Mt. Gox Extends Repayment Deadline To 2025

According to Cointelegraph, the defunct cryptocurrency exchange Mt. Gox has extended the deadline to repay its creditors by one year, moving the due date to October 31, 2025. The decision was made because many rehabilitation creditors have not yet received their repayments due to incomplete procedures. Mt. Gox was one of the earliest cryptocurrency exchanges and once handled approximately 70% of all global Bitcoin (BTC) transactions. However, a series of security breaches and unnoticed hacks led to a halt in withdrawals and its eventual collapse in 2014, locking the funds of about 127,000 users. In July, the trustee managing Mt. Gox's assets began distributing around $9.4 billion in funds to creditors. As of now, wallets linked to the exchange are still owed $2.8 billion in assets, according to data from Arkham Intelligence. Trustee Nobuaki Kobayashi stated that many creditors have not received their repayments due to various issues, including a system error that resulted in double deposits to some users. The exchange has since requested the return of the overpaid funds. The repayment process has raised concerns about its potential impact on Bitcoin prices. By the end of July, more than 41.5%, or 59,000 BTC, had been redistributed to creditors. A report from analytics firm Glassnode indicated that creditors were holding around $4 billion in funds at that time. The collapsed exchange is set to return a total of 141,686 Bitcoin to creditors, along with Bitcoin Cash (BCH) and fiat currency, after a decade of waiting and legal battles in Japan. Bitcoin's price currently stands at $62,926, reflecting a 5.3% increase over the past 24 hours.