Bitcoin

Mt. Gox, the once-dominant Bitcoin exchange that was hit by a significant security breach in 2014, has announced an extension of its repayment deadline. The new deadline for creditors to receive their funds has been pushed back from October 31, 2024, to October 31, 2025.
The decision to extend the deadline was made by the Rehabilitation Trustee of Mt. Gox, Attorney-at-Law Nobuaki Kobayashi. In a <a href="https://www.mtgox.com/img/pdf/20241010_1b5ee10e-cf5b-420e-9e41-43ccd9e515e5_announcement_en.pdf" target="_blank" data-type="link" data-id="https://www.mtgox.com/img/pdf/20241010_1b5ee10e-cf5b-420e-9e41-43ccd9e515e5_announcement_en.pdf" rel="noopener noreferrer nofollow">notice issued</a> on October 10, 2024, Kobayashi explained that the extension was necessary to ensure a smooth and orderly repayment process.
The reason behind extension is that many rehabilitation creditors still have not received their repayments because they have not completed the necessary procedures for receiving repayments.
The extension of the repayment deadline provides additional time for the exchange to complete its rehabilitation process and ensure that all affected users are compensated fairly.
Additionally, a considerable number of rehabilitation creditors have not received their Repayments due to various reasons, such as issues arising during the Repayments process
Mt. Gox has been working to repay creditors since the security breach occurred. The exchange has already distributed billions of dollars to affected users. However, the process has been complex and time-consuming due to the large number of creditors and the legal challenges involved.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 Also Read: <a href="https://www.cryptotimes.io/2024/07/24/mt-gox-bitcoin-released-to-creditors-from-kraken/" target="_blank" rel="noopener noreferrer nofollow">Mt Gox Bitcoin Released to Creditors From Kraken</a>
</blockquote>

Mt. Gox Extends Repayments Deadline to October 31, 2025

The Crypto Times

Other articles published on Oct 10, 2024

Mantra (OM) Leading RWA Narrative Despite Bearish Pressure: What's Driving It?

Global tech startups raised $54.7bn in Q3 2024, the lowest quarterly funding since 2020 – Report

Shiba Inu (SHIB) Eyes Epic 100% Increase in $70 Million Bullish Whale Activity

Ethereum Nears Key Level: Can It Reclaim $2,433 for a Rally?

BlockDAG’s 50% Bonus Offer Nears End—Ethereum Creator Backs Polymarket Amid Growing Bitcoin Volat...

SEC Chair Gary Gensler Criticizes Bitcoin and Cryptocurrencies!

Join our free newsletter for daily crypto updates!