Mt. Gox Trustee Extends Bitcoin Repayment Period for Hacked Exchanges to October 2024

The defunct exchange had postponed the deadline earlier this year.

The trustee of hacked cryptocurrency exchange Mt. Gox has extended the repayment period by one year to October 31, 2024.

The extension is needed to complete all repayment processes before the previous deadline of October 31, 2023, the rehabilitation trustees said in a letter released on September 21.

The trustee revealed that they had received approval from the Tokyo District Court to modify the repayment schedule. As a result, the new deadlines for early lump sum repayments, basic repayments and mid-term repayments have been postponed to October next year.

Creditors who have submitted information could receive payments as early as the end of this year, but that schedule could still be adjusted pending a final determination of repayment times.

At the same time, this is not the first time the trustee has changed the repayment terms. Earlier this year, the repayment deadline was moved from September 30 to October 31 as the trustee extended the registration deadline for the BTC repayment process from March 10 to April 6.

This development is good news for those concerned about its potential impact on the price of Bitcoin (BTC). Mt.Gox has been one of the pioneer exchanges in the crypto industry since its founding in 2010, but suffered a disastrous hack in 2014 that resulted in the loss of 850,000 BTC.

The upcoming repayments will partially compensate more than 10,000 creditors and reflect the funds the exchange has managed to recoup. Although the exact amount has not been disclosed, many anticipate its potential impact on BTC prices.