The defunct crypto exchange Mt. Gox has postponed its repayment deadline to next year.
Mt. Gox now plans to repay its creditors on Oct. 31, 2025. It had previously moved its repayment deadline from Oct. 31, 2023, to Oct. 31, 2024.
“As it is desirable to make the Repayments to such rehabilitation creditors to the extent reasonably practicable, the Rehabilitation Trustee, with the permission of the court, has changed the deadline for the Repayments from October 31, 2024 (Japan Standard Time) to October 31, 2025 (Japan Standard Time),” the defunct exchange wrote in a Thursday release.
The postponement temporarily alleviates concerns of Bitcoin selling pressure driving down the token's price. In July of this year, Bitcoin fell 3.38% to below $59,000 — the lowest its price had been since May — around the time Mt. Gox moved 47,229 BTC ahead of a nearly $9 billion payout, The Block previously reported. Selling pressure involves a situation in which sellers outnumber buyers, causing an asset's price to drop.
Mt. Gox was a Tokyo-based exchange founded in 2010 that became one of the largest platforms for bitcoin trading. It suffered a security breach in 2014 that lost 850,000 BTC, causing the firm to halt withdrawals and file for bankruptcy protection. Mt. Gox intended to redistribute the 142,000 BTC, 143,000 Bitcoin Cash and 69 billion Japanese yen it still held.
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MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.