Mt. Gox Extends Deadline for Rehabilitation Plan Registration and Repayment
The Japanese-based Bitcoin exchange platform, Mt. Gox, has extended the deadline for registration and repayment of the Rehabilitation trustee plan following a court order. The trustee member, Nobuaki Kobayashi, issued a statement on March 9, revealing that creditors have until April 6 to complete their registration process.
Kobayashi stated that after the April 6 deadline, non-compliant creditors would be eliminated from the repayment plan. He also announced that the initial repayment dates have been rescheduled to start from September 30 to October 31.
The Mt. Gox Rehabilitation Plan was developed in August last year to recover the creditors’ assets, which impacted the launch of the rehabilitation program. The matter was submitted to a district court in Tokyo to assist the creditor in receiving compensation.
The scope of the Mt. Gox Rehabilitation Plan is to compensate the creditors for their losses due to the hacking incident in 2014. The plan aims to distribute the remaining assets of the exchange to the creditors, which includes Bitcoin and Bitcoin Cash.
The rehabilitation plan has been a long-awaited solution for the creditors who have been waiting for over six years to receive their compensation. The delay in the launch of the rehabilitation program was due to the complexity of the case and the legal proceedings.
The extension of the deadline for registration and repayment is a positive development for the creditors who have been struggling to complete the process due to various reasons. The trustee member has urged the creditors to complete the registration process before the deadline to avoid being eliminated from the repayment plan.
The launch of the rehabilitation program is expected to bring closure to the creditors who have been waiting for years to receive their compensation. The Mt. Gox case has been a significant event in the history of Bitcoin, and the resolution of the case will have a significant impact on the cryptocurrency industry.
