Trustee, Mt. Gox, and Lost Bitcoin between 2011 and 2013

Trustee, Mt. Gox, and Lost Bitcoin between 2011 and 2013

Let us check the situation about the trustee and Bitcoin. 150,000 Bitcoin from the now-defunct Bitcoin exchange Mt. Gox will not likely hit the markets anytime soon.

There is growing speculation that a hundred and fifty thousand BTC (Bitcoin) from the MTX. Gox trustee might move on October 15. Nevertheless, many factors suggest that it is highly unlikely given records.

In Bitcoin’s biggest hacking attack, Mt. Gox lost 850,000 Bitcoin between 2011 and 2013. Reportedly, the trustee has 150,000 Bitcoin to repay to users. Those users have lost their funds from the breach.

Nevertheless, there are many hurdles to undergo before the refunds go to users. Since 2019, the process of repayment has been continuously delayed. Thus, it is unlikely that refunds will happen anytime soon.

Bitcoin and Mt. Gox Trustee

The Mt. Gox trustee, on Jun.30, released a statement on the official Mtgox.com website. In charge of redistributing the funds to former users, the trustee said that the Tokyo District Court granted a deadline extension on October 15. The document reads that in the light of the preceding, the rehabilitation Trustee filed a motion. It is to seek an extension of the submission deadline of the Tokyo District Court’s rehabilitation plan. The Tokyo District Court, on June 30, 2020, issued an order for extension the submission deadline for the rehabilitation plan to October 15, 2020.

Some investors suggested that it could cause 150,000 Bitcoin to move, based on this document. Potentially, it will rattle the market.

Nevertheless, there is one critical reason why the trustee would not move the Bitcoin in the near term.

First is that the extension pertains to submit the rehabilitation plan and not to refund the Bitcoin. To say, the October 15 deadline is for the trustee to put forward a plan, but not to repay investors.

That is current news about the trustee and Bitcoin. Let us wait and see what will happen.

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