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October 30, 2020
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Mt. Gox: $ 1.5 billion rehabilitation plan postponed again

The cryptocurrency exchange, Mt. Gox, is expected to return more than 150,000 Bitcoin to the victims of the 2014 hack. But the date of the repayment plan keeps changing.

Exchange Mt. Gox received a two-month extension on its $ 1.7 billion rehabilitation plan by order from a Tokyo court this morning, according to an official statement. The move is the latest in a long series of delays.

“The Tokyo District Court has issued an order to extend the deadline for submitting the rehabilitation plan to December 15, 2020,” said Nobuaki Kobayashi.

He added:

“The Rehabilitation Curator is currently formulating the rehabilitation plan, but as there are issues that require a more detailed examination in relation to the rehabilitation plan, it has become necessary to extend the presentation deadline.”

The defunct Mt. Gox – which was once the largest cryptocurrency exchange in the world that managed more than 70% of all Bitcoin transactions in its early years – was attacked by hackers in early 2014 and lost about 740,000 Bitcoin at the time. The hack was the biggest of many attacks on the exchange in the years 2010-13.

However, of the stolen loot, 100,000 Bitcoin was found in an old wallet and was recovered in the following months, marking the start of a multi-year court battle between Mt. Gox and its creditors (the victims).

In 2018, Mt. Gox said it intended to refund all affected accounts with its bankruptcy fund – which contained more than 150,000 Bitcoin – both in Bitcoin and in cash (if its accounts contained cryptocurrencies other than Bitcoin at the time of the hack) – but it required time from the Japanese courts to devise a rehabilitation plan. One that is still on the move.

Source: Decrypt

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