Bloomberg: CoinLab opens path for Mt. Gox creditors to recover bitcoins

The US-based CoinLab has settled questions regarding bitcoin payments to creditors of the bankrupt Mt. Gox exchange, according to journalist Matt Leising.

*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 says the agreement is subject to creditor approval. Creditors can receive 90% of the bitcoins they are owed by Mt. Gox. CoinLab has reached an accord with Mt. Gox creditors on bitcoin claims,” Leising enumerated the main points.

According to Bloomberg, CoinLab has entered into the corresponding agreement with Mt.Gox’s trustee Nobuaki Kobayashi and Fortress, the firm that purchased creditors’ claims against Mt. Gox.

The final decision now rests with the creditors, who must approve the agreement via a vote. CoinLab representatives promised that payments would be made promptly thereafter.

Well-known entrepreneur and venture capitalist Tim Draper expressed hope that he and many other creditors would be able to receive funds.

“I am glad that people will finally receive payments from Mt. Gox. I am awaiting my bitcoins, as are tens of thousands who filed claims,” Draper said.

There are currently 137,891 BTC held in the exchange’s wallet (about $5.1 billion at the time of writing).

In 2012, Mt. Gox and CoinLab entered into an agreement under which the latter allegedly acted as intermediary between the exchange and US users. In 2013 Mt.Gox claimed that CoinLab had misinterpreted its powers, after which the company promptly filed suit against the exchange.

The dispute intensified when the exchange filed a countersuit, accusing its opponent of stealing $5 million from users of the platform. After Mt. Gox collapsed, the legal battles did not end, and CoinLab filed a claim for tens of millions of dollars against the parent company Tibanne.

In 2019, it emerged that former Bitcoin Foundation chairman and CoinLab head Peter Vessenes planned to recover about 1.6 trillion yen ($16 billion) from Mt. Gox.

In December, after numerous delays Nobuaki Kobayashi filed in the Tokyo District Court a plan to reimburse creditors.

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