Mt. Gox extends repayment deadline for creditors until 2025
Mt. Gox, one of the first Bitcoin exchanges in history, announced the extension of the deadline for repaying creditors by another year. The new deadline now extends until October 31, 2025, according to a recent statement from the platform.
Founded in July 2010 and headquartered in Tokyo, Mt. Gox suffered a cyberattack in 2014. The security incident resulted in the significant loss of Bitcoins (BTC) and led to the company's bankruptcy.
Despite the extension, the announcement indicates that most creditors have already completed the basic, temporary and initial repayment processes. However, many have not yet completed the necessary procedures or have encountered problems during the refund process.
Mt. Gox explained that “many rehab lenders have not yet received their refunds because they have not completed the necessary steps to receive payments. Furthermore, a considerable number of lenders faced various problems during the repayment process.”
This situation led to the extension of the payment deadline, which was initially until October 31, 2024.
Mt. Gox extends refund deadline
According to information from Arkham, Mt. Gox's current wallet contains 44,905 Bitcoins, with a value of more than US$2.7 billion. Throughout the year, the crypto community has expressed concerns about a possible mass sale of Bitcoins following the Mt. Gox refunds.
However, the extension of the deadline may have alleviated these fears among investors. A user on platform X (formerly Twitter) commented that “the $4 billion selling pressure has now been postponed to 2025.”
Additionally, Mt. Gox has completed some significant transactions recently. In August, for example, the exchange transferred 13,265 BTC, worth US$782 million, to an unknown wallet and 1,265 BTC to an internal wallet. Many speculate that these transactions were carried out in preparation for the process of repaying creditors through the platform.
With the new date established, Mt. Gox seeks to serve as many creditors as possible and facilitate the refund process, which has already faced significant challenges since the exchange's bankruptcy.
The price of Bitcoin has fallen 2.0% in the last 24 hours, according to data from CoinGecko. At the time of writing this article, the largest cryptocurrency on the market is priced at US$60,612.