30s Summary

Defunct crypto exchange, Mt. Gox, has extended its deadline to repay lenders by a year, taking it to October 31, 2025. The former leading exchange, which collapsed in 2014 after multiple hackings, owes $2.8 billion. Despite the ongoing repayment process, many investors have yet to receive funds due to issues with the necessary steps. Complications also arose from a software glitch, causing some users to be doubly compensated. By July end, Mt. Gox had returned half of the owed Bitcoin, and plans to repay a total of 141,686 Bitcoin and other funds. The situation has sparked concerns over Bitcoin’s price stability.

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Mt. Gox, a crypto exchange that’s not operating anymore, has pushed back the deadline for repaying what it owes its lenders by a year. So now, they need to pay back their debt by October 31, 2025. Despite an official announcement, it seems that many people who were supposed to get money back didn’t go through the right steps, so they’re still waiting.

Mt. Gox was a big deal back in the day. In fact, it was one of the very first crypto exchanges and at one point, it handled about 70% of all Bitcoin transactions worldwide. But, it ran into security problems, got hacked a few times, and then finally collapsed in 2014. As a result, nearly 127,000 users couldn’t access their funds.

Back in July, the person responsible for managing Mt. Gox’s remaining assets started giving out about $9.4 billion to the lenders. But, people who used the exchange are still owed $2.8 billion, according to Arkham Intelligence. Even now, it seems that many people have not been able to get their money because they haven’t completed the necessary steps, or because they’ve had issues with the repayment process.

A weird thing that happened during the repayment process was that some users got double the money they were supposed to due to a software glitch. After realizing their mistake, the exchange had to ask these people to return the extra money they got.

This whole repayment process has had people worried about what it could do to Bitcoin prices. By the end of July, around half of the Bitcoin owed had been given back to the lenders. Around this time, Glassnode, an analytics company, reported that these lenders were sitting on around $4 billion.

The exchange plans to return a total of 141,686 Bitcoin along with Bitcoin Cash and regular money to lenders after they’ve waited for a decade and gone through a series of court fights in Japan. At the time of writing this, the price of Bitcoin is $62,926, up 5.3% over the past 24 hours.

Source: Cointelegraph