Mt.Gox Extends Their Repayment Deadline
Mt. Gox, a closed crypto exchange, delays repayment to creditors by a year, from October 2023 to October 2024. The delay adds to ongoing concerns about crypto security.
Mt. Gox, a well-known but now-closed cryptocurrency exchange, has delayed its planned repayments to people who lost money.
Originally, the exchange was going to start paying back on October 31, 2023. Now, that date has moved to October 31, 2024. Mt. Gox suffered a big hack in 2014, losing 850,000 bitcoin, worth about $23 billion today.
However, they did get back about 20% of those stolen bitcoins. Financial experts from UBS say that these repayments might slightly affect bitcoin prices but won't cause a big problem for the bitcoin market.
This delay is another disappointment for people waiting to get their money back from Mt. Gox. It also might make some people worry about the safety of keeping money in crypto exchanges. While the repayments might cause small changes in Bitcoin prices, it's not expected to make a big impact on the market overall.
