The Japanese trust in charge of the Mt. Gox case reported that the repayment plan is now in its final stage. It seems that the last chapter of the saga will have a happy ending for the victims.
The lengthy reimbursement process for the victims of the now-defunct crypto exchange Mt. Gox is soon to meet its conclusion, which would put a final chapter on one of the most infamous stories in the crypto space.
After seven years of the Mt. Gox hack, victims will be able to receive the long-awaited refund for their stolen Bitcoins now that a rehabilitation plan approved last month has reached its final stage.
The Japanese trustee in charge of the case, Nobuaki Kobayashi, reported this week that the repayment plan is now final and binding. The confirmation, which got filed with the Tokyo District Court in February, is one of the final steps in a lengthy process that began with a petition in 2018 to compensate the creditors.
Once one of the largest Bitcoin exchanges worldwide, Mt. Gox was a crypto-exchange located in Japan that has been active since 2010 and handled more than 70% of transactions worldwide. However, in February 2014, after a massive hacking attack, the company declared bankruptcy, leaving a debt of 850,000 bitcoins which disappeared from its portfolio.
A Repayment Plan in its Final Stage
The most recent announcement comes shortly after a vote that concluded in October in which the vast majority of creditors agreed on the compensation plan. This information got reported by lawyer Kobayashi in the statement, where he thanked the parties involved for completing the process and provided some indications for the creditors.
The Rehabilitation Trustee wishes to express its sincere appreciation to all parties involved for their understanding and support, which led to the Rehabilitation Plan becoming final and binding. The Rehabilitation Trustee will reimburse rehabilitation creditors who have rehabilitation claims allowed under the Plan.
Although the representative did not bring a specific timeframe for repayments, the attorney indicated that creditors would need to enter the bank account information and other information in Mt. Gox’s online filing system to receive compensation.
The Mt. Gox said once the rehabilitation plan initiated the final and binding stage, creditors would start receiving their repayments quickly. However, some victims showed skepticism of the timelines due to the trust’s alleged failure to communicate with creditors.
The Mt. Gox saga is reaching its End
The Mt. Gox saga, which started nearly a decade ago, has been through many ups and downs, starting with a hack and followed by allegations of fraud and mismanagement in 2014. In some of the previous chapters of this story, its former CEO, Mark Karpeles, accused of embezzlement and falsification of data, was found guilty and received a suspended prison sentence.
Mt. Gox, after its imminent fall, embarked on a civil rehabilitation process that now, after seven years, appears to be reaching its conclusion. The exchange’s bitcoin losses today are worth more than $ 50 billion.
By: Jenson Nuñez
