Mt. Gox, the defunct cryptocurrency exchange, has extended the deadline for its planned repayments by an additional 12 months, as confirmed by the trustees on Thursday.
Initially, Mt. Gox had set the repayment deadline for October 31, 2023, but it has now been pushed back to October 31, 2024.
For a decade now, creditors of Mt. Gox have been eagerly awaiting some form of relief. This renowned cryptocurrency exchange suffered a major hack in 2014, resulting in the theft of 850,000 bitcoins (BTC), valued at nearly $23 billion based on current market prices. Post-hack efforts managed to recover around 20% of the stolen tokens.
The potential release of such a significant number of bitcoins in the Mt. Gox repayment could have an impact on bitcoin prices, given the sheer volume involved.
However, according to a report by UBS earlier this year, it is unlikely to destabilize the overall bitcoin market.