MtGox trustees have confirmed that the repayment date for creditors has been postponed by a year, now extending until October 31, 2025, from the original deadline of October 31, 2024.
MtGox, which was one of the top cryptocurrency exchanges in early 2014, was hacked that same year. 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.
NEW: Mt. Gox trustee postpones deadline to repay creditors by one year to October 2025, reducing sell pressure concerns for #Bitcoin pic.twitter.com/atpR4h4r8T
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— Bitcoin Magazine (@BitcoinMagazine) October 11, 2024
Many in the crypto community see this delay as beneficial since it avoids any immediate large sell-offs from creditors, thus supporting market stability.
Many Bitcoin enthusiasts consider this development as a good 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.
Read also: Tron (TRX) coin bull sentiments increase, as its founder becomes Prime Minister of a country
Mt.Gox exchange postpones the deadline to repay creditors by 12 months
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