Mt. Gox Extends Repayment Deadline for Creditors
Defunct crypto exchange Mt. Gox is extending its deadline to repay about $3.7 billion worth of Bitcoin (BTC) and Bitcoin Cash (BCH) to its creditors. The original deadline of October 31, 2023, has been extended by a year to October 31, 2024, according to an announcement by Mt. Gox rehabilitation trustee Nobuaki Kobayashi.
Extension Applies to Some Creditors
The deadline extension only applies to creditors who failed to provide necessary information on time. Those who did provide the required information will be paid by the original deadline of October 31, 2023. Kobayashi emphasizes that repayments will be made in sequence as early as the end of this year for those who have provided the necessary information.
The Mt. Gox Hack
Mt. Gox was famously hacked in 2011, resulting in the theft of 850,000 BTC, worth around $500 million at the time. At current prices, this amounts to approximately $22 billion worth of BTC.
Hot Take
Mt. Gox has extended its repayment deadline for creditors seeking the return of their Bitcoin and Bitcoin Cash holdings. This decision provides relief for some creditors who failed to submit necessary information on time but may cause frustration for those expecting repayment by the original deadline. The infamous Mt. Gox hack continues to impact the cryptocurrency community years later, highlighting the importance of security measures in the industry.
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