Mt.Gox Rehab Plan Draft Is Finally Submitted: Report

The Mt.Gox rehab plan draft is finally being submitted as one trustee filed it in order to start refunding the users of the now de-funct exchange. In our latest cryptocurrency news, we are reading some more about the new plan.

Mt.Gox users were victims of the infamous hack back in 2014 but now the new Mt.Gox rehab plan is going to bring them closer to the reimbursement as the exchange’s trustee finally filed a draft rehabilitation plan. The Tokyo District Court and the examiner will review the proposal and will determine the following steps.
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We reported previously that the district court of Tokyo issued an order to postpone the submission deadline for the rehab plan to December 15 which marked the second delay this year.

Today’s announcement on the exchange’s website read that the lawyer appointed to oversee the civil reimbursement process named Nobuaki Kobayashi, filed the draft rehabilitation plan finally, today. The Tokyo District Court and one examiner will review the documents and will determine whether to proceed with the rehabilitation proceedings that are important to the draft of the plan.

The statement noted that the Rehabilitation Trustee will explain the plan to the relevant parties but failed to inform more specifics about it. The Japanese exchange was once the biggest crypto trading space that was responsible for 70% of all of the BTC transactions but the 2014 hack on the exchange, destroyed everything and became the biggest attack in the crypto space ever since. Mt.Gox users will receive up to 150,000 BTC that are worth $3 billion at today’s prices. If the users receive this huge amount of BTC and decide to cash out and make profits, the crypto market could plummet in just minutes because of the strong potential impact that crypto has on the market.

The deadline for submitting the rehabilitation plan for reimbursing the creditors for the Mt.Gox stolen funds was delayed once again and this time to December 15^th, 2020. The Tokyo District Court had issued an order indicating that the submission deadline was until October 15^th as the Mt.Gox trustee of the rehabilitation Nobuaki Kobayashi that was designing the plan for more than a year, announced the delay earlier today. The statement read 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.”