Mt. Gox Trustee Extends Creditor Repayment Deadline by One Year, Pushing It to October 31, 2025

The repayment process began in July 2023, but Arkham Intelligence data shows that crypto wallets associated with the exchange still hold 44,900 Bitcoin (BTC)

The trustee overseeing the assets of failed crypto exchange Mt. Gox has postponed the deadline for creditor repayments by one year, pushing it to October 31, 2025, an official statement revealed on Thursday. This marks the latest setback in a drawn-out saga involving the distribution of nearly $9 billion in recovered assets to creditors.

Mt. Gox, once the world’s largest cryptocurrency exchange, collapsed in 2014 after a massive hack. The repayment process commenced in July 2023, but data from Arkham Intelligence shows that crypto wallets linked to the exchange still hold 44,900 Bitcoin (BTC), valued at approximately $2.8 billion.

According to the trustee, the delay is partly due to many creditors failing to complete the necessary steps to receive their funds. “Many rehabilitation creditors still have not received their repayments because they have not completed the necessary procedures,” the statement noted, adding that various problems encountered during the repayment process have also contributed to the holdup.

Earlier in 2024, news of the impending Mt. Gox distribution sparked unease in the cryptocurrency market, with concerns that a mass sell-off by creditors could put downward pressure on Bitcoin prices. The delay in repayments could provide some respite from these fears in the immediate future, although analysts remain apprehensive about the potential market impacts down the line.

“This could assuage near-term concerns around supply overhangs, though there could be room for downside volatility once those on-chain funds begin moving again,” Coinbase analysts David Duong and David Han stated in a report on Friday.