Mt. Gox Bankruptcy Compensation Extended until October 31, 2025

Bittime - Mt. Gox announced that the deadline for Mt. Gox bankruptcy compensation extended until October 31, 2025. 

Previously, this deadline had been set at 31 October 2024, but was postponed one year after submitting a request from the bankruptcy administrator and obtaining approval from the court.

Obstacles in Mt. Gox Bankruptcy Compensation Process

Although most eligible creditors have managed to obtain compensation, there are still parties who have not received their payments. 

In its official statement, the bankruptcy compensation administrator Mt. Gox explained that several creditors experienced problems in the compensation settlement process. 

This problem is caused by incomplete procedures for receiving compensation or the presence of other problems that require further attention. 

Read Also: Mt. Gox Makes Fourth Repayment in BTC and BCH 

A Brief History of Mt. Gox Bankruptcy

Mt. Gox was one of the largest crypto exchanges in the world at the beginning of the development of Bitcoin and other crypto assets. At the height of its glory, Mt. Gox manages approximately 70% of all global Bitcoin transactions. 

However, in 2014, the exchange experienced a major hack that resulted in the loss of more than 850,000 Bitcoins from the platform. This hack caused such huge losses to the users that Mt. Gox files for bankruptcy.

After the bankruptcy, the bankruptcy compensation process of Mt. Gox to creditors has been slow to achieve significant results in recent years.

Over the years, bankruptcy administrators and courts have struggled to identify remaining assets and develop compensation plans for victims. 

Mt. Gox Bankruptcy Compensation Process

Until now, the bankruptcy compensation process of Mt. Gox has reached a better stage. Most creditors who have completed compensation procedures correctly have received some or all of the compensation. 

However, for users who still have not completed the procedures or are experiencing other problems, extending the deadline to 31 October 2025 will be the last opportunity to obtain their rights.

Bankruptcy administrator Mt. Gox continues to work closely with creditors and other related parties to ensure that all problems can be resolved within the specified time. 

Read Also: Final Payment Mt. Gox: Potential Impact On The Bitcoin Market 

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