Matt Gox extends the payment deadline by one year to October 2025
Key receivers
Gox has delayed its payment deadline to October 2025. The delay is due to technical and administrative problems faced by the lenders.
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The discontinued crypto exchange Mt. Gox has extended the payment deadline by one year, according to an announcement published by the exchange today. In the year Creditors awaiting compensation after the currency collapse in 2014 now have until October 31, 2025 to complete the necessary procedures for payment.
Nobuaki Kobayashi, the court-appointed rehabilitation trustee, announced the extension, moving the deadline from October 31, 2024 to October 31, 2025.
The extension is mainly due to two reasons. First of all, a large number of creditors have not yet completed the necessary steps to pay. Second, some lenders encountered technical and administrative problems during the process, which delayed progress and required more time to resolve.
The extended deadline gives creditors more time to navigate the repayment system, which many have found challenging. Delays and technical issues have hindered the filing of claims, and the extra year is meant to provide a buffer against these problems.
A delay in the payment deadline could have implications for the crypto market. Eventually, the distribution of Bitcoin and other crypto assets owed to lenders has been postponed, and market analysts are closely monitoring how this affects price volatility and transaction volumes.
Once the world's largest Bitcoin exchange, Matt Gox collapsed in 2014 after losing approximately 850,000 Bitcoin in a security breach. As of 2018, the rehabilitation process has faced many legal and logistical challenges in efforts to compensate victims.
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