Mt. Gox Releases Update on Rehabilitation Plan of Stolen Bitcoin

Defunct cryptocurrency exchange Mt. Gox has provided an update on repayment procedures under its creditor rehabilitation plan to victims of its infamous hack. Mt. Gox Readies to Repay Creditors In correspondence dated July 6, attorney Nobuaki Kobayashi, appointed trustee in the Mt. Gox rehabilitation process, confirmed that he was preparing to make repayments to account holders in accordance with the plan approved by the Tokyo District Court on November 16, 2021. “The Rehabilitation Trustee is currently preparing to make repayments (‘Repayments’) in accordance with the approved rehabilitation plan of which confirmation order of the Tokyo District Court (the “Court”) was made final and binding on November 16, 2021 (the “Rehabilitation Plan”),” it reads. The assignment period will start at the end of August and extend until all or a portion of the repayments have been made. New claims will not be taken into account once the assignment period begins, it is also noted. Payment in Either Cash or Crypto Even though the incident caused the loss of over 700,000 BTC in 2014, less than 150,000 BTC have allegedly been recovered and will be made available by the trustee for users to cut back on some of their losses. Currently, the value of funds available to the receiver is about 66.5 billion Japanese yen, or about $490 million. This is approximately 141,686 BTC and 142,846 BCH. The redemptions will be paid either in fiat currency or cryp...