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Mt. Gox Stolen Bitcoin Rehabilitation Plan is Once Again Delayed

Summary:
The deadline for submitting a rehabilitation plan for reimbursing Mt. Gox creditors has been delayed once more – this time to December 15th, 2020. As CryptoPotato reported before, the Tokyo District Court had issued an order indicating that the submission deadline was until October 15th.  Nobuaki Kobayashi, the Mt. Gox rehabilitation trustee who has been designing the plan for more than a year, announced the delay earlier today.  The statement reads that as “there are matters that require closer examination with regard to this rehabilitation plan, it has become necessary to extend the submission deadline for the rehabilitation plan.” Mt. Gox was once the largest cryptocurrency exchange. The Japan-based platform was responsible for more than 70% of all Bitcoin

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  • The deadline for submitting a rehabilitation plan for reimbursing Mt. Gox creditors has been delayed once more – this time to December 15th, 2020.
  • As CryptoPotato reported before, the Tokyo District Court had issued an order indicating that the submission deadline was until October 15th. 
  • Nobuaki Kobayashi, the Mt. Gox rehabilitation trustee who has been designing the plan for more than a year, announced the delay earlier today. 
  • The statement reads that as “there are matters that require closer examination with regard to this rehabilitation plan, it has become necessary to extend the submission deadline for the rehabilitation plan.”
  • Mt. Gox was once the largest cryptocurrency exchange. The Japan-based platform was responsible for more than 70% of all Bitcoin transactions during its peak years ago.
  • However, the exchange became the victim of a massive attack in 2014 that resulted in the theft of 850,000 bitcoins (worth about $470 million at the time or nearly $10 billion today). Shortly after, Mt. Gox declared bankruptcy. 
  • The question remains how and if the Mt. Gox creditors will receive their original cryptocurrency holdings. If, indeed, they get billions of dollars worth of BTC and decide to cash out on their profits, it could lead to rather adverse price developments for the market. 

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