Once a dominant force in Bitcoin exchanges, Tokyo-based Mt. Gox has once more deferred its settlement of creditor payments. Originally slated for October 31, 2025, the final repayment deadline is now extended to October 31, 2026, due to continued unresolved issues with payment procedures.
Why Are Creditors Still Waiting?
The rehabilitation trustee reports that most primary and intermediate payments have been processed. Yet, old obstacles persist, particularly with a subset of creditors who haven’t finalized identity verification and compliance protocols. With authorization from the court, Mt. Gox stretched the payment timeline once more after its infamous 2014 collapse.
How Did It All Start?
Mt. Gox’s troubles trace back to a catastrophic cyber assault in 2014 that led to the loss of 850,000 Bitcoins. Consequently, the exchange filed for bankruptcy. In 2023, its plan was to start repayments, distributing 142,000 BTC and 143,000 BCH along with fiat currency worth nearly $510 million.
Between 2024 and 2025, payments began trickling in via platforms like Kraken and Bitstamp. By early 2025, the trustee confirmed Bitcoin and Bitcoin Cash settlements to 19,500 creditors. Yet, data from Arkham points out that a substantial amount—34,689 BTC valued at around $4 billion—still rests in escrow.
Key Takeaways from Mt. Gox’s Payment Deferrals:
- •Payment completions hindered by incomplete identity and compliance steps by some creditors.
- •Third change in the payment deadline since 2014.
- •Trustee aims to ensure remaining creditors are eventually compensated.
Acknowledging the frustration stemming from these delays, a representative mentioned,
“Our objective remains firm: to facilitate payments to outstanding creditors promptly and efficiently.”
The prolonged saga of Mt. Gox reflects an enduring challenge in reconciling issues from past financial disruptions.