Bitcoin (BTC) surged by more than 6% on Friday amid news that the bankrupt crypto exchange Mt. Gox will extend the deadline on its remaining creditor repayments.
Mt. Gox started paying back its creditors in July and has “largely completed the Base Repayment, Early Lump-Sum Repayment, and Intermediate Repayment” in the months since, according to a statement published on the bankrupt exchange’s website.
“However, many rehabilitation creditors still have not received their repayments because they have not completed the necessary procedures for receiving repayments. Additionally, a considerable number of rehabilitation creditors have not received their repayments due to various reasons, such as issues arising during the repayments process.
As it is desirable to make the repayments to such rehabilitation creditors to the extent reasonably practicable, the Rehabilitation Trustee, with the permission of the court, has changed the deadline for the repayments from October 31, 2024 (Japan Standard Time) to October 31, 2025 (Japan Standard Time).”
Mt. Gox used to handle over 70% of Bitcoin’s trading volume but went bankrupt in 2014 after the platform was hacked.
The exchange ultimately recovered most of its coins and has been in a lengthy bankruptcy process paying back its former customers, which has generated uncertainty in the crypto market due to the potential sell pressure.
BTC is trading at $62,635 at time of writing, up over 4% in the past day.
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