Mt. Gox Extends Repayment Plan by 1 Year – Here’s Why

According to the latest announcement from the Mt. Gox exchange, the platform will extend its repayment deadline by another year.

Mt. Gox, a Bitcoin exchange founded in July 2010 and based in Tokyo, suffered a hack in 2014, losing a substantial amount of Bitcoin (BTC). This hack ultimately led to Mt. Gox’s bankruptcy.

Mt. Gox Adjusts Final Deadline for Payment Completion

The document also indicates that most creditors have completed the basic, temporary, and early repayment processes. However, some creditors have not completed the necessary procedures or encountered issues during repayment.

Read more: Top Crypto Bankruptcies: What You Need To Know

“Many rehabilitation creditors still have not received their repayments because they have not completed the necessary procedures for receiving repayments. Additionally, a considerable number of rehabilitation creditors have not received their repayments due to various reasons, such as issues arising during the repayments process,” Mt. Gox stated.

As a result, the deadline for receiving these payments has been extended from October 31, 2024, to October 31, 2025 (Japan Time).

According to Arkham, Mt. Gox’s current wallet holds 44,905 Bitcoin, valued at over $2.7 billion.

Throughout the year, the crypto community feared heavy Bitcoin sell-offs after the Mt. Gox repayment. However, the extension of the repayment deadline might have relieved investors.

“$4 billion payment selling pressure now shifted to 2025,” an X (Twitter) user said.

Read more: Who Owns the Most Bitcoin in 2024?

However, Mt. Gox did make some large transactions earlier. For instance, in August, it transferred 13,265 BT, worth $782 million, to an unknown wallet and 1,265 BTC to an internal wallet.

Many speculate that these transactions were in preparation for the repayment process to creditors via the platform.