Mt. Gox Extends Repayment Deadline to October 31, 2025, to Avoid Bitcoin (BTC) Sell-Offs

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

Bitcoin exchange Mt. Gox has announced an extension of its final deadline for completing payments to creditors by one year.

The exchange, which was founded in July 2010 and was based in Tokyo, suffered a hack in 2014, which saw a substantial amount of Bitcoin (BTC) being lost. This hack eventually led to Mt. Gox filing for bankruptcy.

The document also states that the majority of creditors have completed the basic, temporary, and early repayment processes. However, there are still some creditors who have not completed the necessary procedures or who encountered problems during the repayment.

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

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, which is valued at over $2.7 billion.

Throughout the year, the crypto community has been concerned about large Bitcoin sell-offs following the Mt. Gox repayment. However, the extension of the repayment deadline may have come as a relief to investors.

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

However, Mt. Gox did make some large transactions earlier. For example, in August, it moved 13,265 BTC, valued at $782 million at the time, to an unidentified wallet and 1,265 BTC to an internal wallet.

These transactions were widely speculated to be preparing for the platform's creditors to be paid.