Mt. Gox started paying back its creditors in July and has “largely completed the Base Repayment, Early Lump-Sum Repayment, and Intermediate Repayment” in the months since
Bitcoin (BTC) price rose sharply on Friday after the bankrupt crypto exchange Mt. Gox announced an extension to the deadline on its remaining creditor repayments.
Mt. Gox began repaying its creditors in July, having “largely completed the Base Repayment, Early Lump-Sum Repayment, and Intermediate Repayment” in the months since, according to a statement published on the bankrupt exchange’s website.
“However, many rehabilitation creditors still have not received their repayments because they have not completed the necessary procedures for receiving repayments. Additionally, a considerable number of rehabilitation creditors have not received their repayments due to various reasons, such as issues arising during the repayments process.
As it is desirable to make the repayments to such rehabilitation creditors to the extent reasonably practicable, the Rehabilitation Trustee, with the permission of the court, has changed the deadline for the repayments from October 31, 2024 (Japan Standard Time) to October 31, 2025 (Japan Standard Time).”
Mt. Gox was once responsible for handling over 70% of Bitcoin’s trading volume, but it went bankrupt in 2014 after the platform was hacked.
The exchange eventually recovered most of its coins and has been engaged in a lengthy bankruptcy process to repay its former customers, a move that has created uncertainty in the crypto market due to the potential sell pressure.
BTC is trading at $62,635 at the time of writing, up over 4% in the past day.
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