[NEWS] Mt. Gox postpones repayment deadline until the end of October next year

Mt. Gox, a cryptocurrency exchange that went bankrupt in 2014, announced on the 21st that it would postpone the deadline for repayment to creditors until October 31, 2024. Initially, the repayment deadline was set to the 31st of this month.

According to the announcement, it is currently taking time to verify the creditor information required for repayment and to negotiate with the involved banks, money transfer companies, and designated cryptocurrency exchanges, and it appears that it has decided that it will not be possible to complete repayment by the deadline.

Given this background, this decision was made with the permission of the Tokyo District Court. It is planned to begin making payments to creditors who have already provided the necessary information as early as this year. The specific start date has not yet been decided.

On the other hand, creditors who have not completed providing the necessary information to the rehabilitation trustee are still not in a position to begin repayment, so it will continue to request the provision of information.

Mt. Gox was the world's largest cryptocurrency exchange at the time, based in Japan. However, in 2011, a large amount of crypto assets was illegally leaked, leading to bankruptcy in 2014.

Currently, Mt. Gox holds 141,686 BTC Bitcoin and 142,846 BCH Bitcoin Cash in addition to approximately 69.3 billion yen in cash and deposits.

As it is possible that a large amount of Bitcoin will be sold as part of the repayment, this has become a greater concern than ever before in the cryptocurrency market.

On the other hand, some of the major creditors are said to have no intention of selling Bitcoin given the current price, so attention is expected to continue to be focused on developments surrounding the repayment.

Reference:Announcement
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