Mt. Gox Delays Repayments for Another 12 Months!

Writer: Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since a few years. He has earlier buying and selling expertise and has been working within the Fintech trade since 2017.

Sep 21, 2023 11:26

Mt. Gox, the defunct crypto trade, has delayed its deliberate repayments for one more 12 months, in accordance with an announcement on Thursday. The deadline for repayments, initially set for October 31, 2023, has now been postponed to October 31, 2024. The trade was hacked in 2014, resulting in the theft of 850,000 BTC, price practically $23 billion primarily based on present costs. Mt. Gox managed to recuperate solely round 20% of the stolen tokens. The delay in repayments may affect bitcoin costs because of the substantial amount of tokens being launched, although UBS has earlier mentioned it might not destabilize bitcoin.