Fun

Mt Gox Rehabilitation Plan Delayed Again to December 15

News Feed - 2020-10-16 01:10:30

Mt Gox Rehabilitation Plan Delayed Again to December 15


The submission deadline for the Mt Gox civil rehabilitation plan has been extended once again, this time to December 15. The deadline has been pushed back at least three times before, including in the latest case, where submission was scheduled for October 15.


Mt Gox’s rehabilitation trustee, Nobuaki Kobayashi said Thursday that he needed more time to finalize the plan, “as there are matters that require closer examination with regard to the rehabilitation plan”.


The Tokyo District Court granted Kobayashi, a Japanese lawyer appointed to oversee the repayment of investors, the deadline extension he sought on Oct. 14.


Mt Gox went from handling 70% of global bitcoin trades in 2013 to bankruptcy in 2014 after more than 850,000 BTC (worth over $470 million at the time and about $9.7 billion now) were supposedly lost to hackers, with 200,000 bitcoins recovered two weeks later.


Following the hack, the court later ordered the civil rehabilitation effort, which started in 2018. The idea was to reimburse creditors in their original cryptocurrency holdings rather than the cash equivalent at the time of the Japanese exchange’s collapse.


Kobayashi is reportedly holding up to 150,000 BTC in refund money, but no one has been repaid just yet. The portfolio caused quite a stir in the past fortnight, with suggestions Mt Gox creditors were to be repaid the entire amount, or a part of it, on October 15.


If all those coins were suddenly dumped onto the market, analysts said, there was a strong likelihood some investors would consider selling once they received their bitcoin, which could potentially crash the market. When Mt Gox was hacked, each BTC cost just $400. Today, it’s nearly $11,400. However, the deadline extension puts the concerns to rest, at least for now.


What do you think about the latest Mt.Gox rehabilitation plan deadline extension? Let us know in the comments section below. Centralized Exchange Operators Believe Low Liquidity on DEX Platforms Stops User Migration EXCHANGES | 2 days ago Q3 Crypto Volumes up by $155 Billion as Defi Hype Drives DEX Growth by 197% EXCHANGES | 5 days ago Tags in this story Exchange hacked, Mt. Gox rehabilitation plan, Nobuaki Kobayashi, Tokyo District Court


Image Credits: Shutterstock, Pixabay, Wiki Commons Spot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Chainlink Token Down 60% in Under 40 Days: Opponents Ask If the Bubble Has Finally Burst?
Chainlink Token Down 60% in Under 40 Days: Opponents Ask If the Bubble Has Finally Burst?After reaching an all-time high of $19.20 on August 14, the Chainlink token now trades lower
Wells Fargo reports exposure to Grayscale and ProShares Bitcoin ETFs
Turner Wright6 hours agoWells Fargo reports exposure to Grayscale and ProShares Bitcoin ETFsThe bank reported holding $143,111 worth of shares of the ProShares Bitcoin Strategy ETF, Grayscale Bitcoin Trust and Bitcoin De
Coinbase partners with Lightspark for Bitcoin Lightning payments
Brayden Lindrea15 minutes agoCoinbase partners with Lightspark for Bitcoin Lightning paymentsLightspark says the integration on Coinbase will offload more transaction activity away from Bitcoin’s base layer, where fees
Report Attributes Large Share of Global Crypto Crime to Russia, Moscow City
Report Attributes Large Share of Global Crypto Crime to Russia, Moscow City The growing popularity of cryptocurrencies has placed Russia among the leaders in adoption. But while it
Bitcoin Proponents Slam Nobel Laureate Paul Krugman After Venmo Payment Issue
Bitcoin Proponents Slam Nobel Laureate Paul Krugman After Venmo Payment Issue Nobel Prize winner Paul Krugman complained on Twitter Wednesday that he was experiencing issues with t
Solidus AITECH Founder Paul Farhi Talks Artificial Intelligence and High-Performance Computing
Solidus AITECH Founder Paul Farhi Talks Artificial Intelligence and High-Performance Computing Using the world’s first AI utility token AITECH, Government Authorities, Megac
Privacy-focused Aleo users concerned after KYC documents leak
Amaka Nwaokocha10 hours agoPrivacy-focused Aleo users concerned after KYC documents leakTo claim a reward on Aleo, users must complete KYC/AML and pass the Office of Foreign Assets Control (OFAC) screening in accordance
Brayden Lindrea3 hours agoHackers behind $41M Stake heist shifts BNB, MATIC in latest move: CertiKA total of $4.8 million in funds have now been moved by the hacker to Bitcoin and now Avalanche.1339 Total views14 Total s
Bitcoin ETFs Coming To Japan? Government Prepares To End Ban
Este artículo también está disponible en español. The sun could be set to shine brighter in Japan’s financial horizon, as regulators take another look at how Bitcoi
Ana Paula Pereira8 hours ago‘That’s fraud,’ prosecutors say in closing arguments at Sam Bankman-Fried trialThe U.S. government delivered its closing arguments in New York in an effort to convince the jury that SBF
Turkey Prepares to Increase Oversight in the Crypto Space
Turkey Prepares to Increase Oversight in the Crypto Space Turkish authorities, alarmed by the spread of cryptocurrencies in the country, are reportedly ramping up efforts to intr
Bitcoin Holds Above $90K – On-Chain Data Reveals Key Demand Levels
Este artículo también está disponible en español. Bitcoin recently saw a 9% retrace from its all-time high of $99,800, narrowly missing the psychological $100K milestone.