Draft rehabilitation plan filed for defunct bitcoin exchange Mt Gox but details are scant
December 15, 2020, 3:30PM EST
1 min read
A long-delayed rehabilitation plan for the bankrupt bitcoin exchange Mt Gox has been filed in a Tokyo court.
A short notice issued on December 15 — two months after the previous deadline — indicated only that "the Rehabilitation Trustee filed a draft rehabilitation plan. 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."
"The Rehabilitation Trustee plans to explain the draft rehabilitation plan to the relevant parties in a timely and appropriate manner," the notice concluded.
The long-in-development rehabilitation plan comes years after Mt Gox collapsed amid allegations of fraud and mismanagement. It ultimately declared bankruptcy amid an investigation into the loss of hundreds of millions of dollars in bitcoin, but the exchange eventually entered a civil rehabilitation process through which claimants could seek to recoup some of their lost funds.
The Mt Gox triggered a wave of regulatory reactions in response to the emerging use of bitcoin as well as the companies that provide related services.