Mt. Gox Creditors Can Claim 90% of Bitcoin Left in Bankruptcy: Bloomberg

Creditors of the bankrupt cryptocurrency exchange Mt. Gox will be presented with the option to claim up to 90% of the exchange’s remaining Bitcoin.

January 17, 2021 | AtoZ Markets – The American company CoinLab has settled the issue of Bitcoin payments to creditors of the bankrupt Mt.Gox exchange. This was announced by journalist Matt Leising.

“CoinLab claims the agreement is subject to lender approval. Lenders can receive 90% of the bitcoins owed from Mt.Gox. CoinLab has reached an agreement with Mt.Gox lenders regarding bitcoin claim rights,” Leising outlined the main points.

CoinLab reaches deal with Mt. Gox trustee over Bitcoin claims

According to Bloomberg, CoinLab entered into a corresponding agreement with the trustee of the exchange, Nobuaki Kobayashi and Fortress, which bought up the claims of creditors Mt. Gox.

Now the final decision is up to the creditors, who must approve the agreement through a vote. CoinLab representatives promised that after this the payments will be made as soon as possible.

Renowned entrepreneur and venture capitalist Tim Draper said he hoped he and many other lenders would be able to raise funds.

“I am delighted that people will finally receive payments from Mt. Gox. I am waiting for my bitcoins, as well as tens of thousands of people who have filed claims,” Draper said.

The trading platform’s wallet currently holds 137,891 BTC.

The conflict

In 2012, Mt.Gox and CoinLab entered into an agreement under which the latter allegedly became an intermediary between the exchange and users in the United States. In 2013, Mt.Gox stated that CoinLab had misinterpreted its powers, after which the company immediately filed a lawsuit against the trading platform.

The conflict escalated when the exchange filed a counterclaim, accusing the opponent of stealing $5 million from the site’s users. After the collapse of Mt.Gox, legal battles did not end, and CoinLab filed a lawsuit for tens of millions of dollars against the parent company of the Tibanne exchange.

In 2019, information appeared that the ex-chairman of the Bitcoin Foundation and head of CoinLab Peter Vincennes intends to collect about $16 billion from Mt.Gox.

As a reminder, in December, Nobuaki Kobayashi, after numerous delays, filed a plan to reimburse creditors to the Tokyo District Court.

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