Mt. Gox Rehabilitation Draft Plan Agreed

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  • The Mt. Gox rehabilitation plan, which is almost two years late, has finally been filed
  • The draft is now with the Tokyo District Court who will decide on next steps
  • Approximately 850,000 was stolen from the exchange, which closed in 2014

The Mt. Gox trustee Nobuaki Kobayashi has finally submitted a rehabilitation plan to the Tokyo District Court after almost two years of missed deadlines, suggesting that the victims might finally be on the verge of receiving their payouts. The court still has to approve the plan, which in itself will take time, but at least the creditors have come to the point of compromise, something that has taken two years to achieve.

Kobayashi’s Surprise Announcement

When the October deadline for a Mt. Gox rehabilitation filing was pushed back to December nobody in the crypto world batted an eye, given that every deadline since the first one in February 2019 has been missed and subsequently pushed back. It was with some surprise therefore that an announcement came from Mr Kobayashi yesterday stating that the rehabilitation plan had been put forward to the court, meaning the victims of the 2014 hack are a step closer to getting their hands on some of their lost treasure.

Screenshot 2020-12-15 at 11.38.43

Approximately 850,000 was stolen over a period of years from Mt. Gox, resulting in the site going bust in 2014. 200,000 was recovered from the personal wallet of then CEO Mark Karpelès, some of which Mr Kobayashi has already liquidated, with the remainder being the sum to be returned to claimants, alongside the BCH tokens that were generated by the 2017 hard fork.

Partially Merry Christmas Mt. Gox Victims

Fears of a Mt. Gox-induced market dump have been in evidence ever since the first deadline approach last year, but subsequent deadlines have passed without incident. The plan has yet to be approved by the Tokyo District Court examiner, and will only be revealed when it has been finalized. This could mean rounds of revisions, taking the case into 2021, so anyone thinking they will get a payout in time for Christmas is going to be disappointed.