mt. Nobuaki Kobayashi, Gox’s trustee, finally submitted a draft recovery plan to the Japanese court, which means that former users of the long-shutdown cryptocurrency exchange may now hope to be paid one day.
Kobayashi, a Japanese bankruptcy lawyer appointed to supervise investor repayments, submitted the plan to the Tokyo District Court on December 15. Kobayashi on the Gox website said:
The Tokyo District Court and examiners will review the draft restoration plan and determine whether to proceed with the restoration procedures related to the draft restoration plan.
The rehabilitation trustee added that he plans to “explain the draft plan to all parties in a timely and appropriate manner.”
According to reports, Kobayashi is holding 150,000 Bitcoins (BTC) (valued at approximately US$2.9 billion at current market prices) as refund funds, but no one has yet been repaid. It is believed that more than 20,000 victims have requested refunds.
mt. It is said that Gox collapsed in 2014 because hackers stole more than 850,000 BTC (valued at more than US$470 million at the time and now valued at approximately US$16.5 billion) and recovered 200,000 bitcoins two weeks later. At the time of its demise, the exchange was the largest exchange in the world, handling 70% of global bitcoin transactions.
Since then, the plan has been to use recovered Bitcoin to repay creditors. Kobayashi Pharmaceuticals has been leading the charge since being appointed by the court in 2018. In some cases, the trustee has asked the court for more time before submitting the draft of his rehabilitation plan, believing that “some things need further review.”
Now, as the draft plan is finally submitted to the court, Mt. Gox can be expected to end their six-year refund waiting.
What do you think of the Mt.Gox rehabilitation plan finally submitted? Let us know in the comments section below.
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