The defunct exchange's original repayment deadline was October 31, 2024. Mt. Gox said the delay was due to creditors not completing repayment procedures and issues arising from the repayment process. Said in 2024, Mt Gox suffered a security breach and collapsed, resulting in a loss of 850,000 Bitcoins.
The defunct cryptocurrency exchange Mt. Gox has extended its repayment deadline by an additional year from the original date to October 2025.
The exchange said in a statement that it plans to repay creditors on October 31, 2025.
“Since it is desirable to make repayments to rehabilitation creditors to the extent reasonably practicable, the rehabilitation trustee, with permission from the court, will set the repayment deadline from October 31, 2024 (Japan time) to October 31, 2024. 2025 (Japan Standard Time),'' Mt.Gox said.
This is the second time the platform has postponed the deadline. The platform announced in a statement in 2023 that the repayment deadline will change from October 31, 2023 to October 31, 2024.
Founded in 2010, Mt.Gox was the largest cryptocurrency exchange, handling around 70% of Bitcoin transactions, until it collapsed due to a hack in 2014. As a result of the security breach, the exchange lost approximately 850,000 Bitcoins.
In July, the company began repaying approximately $9 billion in recovered assets to creditors. However, Mt. Gox still holds 44,905 Bitcoins worth approximately $2.8 billion, according to Arkham Intelligence data.
The defunct exchange's latest statement attributed the delay to two factors. One is that the creditor has not completed the necessary procedures for repayment, and the other is due to problems that occurred during the repayment process.
