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Mt Gox Bitcoin Rehabilitation plan deadline gets extended

Mt Gox Bitcoin Rehabilitation plan deadline gets extended

A looming deadline for the trustee of Mt Gox to file a Bitcoin rehabilitation plan has been pushed to March 2020.

October 31, 2019, | AtoZ Markets – The trustee of now-defunct Japanese cryptocurrency exchange Mt. Gox has extended the deadline for submission of Bitcoin rehabilitation plans. This was according to an official announcement published on the company’s website on October 28.

Mt Gox Trustee extends deadline to file Bitcoin rehabilitation plan

Per the announcement, the exchange’s Rehabilitation Trustee Nobuaki Kobayashi filed a motion in a bid to extend the submission deadline of Bitcoin rehabilitation plan at the Tokyo District Court. However, on October 25, 2019, the court released an order to extend the deadline to March 31, 2020. The announcement reads:

“ The Rehabilitation Trustee filed a motion to seek an extension of the submission deadline of a rehabilitation plan at the Tokyo District Court, and, on October 25, 2019, the Tokyo District Court issued an order to extend the deadline for a rehabilitation plan to March 31, 2020.”

Flashback on Mt. Gox saga

Mt. Gox holds its infamous part of Bitcoin’s history as the once biggest crypto exchange that went under in a cloud of confusion and anger.

It is worth remembering that about 24,000 customers were purportedly affected by Mt. Gox’s 2011 hack. This resulted in the loss of 850,000 BTC (valued at roughly $460 million at the time). This also led to the subsequent collapse of Mt. Gox in early 2014.

In June 2018, the Japanese court approved a petition for the exchange to begin civil rehabilitation, which had the knock-on effect of repaying creditors in BTC and ending the bitcoin sell-offs.

Furthermore, in fall 2018, Kobayashi published a statement disclosing that he had liquidated almost 26 billion yen (about $230 million) in BTC and Bitcoin Cash (BCH) over four months as of early March 2018.

On March 19, Kobayashi announced that he had concluded processing creditors’ rehabilitation claims and that they will be notified of the results within days. Later in April, the trustee said that all creditors who filed rehabilitation claims had received a decision, but warned the timing and method of repayment had not been determined.

However, in early April, Andy Pag, the founder and coordinator of Mt. Gox Legal (MGL) — the largest group of creditors of Mt. Gox — quit his post and decided to sell his claim.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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