Bitcoin: Crypto Exchange Mt. Gox Extends Repayment Deadline
The administrator overseeing the compromised cryptocurrency exchange Mt. Gox, has decided to extend the deadline for repayments by one year, shifting it to October 31, 2024.
In a letter dated September 21, as disclosed by the Rehabilitation Trustee, this extension was deemed necessary in order to ensure the completion of all repayment procedures prior to the previous deadline, which was set for October 31, 2023.
The trustees have been granted approval by the Tokyo District Court to modify the repayment schedule. Consequently, the new deadline for lump sum, base, and intermediate repayments has been postponed to October of the following year.
Creditors who have already provided their information may potentially receive payments by the end of this year. However, this timeline remains subject to potential adjustments pending the final determination of the repayment schedule.
It is worth noting that this isn’t the first instance of the trustees adjusting the repayment timeframe. Earlier this year, the repayment deadline was moved from September 30 to October 31 due to an extension of the registration period for BTC repayments from March 10 to April 6.
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This development brings relief to those concerned about its potential impact on the price of Bitcoin (BTC). Mt. Gox, which has been a pioneering exchange in the cryptocurrency industry since its inception in 2010, experienced a devastating hack in 2014 that resulted in the loss of 850,000 BTC.
The impending repayment will serve as partial compensation for over 10,000 creditors, reflecting the recovered funds from the exchange. Although the exact sum remains undisclosed, many are eagerly watching for its potential influence on BTC’s price.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
