The American incubator of crypto startups CoinLab has resolved issues related to the payment of bitcoins to creditors of the defunct cryptocurrency exchange Mt. Gox. Bloomberg journalist Matt Leising writes about this.
*COINLAB SAYS AGREEMENT SUBJECT TO CREDITOR ACCEPTANCE
*CREDITORS CAN CLAIM 90% OF BITCOIN THEY ARE OWED FROM MT. GOX
*COINLAB REACHES DEAL WITH MT. GOX CREDITORS OVER BITCOIN CLAIMS
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— Matt Leising (@mattleising) January 15, 2021
“CoinLab is reporting that the agreement is subject to lender approval,” Leising said. – Lenders can claim 90% of the bitcoins they owe Mt. Gox. CoinLab reached an agreement with Mt. Gox regarding bitcoin claims. ”
In December, after numerous delays, the asset manager Mt. Gox Nobuaki Kobayashi has filed the exchange’s civil rehabilitation plan in a Tokyo court.
“The Tokyo District Court will consider the draft version of the civil rehabilitation plan and decide whether to carry out further procedures in connection with it,” he said at the time.
Currently, Mt. Gox remains 137,891 BTC, which was worth $ 83 million at the exchange rate at the time of the bankruptcy of the exchange in 2014 and $ 5 billion now.
Coinlab became the US representative for Mt. Gox in 2012, and in 2013 filed a lawsuit against the exchange, accusing it of violating the terms of the agreement and demanding $ 75 million. Subsequently, Coinlab took part in the process of collecting applications from creditors of Mt. Gox, announcing that the stock exchange owed him $ 16 billion.
UPD: According to the press release, CoinLab entered into an agreement with Kobayashi and Fortress, which was buying up claims from creditors of Mt. Gox.
“Over the past two years, CoinLab has been actively negotiating to achieve a similar outcome: an early exit for lenders who choose to take advantage of it. As part of the agreement, CoinLab is waiving billions of dollars in reimbursable damages so that creditors receive their payments soon, ” said CoinLab co-founder Peter Wessenes. – Without a claim from CoinLab, the assets will be enough to pay off approximately 23% on the applications of all creditors. If CoinLab wins, the payout for all other creditors will be 8%. The plan will allow all other creditors to get 21% now, or, if they prefer, they can take the risk to be able to pay back in full after the end of the trial. ”
For small lenders with claims of up to 200,000 yen ($ 2,000), CoinLab promises to provide full payments.
“If a large creditor wants to receive an early payment, he can take about 90% of the amount of the claim declared by the asset manager and receive it as soon as the court approves the payment. Anyone who does not want to receive the proposed amount can wait until the end of the trial, ”the publication says.
Without further details from these wording, we can conclude that CoinLab is offering a waiver of its own claim, which, apparently, slows down the further process of distributing assets among lenders if they give up 10% of the amounts due to them.
CoinLab venture capitalist and investor Tim Draper stated:
“Today’s landmark agreement is an important step for the tens of thousands of lenders affected by Mt. Gox. I’m glad people will finally get paid from Mt. Gox. I look forward to the return of my bitcoins, as well as tens of thousands of people who filed claims. ”
The agreement must now be approved by the creditors by voting. After that, payments will be made as soon as possible, CoinLab promises.
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