On Monday, May 31, an online vote began on the plan to reimburse bitcoins to creditors of the bankrupt cryptocurrency exchange Mt.Gox. The deadline for applications is October 8, 2021.
According to the notice, the proposal must pass the minimum threshold of 50% of the votes. Otherwise, it may be rejected, and lenders will have to wait for the development of a new scheme.
“If you do not vote, it will be considered that you opposed the draft rehabilitation plan,” the document says.
The previously published reimbursement plan provides for reimbursement in fiat money, bitcoin and Bitcoin Cash. The rest of the cryptocurrencies Mt.Gox will sell. Fiat payouts are a priority – some or all of Bitcoin and Bitcoin Cash can be sold to cover them.
The first in line for payments are creditors who would have received them as part of the bankruptcy procedure, if it had continued.
Mt.Gox Trustee Nobuaki Kobayashi will also make base payments of 200,000 yen (~ $ 1,820 at current exchange rates) to each lender. For those whose claims will not be covered by this amount, he offered two options:
early payment together with the base one (21% of the total balance);
final payment (and intermediate calculations).
The second is the default. Choosing the first means giving up claims for the entire balance.
The fiat claims of creditors in foreign currency will be calculated in accordance with the exchange rate against the yen as of the day before the commencement of civil rehabilitation. As a basis for cryptocurrency payments, the trustee proposed the exchange rate of Bitcoin and Bitcoin Cash to the yen at the time of the launch of the procedure.
In February 2021, the court approved the compensation plan.
Mt. Gox filed for bankruptcy in 2014. The process of reimbursing creditors was launched in 2018, but Kobayashi has repeatedly asked the court to change the timing of the plan for reimbursing funds.
In April 2019, the platform’s trustee notified non-reimbursed users that they would also receive funds. Some lenders have sold the rights to their bitcoins to interested parties.
In March 2021, the investment company Fortress Investment Group allocated $ 100 million for the early redemption of the claims of Mt.Gox creditors.
Previously, the company twice put forward its options, one of which involved reimbursement of up to 70% of the market value of lost assets.
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