Mt. Gox Extends Repayment Deadline Again. Pushed to 2024

• In 2014, Mt. Gox lost 850,000 Bitcoins, now worth nearly $23B, due to a major security breach.
• They pushed the original deadline of October 31, 2023, to October 31, 2024.
• This year, the U.S. DOJ charged two individuals with conspiring to steal a significant share of the stolen BTC.

In another chapter in the Mt. Gox saga, Nobuaki Kobayashi, the trustee overseeing the defunct Bitcoin exchange’s estate, has officially announced an extension of the deadline for repaying its creditors. This decision comes as the exchange’s users have endured a seemingly never-ending, decade-long pursuit of closure via fund reimbursement following the 2014 security breach.

According to the letter dated September 21, 2023, the new deadline for creditor repayments has now been pushed to October 31, 2024, which was originally slated for October 31, 2023. Despite the delay in the final payout, there is a glimmer of hope for the affected creditors. 

Also, Kobayashi has stated that repayments for these creditors could potentially commence as early as the end of this year. Providing some relief to those who have been patiently waiting for their lost funds.

The Mt. Gox security breach, which occurred on February 25, 2014, resulted in a staggering loss of 850,000 Bitcoins belonging to investors, worth nearly $23 billion based on current prices. The exchange managed to recover approximately 20% of the stolen tokens in the aftermath of the hack.

Further, earlier this year, the U.S. Department of Justice made significant strides towards justice in the case. Charging two Russian men—Alexey Bilyuchenko and Aleksandr Verner—with joining to steal approximately 647,000 Bitcoins from Mt. Gox between 2011 and 2014. This marked a significant breakthrough in holding those responsible for the historic cryptocurrency theft accountable.