The trustee of the defunct Mt. Gox cryptocurrency exchange has extended the Bitcoin repayment deadline to October 31, 2024, offering creditors an opportunity to recover their lost assets, following the 2014 hack that resulted in the loss of 850,000 BTC.
Amid mounting tensions surrounding the recovery of Bitcoin from the renowned cryptocurrency exchange, Mt. Gox, it has been announced today that the repayment deadline has been extended to October 31, 2024. This extension aims to ensure the completion of all repayment processes by the previous cutoff date of October 31, 2023, which had been initially set for Bitcoin refunds. It is anticipated that creditors who have already submitted their information may receive their funds by the end of this year.
This move comes in the wake of the massive hack that befell Mt. Gox in 2014, resulting in the loss of a staggering 850,000 Bitcoins worth billions of dollars. The forthcoming repayment process is expected to offer an opportunity for over 10,000 creditors to recover their losses.
Furthermore, the deadline for creditors to register for repayment has also been pushed back to April, after originally being scheduled for January. This delay is attributed to the complexities involved in the claims process and the ongoing civil rehabilitation proceedings aimed at compensating creditors. Mt. Gox was once the largest Bitcoin exchange globally before filing for bankruptcy in 2014, following the devastating hacking incident.