Mt.Gox Creditors Can Start Voting on Draft Rehabilitation Plan

The Japanese trustee of the infamous Bitcoin exchange, Mt.Gox, has announced that creditors can vote online on a rehabilitation plan.

June 1, 2021 | AtoZ Markets The trustee presiding over the Mt.Gox civil rehabilitation case has taken the next step toward partially reimbursing victims who lost money to the cryptocurrency exchange in hacks that date back nearly a decade. As of Monday May 31, claimants can begin to vote on whether or not they will accept the civil rehabilitation proposal.

The deadline for applications is October 8, 2021.

According to the notice, the proposal must pass the minimum threshold of 50% of the votes. Otherwise, it may be rejected, and lenders will have to wait for the development of a new scheme.

If you do not vote, it will be considered that you opposed the draft rehabilitation plan,” the document says.

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The previously published reimbursement plan provides for refund in fiat money, bitcoin and Bitcoin Cash. The rest of the cryptocurrencies Mt.Gox will sell. Fiat payouts are a priority - some or all of Bitcoin and Bitcoin Cash can be sold to cover them.

The first in line for payments are creditors who would have received them as part of the bankruptcy procedure, if it had continued.

Mt.Gox Trustee Nobuaki Kobayashi will also make base payments of 200,000 yen ($1,820 at current exchange rates) to each lender. For those whose claims will not be covered by this amount, he offered two options:

  • early payment together with the base one (21% of the total balance);
  • final payment (and intermediate calculations).

The second is the default. Choosing the first means giving up claims for the entire balance.

The fiat claims of creditors in foreign currency will be calculated in accordance with the exchange rate against the yen as of the day before the commencement of civil rehabilitation. As a basis for cryptocurrency payments, the trustee proposed the exchange rate of Bitcoin and Bitcoin Cash to the yen at the time of the launch of the procedure.

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