Mt. Gox extends creditor repayment deadline to 2025 News ▸ Japan ▸ Bitcoin ▸ Bankruptcy
Mt. Gox extends creditor repayment deadline to 2025
Mt Gox's wallet still holds about $2.75 billion worth of Bitcoin that would be distributed to its creditors.
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Updated: Oct. 10, 2024 at 1:34 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The trustee overseeing the collapsed Japanese crypto exchange Mt. Gox has extended the creditor repayment deadline by one year to Oct. 31, 2025, according to an Oct. 10 statement.
The exchange’s Rehabilitation Trustee, Nobuaki Kobayashi, stated that the extension was necessary to complete the repayment process for all creditors. The previous deadline had been set for Oct. 31, 2024.
Why Mt Gox shifted deadline
According to the trustee, the new timeline allows creditors who have not yet received their repayments to complete the required procedures.
The trustee noted that many creditors have not received their funds due to various issues that arose during the repayment process that began in July.
The Rehabilitation Trustee emphasized the importance of accommodating as many creditors as possible, stating:
“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).”
Majority of creditors repaid
Despite the delay, Mt. Gox reported that it has largely completed repayments to creditors who successfully completed the necessary steps and faced no issues during the process.
Since July, the defunct exchange has distributed Bitcoin and Bitcoin Cash to approximately 21,000 creditors as of Aug. 21. These transactions were processed through several centralized platforms, including Kraken, Bitstamp, and BitGo.
Once the world’s largest crypto exchange, Mt. Gox filed for bankruptcy in February 2014 after a hack that resulted in the loss of up to 950,000 BTC, worth over $58 billion today.
Since then, the firm has faced several legal challenges in its efforts to distribute repayments to its creditors.
According to data from blockchain intelligence platform Arkham Intelligence, Mt. Gox wallets currently hold 44,900 BTC, equivalent to $2.75 billion at press time.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Bitcoin Cash
$527.110
Bitcoin Cash (BCH) is a cryptocurrency created via a fork of the Bitcoin network.
Mt. Gox
Mt Gox was a bitcoin exchange based in Shibuya, Tokyo, Japan that was launched in July 2010.
Kraken
Kraken is a San Francisco-based digital asset exchange in euro volume and liquidity that trades various currencies, including Canadian dollars, US dollars, British pounds, and Japanese yen.
Bitstamp
Bitstamp is a European-based cryptocurrency marketplace that allows people from all around the world to buy and sell cryptocurrencies.
BitGo
BitGo is a market leader in institutional-grade cryptocurrency investment services, providing institutional investors with security, compliance, and custodial solutions for blockchain-based currencies.