Mt.Gox Trustee Submits $2.6 Billion Rehabilitation Plan to Bitcoin Lenders

A Mt.Gox trustee has filed a draft rehabilitation plan for review by the Tokyo District Court. The plan promises to return over $2.6 billion worth of Bitcoin to former Mt.Gox users.

December 16, 2020 | AtoZ Markets – On Tuesday, December 15, the trustee of the bankrupt cryptocurrency exchange Mt.Gox, Nobuaki Kobayashi, after numerous delays, filed a plan to repay creditors to the Tokyo District Court.

In a statement, Kobayashi noted that he would clarify the details “to those involved in a timely and appropriate manner.”

“The Tokyo District Court will review the draft civil rehabilitation plan and decide whether to proceed with further procedures,” Trustee Mt.Gox wrote.

The trading platform wallet currently holds 137,891 BTC (about $2.6 billion at the time of writing).

Exchange Mt. Gox filed for bankruptcy in 2014. The process of reimbursing creditors was launched in 2018, but Kobayashi has repeatedly asked the court to change the timing of the plan for reimbursing funds.

In April 2019, the trustee of the exchange notified non-reimbursed users that they would also receive funds. Some lenders have sold the rights to their bitcoins to interested parties.

As a reminder, on October 14, 2020, the Tokyo court extended the period for providing the final civil rehabilitation plan for users until December 15.

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