- The failed exchange initially set a repayment deadline for October 31, 2024
- Mt. Gox attributed the delay to creditors not finalizing the repayment steps and complications arising from the repayment procedures
- In 2014, Mt. Gox went bankrupt after a security incident that resulted in the loss of 850,000 Bitcoin
The now-defunct crypto exchange Mt. Gox has extended its repayment deadline to October 2025, adding another year to the original schedule.
As per a release from the exchange, creditors will now be repaid by October 31, 2025.
“In the interest of providing repayments to rehabilitation creditors as feasibly as possible, the Rehabilitation Trustee, with court approval, has adjusted the repayment deadline from October 31, 2024 (Japan Standard Time) to October 31, 2025 (Japan Standard Time),” stated Mt. Gox.
This is the second occasion the platform has rescheduled its deadline. A 2023 announcement indicated that the repayment deadline was moved from October 31, 2023, to October 31, 2024.
In July, it commenced repaying creditors with about $9 billion worth of recovered assets; however, data from Arkham Intelligence reveals that Mt. Gox still possesses 44,905 Bitcoin valued at roughly $2.8 billion.
In the latest communication from the defunct exchange, the delay is attributed to two factors: creditors have not finalized the essential steps for repayment and issues emerged during the repayment process.
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