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Mt. Gox Creditors' Wait Nearly Over as Trustee Announces Draft Rehabilitation Plan
Mt. Gox’s trustee Nobuaki Kobayashi has at last filed a draft plan for the rehabilitation of creditors including former users.
Mt. Gox’s trustee Nobuaki Kobayashi has at last filed a draft plan for the rehabilitation of creditors including former users.
STORY CONTINUES BELOW
- Posted on the Mt. Gox website Tuesday, the trustee's announcement states: “The Tokyo District Court and an examiner will review the draft rehabilitation plan and determine whether to proceed with the rehabilitation proceedings relevant to the draft rehabilitation plan."
- While there are no details provided on the plan, the announcement marks the beginning of the end for users who have been waiting for refunds since 2014 when the exchange collapsed.
- As reported by CoinDesk, the submission deadline for the rehabilitation had previously been pushed back a number of times after opposition from some creditors.
- In 2014, Mt. Gox declared bankruptcy after hackers allegedly stole 850,000 bitcoins from its servers over a period of time.
- The Mt. Gox estate comes from 200,000 bitcoins found in an old wallet after the exchange collapsed, as well as bitcoin cash created in a fork of the bitcoin blockchain.
- At last count, it is estimated Mt. Gox still holds approximately 141,600 bitcoin and 142,800 bitcoin cash.
See also: Mt. Gox Deadline Extended Again After Creditors Criticize Refund Proposal
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
