Mt. Gox Postpones Repayment Deadline by One Year After Notorious Hack

In 2014, the well-known crypto exchange Mt. Gox experienced a significant security breach, resulting in the theft of 850,000 bitcoins (BTC), which is presently valued at nearly $23 billion.

Recently, trustees of Mt. Gox announced a one-year extension to the deadline for reimbursing affected individuals. Originally set for October 31 of this year, the new deadline has been moved to October 31, 2024.

Creditors who have been awaiting restitution from Mt. Gox have been in a prolonged state of anticipation for a decade. Following the 2014 hack, which led to the loss of 850,000 BTC, the exchange managed to recover approximately 20% of the stolen tokens.

The forthcoming repayment from Mt. Gox could potentially influence bitcoin prices, given the substantial volume of tokens set to be released. However, it is not expected to cause significant market instability, as noted in a report by UBS earlier this year.

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