Mt. Gox Exchange has extended its repayment process to October 31, 2025, as it looks to satisfy every registered creditor
Mt. Gox recently announced the extension of its Bitcoin (BTC) repayment process, sparking market optimism. According to the once-vibrant exchange, the court has approved the extension.
Mt. Gox Gives Creditors Time to Receive Assets
This reliefs investors who have shown concern about the potential sell-off that the Bitcoin offload might ignite. However, the relief could only last for a moment as the offload is imminent.
Mt. Gox has extended the repayment deadline to October 31, 2025, instead of October 31 this year. The Rehabilitation Trustee of Mt. Gox, Attorney-at-Law Nobuaki Kobayashi, pushed for this extension. This new development is designed to cater to creditors who have yet to receive their funds. The exchange wants to ensure that these entities can get their assets without rushing the process.
As it stands, a few creditors have complained of complications during the repayment process. Even though they had completed all the necessary steps, many had not received their funds yet.
Mt. Gox has put in efforts and resources to ensure a smooth and flexible repayment process.
Mt. Gox Release $9:Billion To Repay Creditors
The defunct exchange had set aside $9 billion in Bitcoin and Bitcoin Cash (BCH). A few months ago, Arkham Intelligence discovered a Mt. Gox-labeled wallet address that sent about 42,587.49 BTC to an unknown wallet. At the time, the BTC price traded at $66,706.28, bringing the total value of the transferred funds to approximately $2.8 billion.
Currently, Bitcoin is trading at $60,591.62 after losing 2.15% of its previous value over 24 hours ago.
Previously, Mt. Gox, with the same wallet, also sent 5,110.16 BTC, worth $340.8 million, to its cold storage address ending with “1Jbez.” These cryptocurrencies went to exchanges like Bitstamp and Kraken. Bitstamp received 2238.87 BTC for those particular transfers, worth around $150 million.
At some point, hackers tried to access users’ accounts. Some Reddit users reported several failed login attempts. One user even claimed to have received 15 notifications for account login. To salvage the situation, all users were encouraged to perform Two-factor Authentication (2FA) security on their accounts.
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