchange that had not finished its arrangements with the Trustee. Rather than let those creditors lose their repayment, the court has permitted the date to move each year since 2023.

Can a claim still be bought or sold?

Claims are bought and sold, and specialist buyers quote for Mt Gox positions. The constraint is procedural: the Trustee stopped accepting transfer applications on 15 September 2022 and has not resumed, so a transfer cannot currently be recorded in the claim register. Filing a transfer notice during the restriction period can suspend both parties' access to the system and invalidate payee details already registered. That governs how a sale has to be structured, not whether the asset has a market.

What happens to bitcoin left undistributed after October 2026?

The public notices do not say. The Trustee's stated intent is to repay as many remaining creditors as is reasonably practicable, and the deadline has been extended four times to that end rather than allowed to expire. The plan does contemplate creditors becoming unreachable: a repayment can be deposited with the Tokyo Legal Affairs Bureau where the Trustee cannot determine who should receive it. What has never been published is a final rule for whatever is unclaimed once the process closes.