365Crypto
Mt. Gox Extends Deadline to Repay Creditors Until 2025
Mt. Gox, the collapsed crypto exchange, is pushing its repayment deadline to October 2025. Many creditors still haven’t received their funds because they haven’t finished the necessary steps, according to the trustee managing the process.
A Quick Recap on Mt. Gox
Mt. Gox was once the largest Bitcoin exchange, handling 70% of all global Bitcoin transactions. But after a series of hacks and security issues, it shut down in 2014, locking away the funds of 127,000 users.
Repayment Updates
Earlier this year, the trustee began distributing $9.4 billion to those affected. Even so, about $2.8 billion is still owed. So far, 41.5% of the promised Bitcoin has been repaid, but the process has hit a few bumps, including a glitch that led to some people being paid twice by mistake.
How This Affects Bitcoin Prices
With Mt. Gox slowly paying back creditors, there are concerns about what this will mean for Bitcoin’s price. If a large number of Bitcoin suddenly enters the market, it could impact prices. For now, the crypto community is keeping an eye on the situation.
