Mt. Gox, one of the earliest cryptocurrency exchanges, has postponed repayments to its creditors by another year. The defunct Bitcoin exchange announced on Monday that the new deadline for repayments is October 31 next year. The update came just days before the previous deadline of October 31 this year.
Creditors began receiving repayments in December 2023, about ten years after the exchange’s collapse. The trustee confirmed that some payments were made through bank transfers and PayPal, with further repayments scheduled to continue in 2024 due to the large number of claims and varied payment types.
Majority Payments Completed, Some Await Funds
According to the latest announcement, most base, early lump-sum, and intermediate repayments have been completed for creditors who submitted the required documents, while many are still awaiting funds. The trustee said the extension was made with court approval to ensure repayments proceed “to the extent reasonably practicable.”
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Mt. Gox collapsed in 2014 after losing about 850,000 Bitcoinin a security breach. Around 200,000 BTC were later recovered, while roughly 650,000 BTC remain missing. The case developed into a long rehabilitation process under Japanese court supervision.
Repayments Could Trigger Market Selling Pressure
The exchange’s large Bitcoin holdings have drawn market attention, as some analysts warned that creditor repayments could trigger selling pressure. Data from Arkham Intelligence shows that Mt. Gox now holds about 34,690 BTC, valued at nearly $4 billion—a decline of more than 75% from the 142,000 BTC held in mid-2024.
At its peak, Mt. Gox handled over 70% of global Bitcoin trading. Its collapse in February 2014 remains one of the defining events in cryptocurrency history.
This article was written by Tareq Sikder at www.financemagnates.com.
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