Founded in 2010 and quickly becoming the world’s largest cryptocurrency exchange, Mt. Voting on the repayment plan for Gox receivables ended on October 8.
What Happened?
Japanese stock market Mt.Gox, which wanted its bankruptcy after hackers stole 850 thousand Bitcoins in 2014, could not pay the money of many investors after its bankruptcy.
As a result of the lawsuits that lasted for about 6 years, it was determined that there was a forgotten wallet belonging to this exchange, 200.000 Bitcoin.
The liquidation commission appointed by the Tokyo District Court had decided to distribute 150,000 BTC from Mt.Gox’s forgotten wallet to creditors who lost all their assets on the exchange.
Cryptocurrency exchange Mt. No official statement was made after Gox submitted his plan to distribute 150,000 Bitcoins to the court.
The court gave the green light to a payment plan and submitted it to the victims’ vote.
What Will Happen If The Plan Is Accepted?
In the voting that started on May 31, creditors were given a long period of four months. In this process, creditors were able to vote by mail or e-mail.
For the repayment plan to be accepted, at least 50% of the creditors must vote “yes”. Creditors who do not vote at all will automatically be deemed to have voted no.
If the said payment plan is accepted, Mt. Gox victims will be able to partially compensate their losses with the payment they will receive in Japanese Yen, Bitcoin and Bitcoin Cash.
Regarding the voting result, the Mt.Gox Legal Coordinator said that creditors are more likely to vote yes because they can partially compensate their losses if the plan is accepted.
He added that if the payment plan is not accepted, the process could revert to the bankruptcy of Mt.
The result of the voting has not yet been announced.