Bitcoin (BTC) soared more than 6% on Friday following news that bankrupt cryptocurrency exchange Mt. Gox will extend its repayment deadline to its remaining creditors.
Mt Gox began repaying creditors in July and has “nearly completed basic repayments, early lump sum repayments and interim repayments” in the months since then, according to a statement posted on the bankruptcy exchange's website. .
“However, there are still many rehabilitation creditors who have not completed the necessary procedures for repayment.Also, there are many rehabilitation creditors who are unable to receive repayment due to various reasons such as problems during the repayment process.
It is desirable that such repayments to rehabilitation creditors be made within a reasonable range, so the rehabilitation trustee, with permission from the court, will change the deadline for payment from October 31, 2024 (Japan time) to October 31, 2024. Changed to the day. 2025 (Japan time).
Mt. Gox, which once handled more than 70% of Bitcoin trading volume, went bankrupt in 2014 after its platform was hacked.
Although the exchange ultimately recovered most of its coins and entered a lengthy bankruptcy process to repay former customers, potential selling pressure has created uncertainty in the crypto market.
BTC is trading at $62,635 at the time of writing, up more than 4% in the past day.
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