- The defunct exchange’s original repayment deadline was October 31, 2024.
- Mt. Gox said the delays were caused by creditors failing to complete repayment steps and problems arising during the repayment process.
- In 2024, Mt. Gox collapsed due to a security breach, resulting in the loss of 850,000 Bitcoin.
Defunct cryptocurrency exchange Mt. Gox has postponed its repayment deadline to October 2025, adding a year to its original date.
It will now repay creditors on October 31, 2025, according to a statement from the exchange.
“Because it is desirable to repay the relevant rehabilitation creditors as much as reasonably possible, the rehabilitation administrator received permission from the court and changed the payment deadline from October 31, 2024 (Japan Standard Time) to October 31. , 2025 (Japan Standard Time),” Mt. Gox said.
This is the second time the platform has pushed back its deadline. In its 2023 statement, the platform announced that it would move the repayment deadline from October 31, 2023 to October 31, 2024.
Released in 2010, Mt. Gox was the largest cryptocurrency exchange, handling about 70% of Bitcoin transactions, until it collapsed due to a hack in 2014. The exchange lost approximately 850,000 Bitcoin due to the security breach.
In July, it began repaying creditors about $9 billion in recovered assets. However, according to data from Arkham Intelligence, Mt. Gox still holds 44,905 bitcoins, worth about $2.8 billion.
According to the latest statement from the defunct exchange, the delay boils down to two things. This is because the creditor has not completed the necessary steps for repayment and problems arise during the repayment process.