Cryptocurrency News
Mt. Gox, previously the world’s largest Bitcoin exchange until its closure in 2014 following hacks, has begun repaying the billions of dollars in BTC owed to customers. However, the deadline for completing this process has been postponed, coinciding with a rise in the price of Bitcoin.
Bitcoin’s value is now above $62,200, climbing nearly 3% in the last 24 hours after dropping below $59,000 on Thursday. Traders speculate that a delay in Mt. Gox repayments could reduce selling pressure on the market, as billions of dollars in Bitcoin may not be immediately liquidated.
The Mt. Gox rehabilitation team announced in a statement on Thursday that the repayment deadline has been extended for a full year, from October 31 of this year to the same date in 2025, with court approval due to various complications that arose during the process.
Creditors were informed in the notice that many have not received their repayments because they have not completed the required procedures for receiving them.
The news of the revised repayment timeline may be viewed as positive by investors, as it suggests that Mt. Gox users expecting significant returns might not be selling their holdings just yet.
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