The District Court Will Consider Mt. Gox Rehabilitation Plan – Bitcoin Magazine

In what seems to be an endless story, today the Mt. Gox trustee Nobuaki Kobayashi announced he is filing a draft recovery plan.

Details of 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 is the first site update since March 2019, and the document states that “The Rehabilitation Trustee intends to explain the draft recovery plan to the relevant parties in a timely and appropriate manner.”

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

Victims of the Mt. No doubt Gox’s hack will keep an eye on the case’s developments and hope that the Tokyo Courts will approve plans for their compensation.

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Joe Rodgers

BBQ, dad jokes and pleb life. Bitcoin Monk. Build WORDS @_bitcoinwords.

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