Mt. Gox Trustee Submits Draft Rehabilitation Plan

Mt. Gox is one step further in the compensation process to its users.

On December 15, Mt. Gox Trustee Nobuaki Kobayashi submitted a draft rehabilitation plan to compensate Mt. Gox users

According to an official announcement posted on Mt. Gox’s website, the Tokyo District Court and an examiner will review the draft rehabilitation plan and decide whether to continue the rehabilitation process under the draft rehabilitation plan.

Shortly before, Kobayashi had received another approval to extend the deadline for submitting a rehabilitation plan. The Tokyo District Court has reportedly extended the deadline to December 15, 2020. Kobayashi had previously received several similar deadline extensions in March 2020 and April 2019 .

Founded in 2010, the Mt. Gox cryptocurrency exchange fell victim to the biggest cryptocurrency hack in history . As reported, the exchange lost a total of 1.35 million Bitcoin Profit in two hacks in 2011 and 2014 .

To date, Mt. Gox customers have still not received any compensation for their stolen funds. Japanese attorney Kobayashi has been tasked with overseeing the civil compensation process and is said to have 150,000 BTC available for repayment to users. However, the compensation has been postponed several times .

Former Japanese cryptocurrency exchange Mt. Gox is finally one step further in its compensation process

Several other former crypto exchanges have also come up with compensation plans recently. On December 9, the bankruptcy trustee of the former cryptocurrency exchange Cryptopia began to compensate creditors after a hack in 2019 .