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Mt. Gox trustee files draft rehabilitation plan

Mt. Gox trustee files draft rehabilitation plan

On Dec. 15, Mt. Gox’s trustee Nobuaki Kobayashi filed a draft rehabilitation plan to refund Mt. Gox users. According to an official announcement posted on Mt. Gox website, the Tokyo District Court and an examiner will review the draft rehabilitation plan and determine whether to proceed with the rehabilitation proceedings as part of the draft rehabilitation plan.

The move comes shortly after Kobayashi received another approval to extend the deadline for submitting a rehabilitation plan in October 2020. As reported, the Tokyo District Court extended the deadline until Dec. 15, 2020. Kobayashi previously obtained a number of similar deadline extensions in March 2020 and April 2019.

Launched in 2010, Mt. Gox suffered the largest cryptocurrency hack in history. As reported, the exchange lost a total of 1.35 million Bitcoin (BTC) in two hacks in 2011 and 2014.

Mt. Gox customers have still not received compensation for their stolen funds. Kobayashi, a Japanese lawyer who was appointed to oversee the civil reimbursement process, reportedly has 150,000 BTC to repay users. However, the refunds have been postponed multiple times.

Defunct Japanese cryptocurrency exchange Mt. Gox is finally moving forward with its user rehabilitation plan after facing major hacks in 2011 and 2014.

Some other defunct crypto exchanges have also been moving forward with reimbursement plans recently. On Dec. 9, the liquidator of now-defunct cryptocurrency exchange Cryptopia started the claims process to reimburse creditors following a 2019 hack.

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