Those affected will gain the possibility to claim up to 90% of the remaining bitcoins of the bankrupt exchange. To fulfill the plan, at least 50% of the claimants must participate.

The trustee of the Mt. Gox exchange reported that the victims of the 2014 hack are now able to vote for or against the draft plan to recover part of their lost bitcoins (BTC). The information appeared in a letter on May 31, informing about the resolution of the Tokyo District Court issued on February 22 of this year.

Nobuaki Kobayashi, managing attorney of the bankrupt exchange’s funds, states in the letter about the voting deadline, which will take place on October 8 this year.

The Conditions and the Process to Set a Recovery of the Currencies

The document also states that claimants who do not vote will appear as votes against the plan, in addition to requiring at least 50% participation for the proposal to meet its acceptance.

The lawyer asks those affected to set a registration in the system where they can review the needed information on the proposed recovery plan. This record will also serve as a tool for the reimbursement procedure.

Kobayashi indicates that once the Draft Rehabilitation Plan receives its approval and the Tokyo District Court confirmation order is final and binding, the Rehabilitation Plan starts applying its effect and reimbursements will happen following the Rehabilitation Plan.

The Biggest Bitcoin Hack in History

Mt. Gox was the largest cryptocurrency exchange in the world and handled more than 70% of all Bitcoin transactions. It suffered several hacks that might surpass 1.35 million BTC. The latest attack in February 2014, went down as the largest exchange hack to date, losing more than 850,000 BTC. More than 20,000 users claimed their refunds.

On February 25, Mt. Gox released a document in which it announced the assignment of the process to the lawyer Kobayashi and the resolution of the Tokyo District Court issued a few days before. The exchange, which was based in Shibuya, Japan, stated that, according to the Tokyo District Court, there is no reason to disapprove the draft compensation process.

The court approved a payment schedule that adds a creditor voting process to the proposed repayment plan. As part of this procedure, the trustee will start determining the voting creditors on March 24. After October 8, right before 2021 ends, is the deadline for plaintiffs to vote; it was established that creditors will attend a meeting on October 20, 2021, on the resolution of the compensation plan.

The text sets three modalities for creditors to vote for the draft rehabilitation plan: online voting, voting by email on a form, and voting in person on the day of the creditor’s meeting. Creditors will choose one of these methods.

The report also notes that the creditors’ voting method and schedule for the rehabilitation plan will be posted on the Mt. Gox website and other media outlets.

By: Jenson Nuñez


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