Mt. Gox Rehabilitation Deadline Pushed to December 15

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  • The Mt. Gox rehabilitation plan deadline has been pushed back once more
  • December 15 is the new date towards which creditors will work with trustee Nobuaki Kobayashi
  • Every deadline has so far been missed, with “closer examination” needed, according to Kobayashi

The Mt. Gox rehabilitation package deadline has again been extended after creditors failed to agree on how to go about handling the repayment. More than $2 billion worth of Bitcoin and Bitcoin Cash needs to be repaid to victims of the 2014 hack, but disagreements about how the money should be returned have led to years’ worth of delays in achieving this. The Tokyo District Court, which is overseeing the Mt. Gox repayment, has now approved to extend the deadline once more, giving creditors another two months to work with trustee Nobuaki Kobayashi to reach an agreement.

mt gox rehab

Creditors Fighting Over $2 Billion Payout

The Mt. Gox exchange was hacked in 2014, with some 850,000 stolen. 200,000 were discovered in the possession of then CEO Mark Karpelès, and it is this sum, plus the Bitcoin Cash tokens that were created alongside it in the 2017 hard fork, that creditors are fighting over.

Kobayashi began selling the tokens as per the initial agreement, but it was soon decided that this was too problematic and so the court decided in 2018 that repayments could be made in BTC and BCH.

Mt. Gox Deadlines Come and Go

The first rehabilitation plan deadline imposed by the Tokyo District Court was for February 2019, but any hopes from creditors that they would see their money back have proved fruitless. Delays and deadline extensions are all that creditors have seen ever since, with the latest delay being no surprise.

In the announcement, published as usual on the deadline day, Kobayashi says that there
are “matters that require closer examination with regard to the rehabilitation plan”, and so the deadline has been moved once more, this time to December 15.

However, Mt. Gox creditors will hardly be waiting with bated breath given that every deadline has come and gone without a resolution for over two and a half years.