Mt. Gox trustee Nobuaki Kobayashi has finally filed a draft rehabilitation plan in a Japanese court – meaning former users of the long-defunct crypto exchange are now looking forward to one day getting paid.
Kobayashi, the Japanese bankruptcy attorney appointed to oversee investor repayments, filed the plan with the Tokyo court on December 15. statement posted on the Mt. Gox website, Kobayashi said:
The Tokyo District Court and an examiner will review the draft rehabilitation plan and determine whether to proceed with the rehabilitation proceedings relevant to the draft rehabilitation plan.
The rehabilitation trustee added that he intends to explain the draft plan “in a timely and appropriate manner to affected parties.”
Kobayashi reportedly owns 150,000 bitcoins (BTC) – worth about $ 2.9 billion at existing market prices – in restitution money, but no one has been paid yet. More than 20,000 victims are believed to have filed for reimbursement.
Mt. Gox collapsed in 2014 after more than 850,000 BTC (worth more than $ 470 million at the time and now about $ 16.5 billion) were believed to be stolen by hackers, and 200,000 bitcoins were recovered two weeks later. At the time of its demise, the exchange was the world’s largest, with 70% of global bitcoin transactions.
Since then, the plan has been to repay creditors with the recovered bitcoin. Kobayashi has been leading the charge since 2018, when he was appointed by the court. On several occasions the trustee has requested more time from the court before filing his draft rehabilitation plan, arguing that “there are cases that require further investigation.”
Now with the draft plan finally filed in court, former users of Mt. Gox can look forward to ending their six-year waiting period for a refund.
What do you think of the Mt. Gox rehabilitation plan finally filing? Let us know in the comments below.
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