Mt. Gox Pushes Repayment Deadline by a Year
Mt. Gox has pushed back the deadline for its planned repayments by another 12 months, the trustees for firm said on Thursday.
The defunct crypto exchange had earlier announced plans that the deadline for its repayments would be Oct. 31, 2023, which has now been pushed to Oct. 31, 2024.
The creditors of Mt. Gox have been looking for some sort of relief for a decade. The prominent crypto exchange was hacked in 2014, which led to 850,000 bitcoin (BTC), worth nearly $23 billion based on current prices, being stolen. The exchange managed to recover around 20% of the stolen tokens after the hack.
The Mt. Gox repayment could have some impact on bitcoin prices, due to the sheer size of the tokens being released, but would not destablize bitcoin, UBS had said in a report earlier this year.
Edited by Parikshit Mishra.
