Mt. Gox, the once-prominent cryptocurrency exchange, has decided to give its creditors more time by pushing back the repayment deadline. Originally scheduled for October 31, 2023, the new repayment deadline is now set for October 31, 2024.
This decision comes after a long and challenging journey for Mt. Gox and its creditors. The exchange suffered a devastating hack in 2014, resulting in the theft of a staggering 850,000 bitcoins (BTC). At today’s prices, this amount is equivalent to nearly $23 billion.
While the exchange did manage to recover approximately 20% of the stolen bitcoins following the hack, it left many creditors waiting for a resolution for nearly a decade.
The delay in Mt. Gox’s repayment plan could potentially have some impact on the bitcoin market, given the substantial number of tokens involved.
However, experts, including UBS in an earlier report, believe that this release of bitcoins is unlikely to destabilize the overall Bitcoin ecosystem.