As Cointelegraph reported, the trustee responsible for managing Mt. Gox’s assets has extended the deadline for creditors to be compensated until October 2025 as more than 44,900 BTC remain unpaid.
Defunct cryptocurrency exchange Mt. Gox has pushed back the deadline for repaying creditors by a year, with the new due date set for Oct. 31, 2025.
According to the official announcement, “many reconstruction creditors have still not received” compensation because they have not completed the required procedures.
Mt. Gox was one of the world’s oldest cryptocurrency exchanges, at one point handling about 70% of global bitcoin transactions. The platform experienced a series of security breaches and undetected hacks that led to withdrawal suspensions and ultimately collapsed in 2014, locking up the funds of about 127,000 users.
In July, the trustee managing Mt. Gox’s assets began distributing approximately $9.4 billion in funds to creditors. At the time of writing, wallets associated with the exchange still owe $2.8 billion in assets, according to data from Arkham Intelligence. Mt. Gox trustee Nobuaki Kobayashi said in a statement:
“[…] Many reconstruction creditors have still not received their compensation because they have not completed the necessary procedures required to receive compensation. In addition, many reconstruction creditors have not received compensation for various reasons, such as problems that occurred during the compensation process.”
Problems that arose during the compensation process included duplicate deposits for some users due to a “system issue.” The exchange later acknowledged the error and asked users to return the overpaid funds.
The Mt. Gox restitution process has raised significant concerns about its potential impact on the price of Bitcoin. By the end of July, more than 41.5% of Bitcoin, or 59,000 BTC, had been redistributed to creditors. At the time, a report from analytics firm Glassnode showed that creditors were steadily holding onto around $4 billion in funds.
The collapsed exchange will return a total of 141,686 Bitcoins, as well as Bitcoin Cash (BCH) and fiat currencies to creditors after a decade of waiting and a court battle in Japan. As of this writing, Bitcoin is trading at $62,926, up 5.3% in the past 24 hours.
