Mt. Gox Repayment Saga Continues, Creditors To Wait Another Year

The rehabilitation trustee of Mt. Gox, once the world's largest Bitcoin exchange, has announced a postponement in its repayment deadlines.

The decision comes as the trustee grapples with the complexities of gathering necessary information from rehabilitation creditors and coordinating with associated banks, fund transfer service providers, and designated crypto exchanges.

Originally scheduled for Oct. 31, the base repayment, early lump-sum repayment, and intermediate repayment deadlines have now been extended by a year to Oct. 31, 2024.

Also Read: Crypto Analyst Predicts Bitcoin Collapse, Warns Of 'Calm Before The Storm' In Global Financial Markets

The digital asset community is gearing up for Benzinga's Future of Digital Assets conference on Nov. 14. This much-anticipated event is set to bring together industry leaders, experts, and enthusiasts to discuss the evolving landscape of digital currencies, regulatory challenges, and the future of cryptocurrency exchanges like Mt. Gox.

The development likely failed to excite Bitcoin BTC/USD enthusiasts, but there's a silver lining for some creditors.

Those who have already provided the necessary information to the rehabilitation trustee can expect their repayments to commence as early as the end of this year, however, the schedule is subject to changes.

For nearly 10 years, Mt. Gox's creditors have been seeking resolution.

The renowned crypto platform fell victim to a cyberattack in 2014, resulting in the loss of 850,000 Bitcoin, currently valued at approximately $23 billion.

Post-incident, the exchange was able to retrieve roughly a fifth of the pilfered tokens.

Read Next: Republicans Push To Halt CBDC, Democrats Warn Of US Falling Behind