Mt. Gox, the Japanese crypto exchange that collapsed in 2014, has extended its creditor repayment deadline to October 31, 2025. The exchange’s Rehabilitation Trustee, Nobuaki Kobayashi, announced the extension in order to ensure that all creditors receive their funds. The previous deadline was set for October 31, 2024.
The decision to shift the deadline was made to accommodate creditors who have not yet completed the necessary procedures to receive their repayments. Many creditors have faced issues during the repayment process that began in July, leading to delays in fund distribution.
Despite the delays, Mt. Gox has successfully repaid a majority of creditors who followed the required steps without any complications. As of August 21, approximately 21,000 creditors have received their Bitcoin and Bitcoin Cash through platforms like Kraken, Bitstamp, and BitGo.
Mt. Gox’s wallets still hold a significant amount of Bitcoin, totaling 44,900 BTC, which is equivalent to $2.75 billion. The exchange suffered a hack in 2014, resulting in the loss of 950,000 BTC, worth over $58 billion today. Since then, Mt. Gox has been navigating legal challenges to distribute repayments to its creditors.
The extension of the repayment deadline aims to ensure that all creditors have the opportunity to receive their funds in a timely manner. The importance of accommodating as many creditors as possible has been emphasized by the Rehabilitation Trustee, highlighting the complexities of the repayment process.
Overall, the extension of the deadline provides a window for creditors to complete the necessary steps to receive their repayments from Mt. Gox. The exchange’s efforts to address the outstanding creditor claims reflect a commitment to resolving the aftermath of the 2014 hack and providing closure to affected individuals.
