Refunds in site as Mt. Gox finally submits draft rehabilitation plan for 150,000 bitcoins
In 2014, cryptocurrency exchange Mt. Gox fell victim to an infamous hack. Approximately 850,000 bitcoins then valued at around $450 million were stolen from the exchange. Since then, there has been a lot of back and forth with users trying to recover their stolen funds. It should be noted that the Japanese-based exchange was at that time the largest cryptocurrency exchange, controlling over 70% of all BTC transactions.
After a series of delays with months turning into years, it appears affected users will finally have some respite. Mt. Gox trustee has filed a draft rehabilitation plan to refund affected users. Following the filing, the Tokyo District Court and an examiner will review the proposal and determine the next steps.
Earlier in October, the Tokyo District Court issued an order to postpone the submission deadline to December 15. However, going by an announcement on the exchange’s website, Nobuaki Kobayashi, the lawyer appointed to oversee the reimbursement process, has filed the draft rehabilitation plan.
Details are still sketchy on how the refund process will go. However, users will reportedly receive 150,000 bitcoins (now valued at nearly $3 billion at today’s prices).
Mt. Gox is just one in a number of other crypto exchange hacks. The hack of centralized exchanges reinforces the narrative for decentralized exchanges.