Mt. Gox trustee announces rehabilitation plan for creditors

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Investors waiting for their money back from the collapse of defunct cryptocurrency exchange Mt. Gox are a step closer to a payout, after the firm’s trustee filed a draft plan for rehabilitation of creditors.

Court-appointed trustee Nobuaki Kobayashi filed the plan with the Tokyo District Court, setting out how he intends to apportion the firm’s remaining assets between creditors, including former users, who are still awaiting money.

Creditors have had to be patient since the exchange collapsed, with no access to their funds since 2014. Following the collapse of the exchange, the result of a mega-hack which saw millions stolen from the firm, the company has been left with limited resources to meet the claims of those still owed money.

In a statement on the Mt. Gox website, the trustee announced the proposals would now be considered by the court, before possibly being adopted in the coming weeks.

“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.”

There are limited details available about the specific plan at the moment, though the announcement will likely be welcomed by creditors still awaiting a conclusion.

The submission deadline for rehabilitation claims has now passed, after several delays and extensions prompted by opposition from some creditors and former users of the platform which have seen resolution ultimately pushed years down the line from the original hack.

At the time, Mt. Gox lost 850,000 BTC from its servers, sending the company straight into bankruptcy proceedings. Since then, some 200,000 BTC were recovered in an old crypto wallet, alongside equivalent amounts of BCH, which now accounts for the majority of the remaining estate of the exchange.

The filing suggests the wait could now nearly be over for Mt. Gox creditors, though as yet with no suggestion of what fraction of their money they can expect to receive.

See also: CoinGeek Live panel on The Future of Digital Asset Security & Custody