The syndic of the now defunct Japanese cryptocurrency exchange Mt. Gox obtained another approval from the court to reschedule the submission of its rehabilitation plan and the return of Bitcoins to their owners.
Extension of the deadline
According to the application of the rehabilitation trustee (trustee), Mt. Gox, Nobuaki Kobayashi, the Tokyo District Court issued another consent to extend the deadline for presenting the company’s rehabilitation plan until December 15, 2020. The information is provided in official announcement published on the website of the exchange on October 15.
Like previous extension statements, the new communication indicates that the trustee is still creating the said plan, but in the process “There are matters that require closer examination”, so “It has become necessary to extend the deadline for submitting applications.”
Mt. Gox: from giant to bankrupt
About Mt. Gox has probably been heard by everyone who is even a bit interested in cryptocurrencies. The very history of the stock market is a topic for a screenplay for a movie or book thriller. The stock exchange was for quite a long time the center of Bitcoin trading in the world. Moreover, in 2013, the mere rumor that Litecoin is to appear on it made this cryptocurrency much more expensive.
Then, however, as early as 2013, the company’s collapse began: a hacker attack, manipulation of the course by bot “Willy” and the final shutdown of the platform.
The stock market collapsed, leaving its clients without access to their Bitcoins. More or less 24,000 creditors with total assets of… 850,000 BTC were injured. Then it was valued at a trifle of USD 460 million.
The prosecutor’s office took up the case. However, former Gox customers have still not received compensation for the stolen funds. Kobayashi, a Japanese attorney who has been assigned to oversee the civil reimbursement process, reportedly has 150,000 BTC to pay off users. However, since 2019, the return process has been repeatedly delayed.
At the beginning of 2019, the topic of the “GoxRising” initiative appeared in the case. Brock Pierce, its initiator, admitted in an interview that his main goal would be to bring the stock exchange back to life. “Gox or Mt. Gox “ it would start working again, but in a different form. In order for history not to repeat itself, the “new” platform would be decentralized.
So far, nothing has come of the latter.