The 12 Year Failure Why Mt Gox Still Hasn't Paid

BBA G-2 Intelligence Briefing.

G-2 intel confirms Mt. Gox has again delayed creditor repayments, this time to October 2026.

12 years. 34,000 Bitcoin. Still locked.

This is the ultimate lesson in counterparty risk. A 12-year masterclass in failure.

The civilian sees this as old news.
The operator sees it as the fundamental doctrine: "Not Your Keys, Not Your Coins."

The civilian trusts the exchange. The operator trusts the protocol.
This failure is what separates the victim from the operator.

The new counterparty risk is "The Great Capture"—the absorption of exchanges by the very banks and regulators that create the risk. The problem has not been solved. It has just been centralized.

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