They will vote in three ways: online, by e-mail, and in person. Attorney Nobuaki Kobayashi will manage Mt. Gox’s bankrupt real estate funds.
Now-defunct Bitcoin (BTC) exchange Mt. Gox recently released a new refund update for its customers. The document appointed Tokyo attorney Nobuaki Kobayashi to act on behalf of the company. He will have the authority to act as a civil administrative trustee to manage the bankrupt real estate funds of Mt.Gox.
The exchange, whose headquarters was in Shibuya, Japan, has “no reason to disapprove of the draft compensation plan,” according to the Tokyo District Court. This agency approved a payment schedule that includes a creditor voting process on the proposed reimbursement plan.
The trustee will initially determine the voting creditors on March 24th. They established that the creditors must attend a meeting on October 20th about the resolution of the compensation plan.
The text indicates three ways that creditors will vote for the draft rehabilitation plan. These modes are online voting, voting by e-mail on a form, and voting in person on the day of the creditor meeting. Creditors will have to choose one of these methods.
The report shows the voting method and the schedule that corresponds to the creditors for the rehabilitation plan. They will publish them on the Mt. Gox website and other media.
Creditors can read in the statement that “there can be no new claims for compensation after the execution of this order.”
When Mt. Gox Stopped Being the Biggest Bitcoin Exchange
Mt. Gox was born in 2010 and went on to become the world’s largest Bitcoin exchange platform. In 2013, it handled 70% of the world’s transactions with the pioneering cryptocurrency. They processed up to 150 thousand BTC per day and had 127 thousand active users.
On May 15th, 2013, the US Department of Homeland Security (DHS) ordered the confiscation of the exchange’s money. The platform did not have a license from the US Financial Crime Control Network (FinCen) to operate as an intermediary. The DHS seized more than USD 5 million from the platform until July of that year.
The grand theft that Mt. Gox claimed to suffer in 2014 marked the end of the exchange. On February 24th of that year, the authorities disconnected the website and, the next day, they closed all their operations. The theft of 850 thousand BTC, 7% of the bitcoins in circulation at that time, affected around 24 thousand users.
The victims of Mt.Gox could recover part of the compensation fund of 150,000 BTC before the closing of the court case. This will be possible through the approval of the signing of an agreement between the litigants in this case.
The liquidation of depositors would be easier with the new agreement before the completion of the current legal process. That way, they could have access to partial financial restitution ahead of the scheduled time.
By Willmen Blanco