According to the latest announcement from exchange Mt. Gox, the platform will extend its payment term for another year.

Mt. Gox, a Tokyo-based Bitcoin exchange founded in July 2010, suffered a hack in 2014, losing a substantial amount of Bitcoin (BTC). This hack eventually led to the company’s bankruptcy.

Mt. Gox adjusts deadline for payment completion

The document also indicates that most creditors have completed the basic, interim and advance payment processes. However, some creditors have not completed the necessary procedures or encountered problems during payment.

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“Many rehabilitation creditors have not yet received their payments because they have not completed the necessary procedures to receive them. In addition, a considerable number of rehabilitation creditors have not received their payments due to various reasons, such as issues arising during the payment process,” Mt. Gox stated here.

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, the current Mt. Gox wallet holds 44,905 Bitcoin, valued at over $2.7 billion.

Mt. Gox wallet. Source: Arkham.

Throughout the year, the crypto community feared a massive sell-off in Bitcoin following the company’s payment. However, the extension of the payment deadline may have brought some relief to investors.

“$4B payout sell pressure now pushed to 2025,” said one X (Twitter) user here.

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However, Mt. Gox has made some large transactions in the past. For example, in August, it transferred 13,265 BTC worth $782 million to an unknown wallet and 1,265 BTC to an internal wallet.

Many speculate that these transactions were preparations for the payment process to creditors via the platform.

The article Mt. Gox extends payment plan for 1 year appeared first on BeInCrypto Brasil.