Mt. Gox. Bitcoin Settlement Deadline Pushed to October 2020

The  Tokyo District Court grants the Rehabilitation Trustee in the Mt. Gox case another extension for the submission of the reimbursement proposal. The Trustee, Nobuaki Kobayashi, filed for an extension motion on 30th June, 1 day before the submission date. The court has set 15th October as the new deadline.

The motion cited that,

“…there are matters that require closer examination with regard to the rehabilitation plan, it has become necessary to extend the submission deadline for the rehabilitation plan”

This is the third time the date has been extended, as the previous proposals were rejected by the customers. Earlier this year in March, the court ordered an extension to 1st July 2020 for submission of a new rehabilitation plan.

The CEO, Mark Kerpeles, was acquitted of embezzlement and fraud charges against him after a long legal fight in 2019. However, the decision on the distribution of funds is still pending. The exchange assets are held by the Trustee, Nobuaki Kobayashi, and the rehabilitation proposals are overseen by the Tokyo District Court.

According to a March 2019 report, the trustee has a cash/bank balance of over $600 million. Moreover, it has 141,686.35371099 BTC and  142,846.35166254 BCH. The total amount held by the trust in BTC and BCH is over $1.3 billion.

The total amount of Bitcoins lost in the hack by customers is 850,000 bitcoins ($7.86 billion at the current price). Hence, there is a prolonging disagreement among the customers related to the amount and kind (bank transfer or BTC) of transfer of the approx $2 billion left in the hands of the Trustee.

How long do you think before the issue is resolved? Please share your views with us.