Mt. Gox Rehabilitation Plan Deadline Extended
Important deadlines related to the Mt. Gox rehabilitation plan, such as repayments, have been postponed by around one month.
Mt. Gox was a Bitcoin exchange platform founded in 2010 by Jed McCaleb, a programmer from the United States. It was based in Tokyo, Japan, and at one point was the largest Bitcoin exchange in the world, accounting for over 70% of all Bitcoin transactions.
However, in 2014, Mt. Gox suspended trading and filed for bankruptcy, citing the loss of over 850,000 Bitcoins (worth over $450 million at the time) due to a hack. The hack was believed to have been caused by a security flaw in the platform’s code.
The incident was a major blow to the Bitcoin community and raised questions about the security and reliability of cryptocurrency exchanges. The following bankruptcy proceedings dragged on for years, with thousands of investors seeking to recover their lost funds.
In 2018, a Japanese court approved a civil rehabilitation plan for Mt. Gox, which aims to repay creditors using the company’s remaining assets. The process is still ongoing, with the deadline for creditors to file claims having been extended several times.
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With court approval, the deadline for payees to select and register for Mt. Gox’s rehabilitation plan has been delayed until April 6.
According to an official announcement, this extension may be the final one, as the aim is to repay rehabilitation creditors as soon as possible. However, unless unavoidable circumstances arise, further extensions will be difficult.
Furthermore, a court has granted the rehabilitation trustee permission to alter the base repayment deadline, early lump-sum repayment deadline, and intermediate repayment deadline from September 30 to October 31.
As a result, repayments will be made between April 6 and October 31.
Mt. Gox was once a prominent bitcoin exchange that shut down in 2014 after losing hundreds of thousands of bitcoins.