The defunct cryptocurrency exchange Mt. Gox's board of trustees announced that the deadline for repayments has been extended once again.
Mt. Gox Extended Refund Period to October 2024
The new payment deadline, which was initially set as October 31, 2023, was postponed by one year and determined as October 31, 2024.
Once one of the leading exchanges in the crypto world, Mt. Gox suffered a devastating attack in 2014 that resulted in the loss of 850,000 Bitcoins (BTC).
Now worth approximately $23 billion, this incident remains one of the largest in the history of cryptocurrency security breaches.
Following the attack, the exchange was able to recover approximately 20% of the stolen tokens.
Mt. The lengthy process of repaying Gox creditors spanned a decade, leaving stakeholders eagerly awaiting any repayment.
While the launch of a significant amount of tokens may have some impact on Bitcoin prices, financial institution UBS suggests that this will not be enough to destabilize the broader Bitcoin market, as noted in a report earlier this year.
On the other hand, the extension of the payment deadline for another year has eased the Mt.Gox pressure on the market a little more.
*This is not investment advice.
