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Exchange platform Mt.Gox, which fell victim to a historic hack in 2014, has just announced a one-year extension to pay off its creditors. This surprising announcement shakes the market: on the one hand, it eases fears of a massive Bitcoin sell-off, on the other, it revives the anxiety of victims. Will creditors ever see their money again?
Additional time to complete refunds
Mt.Gox bankruptcy trustee Nobuaki Kobayashi announced on October 10 that the repayment deadline will be extended to October 31, 2025. The one-year delay is intended to allow as many creditors as possible to receive their funds.
Since last July, Mt. Gox has repaid around 21,000 creditors in Bitcoin and Bitcoin Cash. However, many beneficiaries have still not received the funds due to administrative or technical complications.
This expansion is expected to resolve these issues and ensure a more complete distribution of the remaining assets. Mt.Goxa’s wallet still contains almost 45,000 BTC, equivalent to $2.75 billion at current prices.
Potential impact on the crypto market
The announcement of this delay caused some optimism in the crypto market. Indeed, the prospect of a massive injection of Bitcoin into the market is receding in the short term, which could reduce selling pressure.
Some analysts believe that this decision could help stabilize the price of Bitcoin in the coming months. However, other experts warn against excessive optimism and remind that the market remains subject to many other factors.
It should also be noted that this delay continues uncertainty for Mt.Gox’s creditors, some of whom have been waiting to be repaid for nearly a decade. This situation could further strengthen distrust of centralized exchange platforms and strengthen the appeal of decentralized solutions.
In short, the extension of the deadline for the payment of Mt. Gox provides a temporary reprieve for the crypto market, but also highlights the ongoing regulatory and security challenges in this ever-changing ecosystem.
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I am passionate about Bitcoin, I love exploring the intricacies of blockchain and cryptocurrency and sharing my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make this possible.
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.