Bankrupt crypto exchange Mt. Gox has announced it is pushing back the deadline for paying its creditors by one year, setting the new deadline for October 31, 2025.
This is due to the fact that many of the platform's creditors have not completed the necessary procedures to receive their repayments.
Mt. Gox, which was one of the world's first crypto exchanges, suffered security flaws and unnoticed hacks that led to a freeze on withdrawals and its subsequent bankruptcy in 2014. This left approximately 127,000 users unable to access their funds.
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In July, the trustee responsible for managing Mt. Gox's assets began distributing approximately $9.4 billion in funds to creditors.
According to Nobuaki Kobayashi, trustee of Mt. Gox, the delay in repayments is due to a combination of creditors not completing the necessary procedures and other problems encountered during the repayment process.