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Infamously Hacked Crypto Exchange Mt. Gox Delays Repayment Deadline by a Year
The prominent crypto exchange was hacked in 2014, which led to 850,000 bitcoin (BTC) – now worth almost $23 billion – being drained.
Mt. Gox, the crypto exchange from which bitcoin (BTC) now worth almost $23 billion was stolen nearly a decade ago, has delayed the deadline for repaying people by a year, its trustees said on Thursday.
The new deadline for the now-defunct exchange is Oct. 31, 2024, instead of Oct. 31 of this year.
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Read more: CoinDesk Turns 10: The Legacy of Mt. Gox – Why Bitcoin’s Greatest Hack Still Matters
The creditors of Mt. Gox have been looking for some sort of relief for a decade. The prominent crypto exchange was hacked in 2014, which led to 850,000 bitcoin (BTC) being taken. The exchange ultimately managed to recover around 20% of the stolen tokens.
The Mt. Gox repayment could have some impact on bitcoin prices, due to the sheer size of the tokens being released, but would not destablize the market, UBS had said in a report earlier this year.
Parikshit Mishra
Parikshit Mishra is CoinDesk's Regional Head of Asia, managing the editorial team in the region. Before joining CoinDesk, he was the EMEA Editor at Acuris (Mergermarket), where he dealt with copies related to private equity and the startup ecosystem. He has also worked as an Senior Analyst for CRISIL, covering the European markets and global economies. His most notable tenure was with Reuters, where he worked as a correspondent and an editor for various teams. He does not have any crypto holdings.
