The now defunct exchange based in Tokyo, Japan, ceased operations in 2014 after thousands of bitcoins were stolen by unknown hackers. The whole process of falling victim to an exchange is quite lengthy and fraught with litigation and delays. Today we can see the end of a process as the final deadline for creditors to approve or deny a civil compensation claim.
MtGox’s voting period ended today, as the process began May 31, and creditors have more than four months to vote by mail or electronically.
Approximately 50% of eligible creditors must vote “yes” for the plan to proceed, but those who do not respond will be counted as “no”. Under the plan, creditors are partially compensated for the lost amount in bitcoin, bitcoin cash, and Japanese yen. Mt.Gox LEgal, the group’s coordinator, said those creditors have asked the Tokyo District Court representative and the trustee to provide further guidance on whether or not the threshold has been exceeded unnecessarily. He says:
“If we can get an update, e.g. If, for example, halfway through the voting period, and this update shows that turnout is worryingly low, then we could have tried to raise funds and use those funds to raise the issue. “
He added that he hopes the vote will take place and the reorganization plan approved, otherwise some creditors are concerned that the whole process could result in bankruptcy, instead of a civil reorganization, filed by its CEO Mark Karpeles over the bankruptcy of the stock exchange Has. Creditors say:
“There is a big difference between what creditors will get under the civil recovery plan and what creditors will get if we go bankrupt again, so it’s hard to see that no one is voting against it.”
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