Bitcoin (BTC) rose more than 6% on Friday, amid news that bankrupt crypto exchange Mt. Gox will extend the deadline for the remaining refunds to creditors.
Mountain Gox started repaid its creditors in July and in the following months “has largely completed the basic repayment, the early repayment on a fixed amount and the interim repayment”, according to a statement published on the website of the bankrupt stock exchange.
“However, many rehabilitation creditors have still not received their repayments as they have not completed the necessary procedures for receiving repayments. In addition, a significant number of rehabilitation creditors have not received their refunds due to various reasons such as issues encountered during the repayment process.
In view of the desirability of making repayments to such rehabilitation creditors to the extent reasonably practicable, the Rehabilitation Trustee, with the permission of the court, has changed the deadline for repayments from October 31, 2024 (Japan Standard Time) to October 31. 2025 (Japan Standard Time).”
Mount Gox used to handle more than 70% of Bitcoin’s trading volume, but went bankrupt in 2014 after the platform was hacked.
The exchange eventually recovered most of its coins and is in a lengthy bankruptcy process to repay its former customers, which has created uncertainty in the crypto market due to the potential selling pressure.
BTC is trading at $62,635 at the time of writing, up over 4% in the past day.
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Generated image: Midjourney