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Cryptocurrency News Articles
Mt. Gox Repayment Deadline Extended to October 2025, $4B Bitcoin (BTC) Selling Pressure Now Shifted
Oct 11, 2024 at 06:29 pm
Mt. Gox, the once-prominent Bitcoin exchange that went bankrupt after a massive 2014 hack, has extended its repayment deadline for creditors to October 31, 2025.
Mt. Gox, the bankrupt Bitcoin (BTC) exchange, has extended its repayment deadline for creditors by a year to October 31, 2025, according to a recent community member's tweet.
The exchange, which lost a substantial amount of Bitcoin in a 2014 hack, has faced challenges in repaying creditors. Notably, Bitcoin reached a peak of $65,616 amid concerns over a Mt. Gox distribution, as CNF recently reported.
Community member DJBubblegum.sats shared the news on Twitter: “Mt. Gox Repayments Deadline Extended to October 2025.”
🚨 JUST IN: Mt. Gox Repayments Deadline Extended to October 2025.
$4B payment selling pressure now shifted to 2025 🚀📈
— DJBubblegum.sats 🟧 (@bubblegum_dee) October 10, 2024
Many creditors have reportedly completed the required procedures, but some have faced issues, delaying the repayment process.
Mt. Gox has pushed back the deadline to address these concerns and ease some crypto community members' fears regarding a potential sell-off of large quantities of Bitcoin. The exchange currently holds 44,905 BTC in its wallet, which is valued at over $2.7 billion.
Earlier concerns of a $4 billion Bitcoin sell-off in 2024 have now been shifted to 2024, providing some relief to investors who anticipated market disruptions.
In August, Mt. Gox made significant transactions, transferring 13,265 BTC, valued at $782 million, to an unknown wallet and another 1,265 BTC to an internal wallet. These moves are likely part of the platform's preparations for creditor repayments.
Despite these transactions, the extended deadline provides more time for Mt. Gox to complete the process and ensure all creditors receive their dues.
As CNF recently covered, the Mt. Gox repayment process kicked off late this week, which has caused a lot of volatility in the Bitcoin market. With this extension, investors and creditors are now looking to 2025 for the final resolution of the long-running Mt. Gox saga.
Bitcoin (BTC) is currently trading at $61,102 with an increase of 0.13% in the past day. Check out the BTC price chart below.
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