Mt. According to an announcement Wednesday from Gox attorney Nobuaki Kobayashi, creditors of the cryptocurrency exchange have approved a compensation plan to recoup billions of dollars worth of lost Bitcoin (BTC).
Mt. Gox attorney announces approval of compensation plan
cryptocoin.com As we’ve also reported, Mt. Gox was one of the largest exchanges in the world in the early days of cryptocurrencies. a 2011 hack attack followed by the stock market crash in early 2014; affected nearly 24,000 creditors, most of them cryptocurrency holders.
These events resulted in the loss of 850,000 BTC, worth approximately $460 million at the time. At the time of writing, the dollar value of these BTCs has increased to $ 56 billion. However, Kobayashi is said to only have 150,000 BTC to return users. Thus, about 99 percent of creditors affected by the collapse of the Japan-based cryptocurrency exchange approved the initial draft recovery plan, which was submitted to the Tokyo District Court in February. In addition, the plaintiffs, representing about 83 percent of their total voting rights, voted in favor of the plan.
Thousands of Mt. Gox user voted for their Bitcoin (BTC)
The decision resulted in thousands of Mt. It came after a vote by user Gox on Oct. Kobayashi said distributions of assets will likely not begin for at least a month after the compensation plan becomes final and binding. The creditors will save their bank account information on the website to receive payment soon.
Japanese courts ruled that the stock market was reinstated in June 2018 at Mt. Gox’s petition to initiate compensation proceedings for his creditors. This deadline has been extended several times for various reasons. Still, the Tokyo District Court eventually accepted the current draft compensation plan in December 2020 and issued an order in February allowing creditors to vote on the plan.
Once the lost BTCs reach their owners and are released, it remains to be seen whether they will sell for profit as creditors have been at a disadvantage for a long time. With the BTC price exceeding the all-time high of $64,405 and breaking above $67,000 yesterday, it is another matter of curiosity how the bullish price of BTC will be affected.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.