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.

AccessTimeIconSep 21, 2023 at 5:41 a.m. UTC
Updated Sep 21, 2023 at 4:11 p.m. UTC

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.

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.

Edited by Nick Baker.


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Parikshit Mishra

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