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Mt. Gox Rehabilitation Plan for 150,000 Bitcoins: Draft Finally Submitted

Mt. Gox users fallen victim to an infamous hack in 2014 are closer to receive reimbursement as the debunked exchange’s trustee finally filed a draft rehabilitation plan. The Tokyo District Court and an examiner will now review the proposal and determine the following steps.

  • CryptoPotato reported in October that the Tokyo District Court had issued an order to postpone the submission deadline for the rehabilitation plan to December 15th. This was the second delay in 2020.
  • Today’s announcement posted on the exchange’s website reads that the lawyer appointed to oversee the civil reimbursement process, Nobuaki Kobayashi, has filed the long-anticipated draft rehabilitation plan.
  • The Tokyo District Court and an undisclosed examiner will now review the documents and “determine whether to proceed with the rehabilitation proceedings relevant to the draft rehabilitation plan.”
  • The statement noted that the Rehabilitation Trustee will explain the plan to the relevant parties in a “timely and appropriate manner.” However, it failed to inform any additional specifics.
  • The Japanese-based exchange was once the largest cryptocurrency trading venue, responsible for over 70% of all BTC transactions during its peak.
  • The notorious 2014 hack on the exchange remains one of the largest in the cryptocurrency space.
  • Mt. Gox users will reportedly receive 150,000 bitcoins (worth nearly $3 billion at today’s prices). It’s worth having in mind the potential impact on the market. Should users receive such a considerable amount of BTC and decide to cash out on their massive profits, the cryptocurrency market could plummet in value.

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About The Author

Jordan Lyanchev

Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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