Mt. Gox trustee submits draft rehabilitation plan

15. December 2020 By admin Off

Mt. Gox is one step closer in the compensation process to its users.

On 15 December, Mt. Gox trustee Nobuaki Kobayashi submitted a draft rehabilitation plan to compensate Mt. Gox users. According to an official announcement posted on Mt. Gox’s website, the Tokyo District Court and an examiner will review the draft rehabilitation plan and decide whether to proceed with the rehabilitation process under the draft rehabilitation plan.

Shortly before, Kobayashi had received further approval to extend the deadline for submitting a rehabilitation plan. It was reported that the Tokyo District Court extended the deadline to 15 December 2020. Kobayashi had previously received several similar deadline extensions in March 2020 and April 2019.

After its establishment in 2010, cryptocurrency exchange Mt. Gox fell Crypto Revolt victim to the largest cryptocurrency hack in history. It was reported that 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. Japanese lawyer Kobayashi has been appointed to oversee the civil compensation process and is said to have 150,000 BTC available to repay users. However, the compensations have been postponed several times.

Former Japanese cryptocurrency exchange Mt. Gox is finally one step further in its compensation process.

Several other former crypto exchanges have also submitted compensation plans recently. On 9 December, the liquidator of former cryptocurrency exchange Cryptopia began compensating creditors after a hack in 2019.