Mt.Gox stolen funds plan gets delayed once again to Mid-December according to the latest reports that we have in our crypto news.
The deadline for submitting the rehabilitation plan for reimbursing the creditors for the Mt.Gox stolen funds was delayed once again and this time to December 15th, 2020. The Tokyo District Court had issued an order indicating that the submission deadline was until October 15th as the Mt.Gox trustee of the rehabilitation Nobuaki Kobayashi that was designing the plan for more than a year, announced the delay earlier today.
The statement read that as “there are matters that require closer examination with regard to this rehabilitation plan, it has become necessary to extend the submission deadline for the rehabilitation plan.” Mt.Gox was once the biggest crypto exchange as the Japan-based platform got responsible for about 70% of all BTC transactions during the peak many years ago. However, the exchange became the victim of a huge attack in 2014 that resulted in a theft of more than 850,000 Bitcoins but shortly after, Mt.Gox declared bankruptcy. It still remains unanswered how and if the creditors will receive their original crypto holdings. If they get billions of dollars worth of coins and decide to cash out on the profits, it will lead to adverse price developments on the market.
Mt.Gox creditors suffered more than a million in fees since March and are having a hard time understanding why about $200,000 is spent every month by the trustee when few details are provided. The trustee for the defunct exchange Mt.Gox spent another $1.2 million in fees over the past six months according to the update posted on the forums today. As usual, the creditors are complaining that the bankruptcy trustee of the exchange Nobuaki Kobayashi, gave only a few updates on why the money was spent on and is there any progress being made.
Since 2019, Kobayashi delayed the refund process a few times publishing a few identical statements each year. The current submission deadline for the rehabilitation plan is October 15 but Mt.Gox creditors suffered enough and they are worried more than ever now if they will ever get their money back. The Mt.Gox trustees announced they have 150,000 BTC to repay its users and many wondered whether their decision will start a correction on the market anytime soon.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]