Étienne Girard
The now-defunct cryptocurrency exchange Mt. Gox has once again delayed its repayment deadline, pushing it to October 31, 2025. Originally, the deadline was set for October 31, 2023, but was first postponed to October 31, 2024, before this latest extension.
In an announcement made on Thursday, Mt. Gox explained that the delay was approved by the court to ensure the repayments to creditors are handled as efficiently as possible. The company noted, “The Rehabilitation Trustee, with court approval, has moved the deadline for repayments from October 31, 2024, to October 31, 2025, Japan Standard Time.”
This delay has eased immediate concerns of downward pressure on BTC’s price, which had previously been impacted by the exchange’s movements. Back in July, BTC’s value dropped by 3.38%, falling below $59,000 for the first time since May, when Mt. Gox transferred 47,229 BTC in preparation for a nearly $9 billion payout. Such selling pressure occurs when the number of sellers outweighs buyers, leading to a decline in the asset’s value.
Learn: What is Cryptocurrency Exchange?
Mt. Gox, founded in Tokyo in 2010, was once a dominant platform in BTC trading. However, in 2014, it suffered a major security breach, losing 850,000 BTC. This led to the exchange halting withdrawals and filing for bankruptcy. Despite the breach, Mt. Gox still holds 142,000 BTC, 143,000 BCH, and 69 billion Japanese yen, which it plans to redistribute to creditors.
