Mt. Gox trustee postpones deadline to repay creditors by one year to October 2025
- Barbara StreisandOriginal
- 2024-10-12 16:22:12566browse
MtGox trustees have confirmed that the repayment date for creditors has been postponed by a year, now extending until October 31, 2025
The repayment date for MtGox creditors has been officially postponed by a year, now extending until October 31, 2025, from the original deadline of October 31, 2024. This news comes as a relief to many in the crypto community, who were concerned about the impact of a large sell-off on the Bitcoin market.
MtGox, which was one of the top cryptocurrency exchanges in early 2014, was hacked that same year. The hack went unnoticed for a long time, and by the time it was discovered, a significant amount of Bitcoin had been stolen. Despite the executives’ efforts to conceal the hack, many users reported missing funds. Subsequent investigations revealed that MtGox was also involved in money laundering and manipulating customer transactions.
On October 11, 2024, the MtGox Rehabilitation Trustee informed that most creditors who completed the necessary procedures have been repaid. However, many creditors have not yet received their repayments due to incomplete procedures or other complications. This extension, approved by the court, gives them more time to resolve any outstanding issues.
Many in the crypto community see this delay as beneficial since it avoids any immediate large sell-offs from creditors, thus supporting market stability. This development is also seen as a positive thing for Bitcoin investors in this bull phase.
They said this positive news for the market will avoid any potential negative impact from large sell-offs, while creditors are given additional time to correct any mistakes in their claims.
In the past couple of years, the Bitcoin market faced significant negative sell pressure due to the MtGox creditors’ repayment plan. However, it is now expected that no further negative outcomes will affect the market.
Bitcoin Price Action
Following this announcement, Bitcoin’s price surged. Bullish sentiments have accelerated, and the current trading price of Bitcoin is $62,667, reflecting a 3.64% increase over the past 24 hours.
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