District Court Will Consider Mt. Gox Rehabilitation Plan

In what seems to be a never-ending story, today the court-appointed Mt. Gox trustee, Nobuaki Kobayashi, announced the filing of a draft rehabilitation plan. 

Details on the plan have not been shared but are now being reviewed by the Tokyo District Court, according to a document posted on mtgox.com. This has been the first update to the site since March 2019, and the document indicates that “The Rehabilitation Trustee plans to explain the draft rehabilitation plan to the relevant parties in a timely and appropriate manner.” 

Hacks between 2011 and 2014 of the legacy bitcoin exchange led to an estimated 850,000 bitcoin being stolen and Kobayashi, a bankruptcy lawyer, has been tasked with compensating the more than 20,000 victims who have filed claims. According to Mt. Gox Legal, Kobayashi holds 165,000 bitcoin in a cold wallet, valued at more than $3.2 billion at today’s prices and this distribution of this is presumably what is being considered by the district court.

Victims of the Mt. Gox hack will no doubt keep an eye on the developments of the proceedings and hopefully the Tokyo Courts will approve plans for their compensation.

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