Mt.Gox Creditors Support Bitcoin Compensation Plan

99% of Mt. Gox's creditors took part in the vote, with approximately 83% of the total votes in favor of the Bitcoin compensation plan.

Creditors of the defunct bitcoin exchange Mt. Gox approved the draft Civil Rehabilitation Plan. This was announced by the trust manager of the site, Nobuaki Kobayashi.

A Japanese court initially approved the petition to begin the civil rehabilitation process in June 2018. This was necessary in order for users to receive payments according to the fair value of assets, and not at the 2014 exchange rate, as the bankruptcy procedure suggests.

Subsequently, the terms of approval of the decision were repeatedly postponed for various reasons, until at the end of last year the court allowed the civil rehabilitation plan to be put to a vote. The document describes the procedure according to which the former users of the exchange will be able to receive at least partial compensation for the assets left on it.

Lenders were to take part in the vote from May 31 to October 8, and more than 50% of them were required to approve the proposal. According to Kobayashi, about 99% of the affected users took part in the vote, and about 83% supported the proposal.

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Read also: Mt. Gox Creditors to Vote on Draft Compensation Plan

The document is due for approval in the second half of November, after which creditors will be asked to take further steps to receive compensation, including providing information on bank accounts.

"Depending on the situation, the plan is expected to be approved in about a month," Kobayashi writes. "The trustee will then make payments to the creditors as planned."

At the time of closing, there were about 850,000 BTC in the wallets of the exchange, worth $460 million then and $56 billion now. Presumably, 150,000 BTC remains for compensation. The number of users applying for payments is about 24,000. Kobayashi does not give the exact timing of payments.

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