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Mt Gox creditors will have the right to vote on the repayment plan

The defunct Bitcoin (BTC) exchange Mt.Gox published a new refund update for the firm’s clients.

The document, dated February 25, 2021, designated for to act on behalf of the company to the Tokyo lawyer, Nobuaki Kobayashi, who will have the power to act as a civil administration trustee to manage the bankrupt real estate funds of Mt.Gox.

The exchange , which was headquartered in Shibuya, Japan announced that, according to the Tokyo District Court, “there is no reason to disapprove the draft compensation plan.”

Pursuant to this announcement, the court approved a payment schedule that includes a creditor voting process on the proposed repayment plan . As part of this procedure, the trustee will initially determine the voting creditors on March 24. After the October 8, 2021 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.

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

The report also notes that the method and the voting calendar corresponding to the creditors for the rehabilitation plan will be published on the website of Mt. Gox and other media.

The statement notifies the creditors of the following: «Please note that, in accordance with the Civil Compensation Law, new claims of compensation cannot be filed after this order is executed. ”

When Mt.Gox ceased to be the largest bitcoin exchange platform

Founded in 2010, Mt. Gox was once the largest bitcoin exchange in the world. In 2013, it handled 70% of cryptocurrency transactions globally. The platform processed 150 thousand BTC daily, with 127 thousand active users.

As CriptoNoticias reported, it was on May 15, 2013 when the United States Department of Homeland Security (DHS) issued an order to confiscate the money from the Exchange house since the platform did not have a license from the United States Financial Crime Control Network (FinCen) to operate as an intermediary. Until July of that year, DHS seized more than USD 5 million from the platform.

The end point for Mt. Gox was the grand theft that the exchange claimed to suffer in 2014. On February 24 of that year, the website went offline and, the next day, all operations were closed. Some 24 thousand users were affected by the theft of 850 thousand BTC, 7% of the bitcoins in circulation at that time.

As reported by CriptoNoticias in January of this year, Mt.Gox victims could recover part of the compensation fund of 150,000 BTC before the closing of the court case, if the signing of an agreement between the litigants of this is approved case.

The new agreement could facilitate the liquidation of savers before the current legal process ends. They could thus have access to a partial economic refund before the scheduled time.

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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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