Bitcoin (BTC) saw a surge of over 6% on Friday after news broke that the bankrupt crypto exchange Mt. Gox extended the deadline for its remaining creditor repayments.
Mt. Gox’s Long Road to Repayment
Mt. Gox, once responsible for handling over 70% of Bitcoin trading, went bankrupt in 2014 after a major hack. The exchange has been working its way through a lengthy bankruptcy process, slowly paying back its former customers.
While Mt. Gox has already completed a significant portion of its repayments, many creditors are still waiting. The exchange explained that the delay is due to various reasons, including complications during the repayment process and some creditors not completing the necessary procedures.
The new deadline for repayments is now October 31, 2025.
Impact on Bitcoin
The news of the extended deadline seems to have calmed some fears about potential sell pressure in the crypto market. Many investors were worried that a large influx of Bitcoin from Mt. Gox could negatively impact the price.
Bitcoin is currently trading at $62,635, up over 4% in the past day.
Remember: This information is for general knowledge only and should not be considered investment advice. Always do your own research before making any financial decisions.
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