Mt. Gox’s Rehabilitation Plan Deadline Again Extended By The District Court

  • Mt Gox has revealed that the Tokyo District Court has issued an order to extend the deadline of the exchange’s civil rehabilitation plan to October 15, 2020.
  • However, Nobuaki Kobayashi, the rehabilitation trustee has filed a motion in the Tokyo District Court.
  • Gox rehabilitation process is a prickly issue in the cryptocurrency ecosystem.

Today, Bitcoin exchange Mt Gox has revealed that the Tokyo District Court has issued an order to extend the deadline of the exchange’s civil rehabilitation plan to October 15, 2020.

Change in Mt Gox Rehabilitation plan

According to the circular, the Rehabilitation Trustee is presently defining the plan. However, as there are issues that require nearer assessment with respect to the rehabilitation plan. Thus, the Court has decided to extend the deadline for the submission for the rehabilitation plan.

A motion filed in the Tokyo District Court by the rehabilitation trustee, Nobuaki Kobayashi. Seeking an extension in the submission of the rehabilitation plan on June 30, 2020.

Mt. Gox rehabilitation process is a prickly issue in the cryptocurrency ecosystem. Many users lost heavy cash because of hacks and misconduct at the upper-level management. As per reports, nearly 24,000 creditors have affected with this issue, mainly those who hold the cryptocurrency.

Each individual user had a Window of a couple of months

Moreover, in August 2018, Kobayashi started the rehabilitation process. Assuring that each user had a window of a couple of months to file themselves in before losing the chance. Besides this, the Tokyo District Court has approved a petition from the exchange to start civil rehabilitation in June 2018.

A similar extension was filed on March 30, 2020, for the deadline for the submission of rehabilitation plans. Later, an order to extend the deadline by July 1, 2020, was released by the Tokyo District Court.

Launched in 2010, Mt Gox a Tokyo-based bitcoin exchange that used to hold over 70% of BTC (Bitcoin) transactions globally.

Source: https://www.thecoinrepublic.com/2020/06/30/mt-goxs-rehabilitation-plan-deadline-again-extended-by-the-district-court/