Another date and another story. The deadline for October 15th has been pushed ahead again and this is happening for the last seven years. We are talking about the bankrupt MT Gox exchange which went bankrupt and is yet to re-distribute some 140,000 bitcoins for 7 years now. The court said regarding the issue;
“The Rehabilitation Trustee filed a motion to seek an extension of the submission deadline of the rehabilitation plan at the Tokyo District Court, and, on October 14, 2020, the Tokyo District Court issued an order to extend the submission deadline for the rehabilitation plan to December 15, 2020.”
With further delays already being made, the case of bankruptcy has become the longest-running ever and it is still in the doldrums about when the case will be cleared for good. Back in November 2019, the Tokyo District Court issued an order to extend the deadline of MT Gox rehabilitation to March 31’ st 2020. The trustee for rehabilitation Nobuaki Kobayashi who oversaw the bankruptcy and the rehabilitation also needed more time to handle the claims and also battle issues related to the disagreement of the trustees. There have been instances in the past when a few creditors have objected against so-called self-approved claims without preceding bankruptcy claims.
As revealed earlier, a vast majority of claims have already been assessed but the worst is that it seems as though the Bitcoiners would have to wait even further to get back their assets despite paying the trustees $200,000 a month for this specific purpose.
When MT Gox went down, it was then the largest bitcoin exchange on the planet. But owing to the bankruptcy, the price of bitcoin crashed dramatically afterward. It was considered as the single point of failure in the crypto ecosystem. But ever since the incident happened it took a substantial amount of time for the crypto markets to recover.
At the end of 2013, the proponents of digital currency sensed and felt something was fishy with Mt Gox the crypto trading platform. The Bitcoin community later found out that the exchange was hacked and 850,000 BTC was stolen. Later, Mt Gox CEO Mark Karpeles found 200,000 BTC in cold storage, and the specific funds were distributed to the creditors. Since 2014, the crypto trading platform claims that they have tried to get their remaining funds from the court-appointed trustee. But after years of delaying and holding the process, Nobuaki Kobayashi has decided the funds will be dispersed soon.
As of now, the wait has been extended longer much to the disappointment of those who are yet to get their due. Now till Christmas, we have to wait and see that about 10k bitcoiners who are yet to get their bitcoin will get it then or not. If they do get it, then Christmas will be special for them. Usually, complex cases do not extend longer than 6 years but this case has gone beyond 6 years and into its 7th year. Only time will tell.