Mt. Gox trustee extends hacked exchange’s Bitcoin repayment deadline to October 2024 Mt. Gox trustee extends hacked exchange’s Bitcoin repayment deadline to October 2024
The defunct exchange had earlier shifted the deadline earlier in the year.
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Updated: Sep. 21, 2023 at 8:31 am UTC
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The trustee of the hacked crypto exchange Mt. Gox has extended the repayment deadline by a year to Oct. 31, 2024.
A Sept. 21 letter published by the Rehabilitation Trustee stated that the extension was necessary to complete all the repayment processes before the previous deadline of Oct. 31, 2023.
The trustees revealed that they received approval from the Tokyo District Court to revise the repayment timeline. As a result, the new deadline for early lump sum, base, and intermediate repayments has been pushed to October of next year.
Creditors who have already submitted their information may receive payments as early as the end of this year, although this schedule remains subject to potential adjustments, pending the final determination of repayment timing.
Meanwhile, this is not the first time the trustees are shifting the repayment period. Earlier in the year, the repayment deadline was shifted from Sept. 30 to Oct. 31 because the trustees extended the registration deadline for its BTC repayment process from March 10 to April 6.
This development is welcome news to those concerned about its potential impact on Bitcoin’s (BTC) price. Mt. Gox, one of the crypto industry’s pioneer exchanges since its inception in 2010, suffered a catastrophic hack in 2014 that led to the loss of 850,000 BTC.
The forthcoming repayment will partially compensate over 10,000 creditors, reflecting the funds the exchange managed to recover. While the precise amount remains undisclosed, many anticipate its potential influence on the price of BTC.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Mt. Gox
Mt Gox was a bitcoin exchange based in Shibuya, Tokyo, Japan that was launched in July 2010.