Former Mt. Gox customers will still wait for their Bitcoins

The receiver of defunct Japanese cryptocurrency exchange Mt. Gox has received further court approval to reschedule the submission of its rehabilitation plan [...] https://www.pinterest.com/pin/1085437947660215829/

The receiver of defunct Japanese cryptocurrency exchange Mt. Gox has received another approval from the court to change the deadline for submitting its plan to rehabilitate the company and return bitcoins to their owners. Deadline extension As requested by Mt. Gox's rehabilitation trustee (receiver), Nobuaki Kobayashi, the Tokyo District Court has given another approval to extend the deadline for submitting the company's rehabilitation plan to December 15, 2020. The information was stated in an official announcement published on the stock exchange's website on Oct. 15. Similar to previous extension statements, the new announcement noted that the trustee is still creating the said plan, but in the process "there are matters that need to be further investigated," so "it has become necessary to extend the submission deadline." Mt. Gox: from giant to bankrupt Anyone with even a passing interest in cryptocurrencies has probably heard of Mt. Gox. The history of the exchange itself is a topic for a script for a film or book thriller. The exchange was for quite a long time the center of Bitcoin trading in the world. Not only that, but in 2013 the rumor that Litecoin was going to appear on the exchange made the cryptocurrency very expensive. But then, back in 2013, the downfall of the company began: a hacking attack, the manipulation of the exchange rate by the bot "Willy" and the eventual closure of the platform. The exchange collapsed, however, leaving its customers without access to their Bitcoins. Roughly 24,000 creditors with total assets of... 850,000 BTC were victimized. At the time valued at a bagatelle $460 million. The case was handled by the prosecution. However, former Gox customers still have not received compensation for the stolen funds. Kobayashi, the Japanese lawyer who has been appointed to oversee the civil restitution process, reportedly has 150,000 BTC to repay users. However, the refund process has been delayed multiple times since 2019. GoxRising In early 2019, the "GoxRising" initiative came into the case. Brock Pierce, its initiator, admitted in an interview that his main goal would be to bring the exchange back to life. "Gox or Mt. Gox" would start operating again, but in a different form. To prevent history from repeating itself, the "new" platform would be decentralized. So far nothing has come of the latter either. Tags exchange cryptocurrency exchanges Mt. Gox