Rehabilitation Plan Comprising $9 Billion of Mt Gox Is Finalized

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The Trustee in the case of Mt Gox, who was appointed by the District Court in Tokyo, Japan has moved an application in the Court in which he has suggested that the rehabilitation plan, involving US$ 9 Billion has become final and very soon claimants will be able to reclaim their lost funds. The application provides for the exact date, time, and procedure by which the funds will be distributed amongst the claimants.

Mt Gox is one of the biggest crypto scams but luckily the law enforcement agencies got their hands on the criminals. The criminals are currently facing trial before a District Court in Tokyo, Japan. The Court, fortunately, is in possession of crypto funds amounting to US$ 9 Billion, which apparently belonged to Mt Gox. Court took the funds into its custody till the conclusion of the trial. If it was proved that the money belonged to the claimants, then claimants were to be refunded.

The case of Mt Gox is now in its final stages of the trial. It has been proven in the Court that Mt Gox was engaged in financial crimes activities, particularly crypto fraud. Investors were enticed into paying the money to the firm for onward investment in crypto trading. However, when the firm received a huge amount of money, its operators ran off with the investors’ money. In fact, the criminals initially claimed that it was because of a hack that the firm lost entire money. In actual fact, however, the hack attack was pre-planned and was executed by none other than the operators of Mt Gox themselves.

Resultantly, the claimants had to go to the authorities and lodge their complaints against the firm.

When Court realized that the money in its possession is actually the money of the investors, it appointed a Court Trustee. The Trustee appointed was Nobuaki Kobayashi who was directed by the Court to prepare the rehabilitation plan.

The Trustee of the Court has recently filed an application before the District Court conducting a trial of Mt Gox. In this application, the Trustee has attached a rehabilitation plan which involves the distribution of US$ 9 Billion. The Court Trustee was reached out by local media for getting information about the rehabilitation plan he had submitted to the Court. He told the press that the plan is comprehensive and provides a full and final settlement of the long-pending case. He suggested that he had mentioned the exact date, time, venue, and other details in the plan. When the plan is due to be executed then the money will be distributed amongst Mt Gox’s claimants according to their proportionate shares.

This is of course a piece of good news for the claimants of Mt Gox who had been waiting for more than 6 years for receiving their monies back. Their days of waiting in abeyance are going to end very soon.