Mt. Gox Extends Creditor Payment Deadline to October 2025

Mt. Gox, which began creditor payments in July, has made significant progress in the “Basic Repayment, Early Bulk Repayment, and Interim Repayment” phases.

Mt. Gox, a once-prominent cryptocurrency exchange, has encountered difficulties in distributing payments to its creditors. Despite commencing the process in July, many creditors are still awaiting their payments due to incomplete procedural requirements.

In an effort to expedite the payment process, the Rehabilitation Trustee has announced a one-year extension with court approval. The original deadline of October 31, 2024, has been extended to October 31, 2025, to ensure that all creditors have ample time to complete the necessary steps.

This decision is expected to provide significant relief to the numerous creditors awaiting payments. The delay in distributing payments has been a major concern for both creditors and the broader cryptocurrency community.

Mt. Gox, which once handled 70% of Bitcoin trading, ceased operations in 2014 following a large-scale cyber attack. While a substantial portion of the lost Bitcoins has been recovered, the company's bankruptcy process is still ongoing.

Due to concerns over selling pressure from creditors, the uncertainty surrounding the payment process has occasionally impacted Bitcoin's price volatility in the market.

At the time of writing, BTC is trading at $62,635, up 4% in the last 24 hours. The market has reacted positively to the news of reduced uncertainty in the payment process.

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