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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.
Updated Sep 21, 2023, 4:11 p.m. Published Sep 21, 2023, 5:41 a.m.
Mt. Gox, the crypto exchange from which 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 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.
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