Announcement made to extend the repayment deadlines for creditors of the defunct cryptocurrency exchange Mt. Gox. The restitution dates have been pushed to October 2025 due to incomplete procedures by some creditors.
History of Mt. Gox and Collapse Reasons
Mt. Gox was one of the first cryptocurrency exchanges in the world, handling around 70% of global Bitcoin transactions at its peak. The exchange faced a series of hacks leading to a halt in withdrawals and eventual collapse in 2014, locking the funds of approximately 127,000 users.
Repayment Issues and New Deadlines
According to an official announcement, many creditors have not received their reimbursements due to incomplete procedures. Additional issues arose during the repayment process, such as double deposits due to a 'system issue.' The exchange later acknowledged the error and demanded the return of overpaid funds.
Impact on the Crypto Market
The Mt. Gox repayment process raises concerns about potential impacts on Bitcoin prices. By the end of July, more than 41.5%, or 59,000 BTC, had been redistributed to creditors. Mt. Gox is currently returning a total of 141,686 Bitcoin along with Bitcoin Cash and fiat currency.
The extension of the Mt. Gox creditor payout deadlines has sparked discussions about potential impacts on the cryptocurrency market, as significant amounts of Bitcoin remain unpaid.
