Mt. Gox Extends Compensation Deadline To October 2026

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Many Collectors Have Nonetheless Not Acquired Their Repayments Collectors Have Waited Over A Decade For Repayments Mt. Gox Codebase Deemed “Critically Insecure” By Claude AI Associated Articles:

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The now-defunct crypto alternate Mt. Gox has pushed again the deadline for its creditor repayments by a 12 months simply 4 days earlier than its deadline on the finish of the month.

“As it’s fascinating to make the Repayments to such rehabilitation collectors to the extent fairly practicable, the Rehabilitation Trustee, with the permission of the courtroom, has modified the deadline for the Repayments from October 31, 2025 (Japan Commonplace Time) to October 31, 2026 (Japan Commonplace Time).” the alternate’s rehabilitation trustee mentioned.

Many Collectors Have Nonetheless Not Acquired Their Repayments

The alternate’s rehabilitation trustee mentioned that it has “largely accomplished” the bottom reimbursement, early lump-sum reimbursement, and intermediate reimbursement for collectors that have been capable of full their eligibility procedures with none points.

There are, nonetheless, nonetheless many collectors that haven’t obtained their repayments both as a result of they failed to finish the required procedures or on account of points that arose throughout the course of.

At the moment’s announcement marks the third time the defunct alternate has pushed again the deadline.

Collectors Have Waited Over A Decade For Repayments

Mt. Gox was a Tokyo-based alternate that was based in 2010. It went on to grow to be one of many high alternate platforms for buying and selling Bitcoin on the time. Nevertheless, a safety breach in 2014 noticed 850,000 BTC stolen from the platform. This pressured the alternate to halt withdrawals and file for chapter safety.

In September 2023, the platform’s trustee introduced that it goals to reimburse a portion of the unique losses to collectors with recovered belongings. These belongings embrace 142,000 Bitcoin and 143,000 Bitcoin Money, in addition to fiat forex totaling 69 billion Japanese yen, which is round $510 million.

Because the center of 2024, a number of collectors have mentioned that they’ve obtained their funds by means of the crypto exchanges Kraken and Bitstamp. An announcement made by the rehabilitation trustee in March this 12 months mentioned that 19,500 collectors have been repaid.

On-chain knowledge from Arkham Intelligence exhibits that Mt. Gox nonetheless holds 34,689 BTC. With the crypto buying and selling at $115,557 as of 4:21 a.m. EST, the defunct platform’s holdings are valued at greater than $4 billion.

Mt. Gox Extends Compensation Deadline To October 2026

Mt. Gox’s Bitcoin holdings (Supply: Arkham Intelligence)

Mt. Gox Codebase Deemed “Critically Insecure” By Claude AI

Mt. Gox’s CEO, Mark Karpelès, not too long ago had the alternate’s 2011 codebase analyzed by Anthropic’s Claude AI mannequin.

Within the evaluation, the CEO offered varied different knowledge together with the alternate’s codebase, together with the git historical past, entry logs, and dumps launched.

So I attempted feeding MtGox’s 2011 codebase and varied knowledge (git historical past, entry logs, dumps launched by hacker, and many others) to @AnthropicAI‘s Claude, and let it analyze its means by means of all of the stuff.
The outcome:https://t.co/r8oxCUW3Qp
— Mark Karpelès (@MagicalTux) October 26, 2025

After analyzing the code, the AI mannequin labelled the defunct alternate’s codebase as “feature-rich,” however mentioned that additionally it is “critically insecure.”

“The developer (Jed McCaleb) demonstrated robust software program engineering capabilities by way of structure and have implementation, creating a classy buying and selling platform in simply 3 months,” the AI mentioned in its evaluation.

“Nevertheless, the codebase contained a number of essential safety vulnerabilities that have been focused within the June 2011 hack. Safety enhancements made between possession switch and the assault partially mitigated the influence,” the AI added.

The attacker managed to achieve entry to Mt. Gox’s database by means of an “undocumented WordPress SQL injection.” Thereafter, the database was dumped to disclose blended password hashes, together with the salted passwords belonging to energetic customers and the MD5 protected passwords that belonged to inactive customers.

With the breach, the attacker was then capable of fraudulently manipulate account balances through the admin interface. He then stole roughly 2,000 BTC by means of early withdrawals, earlier than crashing the value from $17 to $0.01. Thereafter, the attacker tried to take advantage of Mt. Gox’s $1,000 withdrawal restrict to empty the alternate.

Whereas the attacker managed to steal 850,000 BTC from the alternate, the evaluation confirmed that there have been some mitigating components.

Claude AI mentioned that safety enhancements, just like the upgraded password hashing, SQL injection repair, correct withdrawal locking, transaction isolation, and the short shutdown response, helped restrict the injury.

Karpelès mentioned on X that he “didn’t get to take a look at the code earlier than taking on,” including that it was “dumped” on him “as quickly because the contract was signed.” He then mentioned that he has since realized that “due diligence goes a great distance.”