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Mt. Gox Pushes Repayment Deadline by a Year

source-logo  coindesk.com 21 September 2023 07:53, UTC

Mt. Gox has pushed back its planned repayments by another 12 months, the 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's creditors 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.