Defunct crypto exchange Mt Gox has pushed back its repayment deadline to creditors by one year. The new deadline is now set for October 31, 2025.
According to an official announcement, many creditors haven’t received their repayments yet because they haven’t completed the required steps. This delay is causing frustration for those who’ve been waiting for years to get their funds back.
Mt Gox’s History and Collapse
Mt. Gox was once one of the biggest crypto exchanges in the world. It handled about 70% of all Bitcoin transactions at its peak. However, it faced several security breaches, including unnoticed hacks, leading to a halt in withdrawals and its eventual collapse in 2014. When the platform shut down, about 127,000 users had their funds locked away.
In July, the trustee managing Mt. Gox’s assets began distributing around $9.4 billion to creditors. However, data from Arkham Intelligence shows that the exchange still owes about $2.8 billion. Nobuaki Kobayashi, the trustee overseeing the process, explained that many creditors haven’t received their payments because they haven’t completed the necessary procedures.
Some creditors also faced issues with the repayment process, including receiving double payments due to a system error. Mt. Gox has since asked those users to return the overpaid amounts.
Impact on Bitcoin Prices
The ongoing repayment process has raised concerns about its potential effect on Bitcoin’s price. By the end of July, around 59,000 BTC (41.5% of the total) had already been redistributed to creditors. A report from Glassnode showed that these creditors were holding around $4 billion in Bitcoin.
Mt Gox is returning a total of 141,686 Bitcoin, along with Bitcoin Cash (BCH) and fiat currency, after 10 years of waiting. At the time of writing, Bitcoin’s price is $62,926, reflecting a 5.3% increase over the past 24 hours.
