Mt. Gox delays repayment deadline, pushes it to October 2025
The defunct exchange had an original repayment deadline of October 31, 2024
Mt. Gox said the delay was down to creditors not completing the repayment steps and issues arising from the repayment process
In 2024, Mt. Gox collapsed following a security breach, resulting in the loss of 850,000 Bitcoin
Defunct crypto exchange Mt. Gox has pushed its repayment deadline to October 2025, adding another year from its original date.
According to a statement from the exchange, it will now repay creditors on October 31, 2025.
“As it is desirable to make the Repayments to such rehabilitation creditors to the extent reasonably practicable, the Rehabilitation Trustee, with the permission of the court, has changed the deadline for the Repayments from October 31, 2024 (Japan Standard Time) to October 31, 2025 (Japan Standard Time),” Mt. Gox said.
This marks the second time the platform has moved its deadline. In a 2023 statement, the platform announced that it was moving its repayment deadline from October 31, 2023, to October 31, 2024.
Launched in 2010, Mt. Gox was the biggest crypto exchange, handling around 70% of Bitcoin transactions, before a hack in 2014 caused its collapse. As a result of its security breach, the exchange lost around 850,000 Bitcoin.
In July, it began repaying creditors around $9 billion in recovered assets; however, according to data from Arkham Intelligence, Mt. Gox still holds 44,905 Bitcoin worth around $2.8 billion.
In the latest statement from the defunct exchange, the delay is down to two things: creditors haven’t completed the necessary steps for repayment and because of issues arising from the repayment process.
