The restructuring plan to compensate creditors of the currently nonexistent Mt. Gox crypto exchange has now been completed after confirmation by a Japanese court.
Gox trustee Nobuaki Kobayashi announced on November 16 that the restoration plan originally filed with Tokyo District Court in February is now “final and binding.”
The order to confirm the recovery plan through the Japanese judicial system is one of the final steps in a long process that began in 2018 with a petition seeking compensation for the stock exchange’s collapsed creditors in early 2014.
Kobayashi said he would provide “details of the timing, procedure and amount” of the repayment to creditors who have made claims under the approved plan. Although it is unclear whether payments will be in Bitcoin (BTC) or Fiat, the notice states that creditors may be asked to register their bank account details on the website in order to receive compensation, or they could “get in trouble” . ”
An update from Kobayashi following an October 8th vote by thousands of Mt. Gox, whose losses are estimated at billions of dollars. About 99% of creditors affected by the collapse of the Japanese crypto exchange have approved the draft recovery plan, with plaintiffs holding around 83% of the total voting rights over the same period.
Users who have made claims can get their money relatively quickly, as Kobayashi suggested in October, with the “final and binding” decision being the final major hurdle in the compensation process. However, some of the victims of the stock market collapse were report Occasional communication about recovery plans that leads to skepticism about reimbursement times:
Related: Mount Gox believers may get nothing if they don’t vote by Friday
First launched in 2010 by programmer Jed McCaleb and later by Mark Karpelès, Mt. Gox was one of the largest exchanges in the world in the early days of cryptocurrencies. A hack in 2011 and the subsequent collapse of the stock market affected nearly 24,000 creditors – mostly cryptocurrency holders.
These events resulted in a loss of 850,000 BTC, which was $ 460 million at the time and $ 51 billion at press time. However, Kobayashi is said to have around 150,000 BTC to repay creditors.