Home News Mt. Gox trustee announces approval of rehabilitation plan

Mt. Gox trustee announces approval of rehabilitation plan

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Users of the bankrupt Bitcoin exchange Mt. Gox approved the proposed civil rehabilitation plan. The trustee of the platform Nobuaki Kobayashi announced this.

Voting started on May 31, 2021, and the deadline for submitting applications ended on October 8. To approve the proposal, it was necessary to get more than 50% of the votes.

Thus, according to Kobayashi’s statement, about 99% of the exchange’s creditors took part in the vote, approximately 83% of the total number of votes expressed support for the plan.

Bankruptcy in 2014

The final court approval is expected in November. After which creditors will need to provide information to receive payments, including bank accounts. The trustee will publish the terms, details of the procedure and the amount of compensation later.

Mt. Gox declared bankruptcy in 2014. The process of reimbursing creditors was launched in 2018. But Kobayashi repeatedly asked the court to change the timing of the rehabilitation plan.

The trustee filed the document with the Tokyo District Court in December 2020.

The draft Civil Rehabilitation plan

Later in January, the details of the proposal became known, and the following month the court approved the plan for a subsequent vote by creditors. At the time, the exchange’s wallets held 137,891 BTC.

Recall that previously in March, the lawyers of the ex-head of Mt. Gox, Mark Karpelès, offered the investor who filed a lawsuit against him to abandon the claims. Since according to the rehabilitation plan he will receive more compensation.

Karpelès’ lawyers noted that the draft Civil Rehabilitation plan provides for payments in fiat, Bitcoin and Bitcoin Cash in accordance with their current value. Under this scheme, plaintiff Gregory Greene will receive 6.33 BTC, 6.33 BCH and more than 2.4 million yen, which is equivalent to $347,083. They performed calculations through a calculator set up on a blog to aid creditors.

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