The lenders of the Mt. Gox are overwhelmingly on a rehab plan to compensate them for the billions of lost bitcoins.

According to an announcement Wednesday from Nobuaki Kobayashi, guardian of Mount Goks, nearly 99% of creditors affected by the cryptocurrency exchange crash in Japan approved the draft rehabilitation plan, which was originally submitted to the Tokyo District Court in February. In addition, he said that creditors represent approximately 83% of the total voting rights in favor of the plan.

The decision was taken after a vote on October 8 by thousands of Mount Gox residents, whose losses are estimated at billions of dollars. Kobayashi said the distribution of property is unlikely to begin in at least a month, when the rehabilitation plan becomes “final and binding.” He added that lenders are soon planning to register their bank account details on the website to receive rewards.

Mt. was launched. Gox was first introduced in 2010 by programmer Jed McCaleb and then acquired by Karpel├Ęs, and Mt Gox was one of the largest exchanges in the world at the dawn of cryptocurrency. The 2011 hack and the ensuing stock market crash in early 2014 affected nearly 24,000 lenders, most of whom are cryptocurrency holders.

These events resulted in the loss of 850,000 bitcoins (BTC), which is approximately $ 460 million at the time and $ 56 billion at the time of publication. However, Kobayashi reportedly only has 150,000 BTC to pay users.

Japanese courts initially approved a motion to begin civil rehabilitation of Mount Gox creditors in June 2018. This deadline has been repeatedly extended for various reasons, but in the end, the Tokyo District Court approved the current draft rehabilitation plan in December 2020 and issued a ruling in February. allows creditors by voting on it.

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Mount Gox’s decision came when the remnants of a supervolcano on Japan’s main island of Kyushu erupted for the first time in more than five years. While El Salvador’s President Nayyib Bukele has proposed using the country’s volcanoes for bitcoin mining, it looks like Japan does not have such a system.

Source: CoinTelegraph