Mt. Gox Users Get New Postponement Update as the Submission Deadline Moves to March 2020

Users of Mt. Gox, one of the biggest black holes in bitcoin’s ten year track record, experience another delay in the attempt to regain their stolen and/or lost funds as the deadline gets pushed back to March 31, 2020.

Mt. Gox the infamous bitcoin exchange which shut its operations down and filed for liquidation back in April 2014 claiming to have lost 750,000 BTC to a hack attack and since then it has been involved in a never-ending saga of court cases filed by the investors.

The investors filed a lawsuit against CEO Mark Karpeles claiming that he manipulated the data to cover the hack. A Japanese court did find Karpeles guilty of falsifying the electronic data but acquitted him of embezzlement charges.

The court also assigned a trustee Nobuaki Kobayashi tasked with refunding the users who lost their funds due to the negligence of the exchange. The users were required to submit their claims on the amount they have lost.

However, the process of reimbursement has been continuously delayed from time to time and again the deadline for submission of claims. In a statement released earlier this week, the Tokyo District Court has extended the deadline to March 31, 2020.

Kobayashi stated to the court,

“A large amount of rehabilitation claims that the Rehabilitation Trustee fully or partially disapproved remains undetermined for being subject to claim assessment procedures and appeals against a decision on a petition for claim assessment.”

He concluded with,

“In light of the foregoing, the Rehabilitation Trustee filed a motion to seek an extension of the submission deadline of a rehabilitation plan at the Tokyo District Court, and, on October 25, 2019, the Tokyo District Court issued an order to extend the deadline for a rehabilitation plan to March 31, 2020.”

The announcement of the extension of the deadline comes only a day before the expiration of the previously set date in April this year.

Last summer, Mt Gox released a press release informing the users of the platform about the refund process, along with an online tool to aid the users in filing their claims. The exchange agreed to refund $1 billion of the stolen user funds.

Mt.Gox was one of the largest cryptocurrency exchange and Bitcoin trading platform of its time and was responsible for handling 70% of the total supply of bitcoin.

After claiming to have lost around 750,000 BTC, the exchange later found around 200,000 BTC in one of their old and forgotten wallets.