Keeper of the hacked and expired cryptocurrency exchange Mt. Gox has released a new update on the long refund process for exchange customers.
Nobuaki Kobayashi, a Tokyo-based lawyer hired to guard the civilian rehabilitation of Mt. Gox Real Estate Funds filed for bankruptcy on Thursday when the Tokyo District Court ruled that “there is no reason to reject the draft rehabilitation plan.” As previously reported, the plan was presented on 15 December 2020.
The court allegedly approved the repayment plan, which includes the creditors’ vote on the proposed repayment plan. As part of this process, the trustee will first decide which creditors have the right to vote on 24 March. After the voting deadline of 8 October, the creditors will attend the meeting to decide on the compensation plan on 20 October.
Creditors will have three opportunities to vote on the compensation plan bill, including online voting, written voting and personal voting on the day of the creditors’ meeting. Kobayashi wrote that the chosen lenders had to choose one of these methods.
Founded in 2010, Mt. Gox was once the largest Bitcoin exchange (BTC) in the world, as it reportedly accounted for up to 80% of the world’s BTC trading volume. The cryptocurrency exchange suffered a number of devastating breaches, losing a total of 1.35 million BTC in two incidents in 2011 and 2014.
After the second breach, Kobayashi was commissioned to monitor the civilian process of 24,000 Mt. Gox hack. According to reports, Mt. that’s about $ 630 million and 150,000 BTC. Gox Bankruptcy Fund is awaiting distribution to its rightful owners. Although the repayment process started many years ago, creditors have not yet received repayment after several delays.