Mt. Gox creditors back plan for Bitcoin restitution

Creditors of the defunct Mt. Gox bitcoin exchange approved the proposed civil rehabilitation plan. This was reported by Nobuaki Kobayashi, the platform’s trustee.

Voting began on May 31, 2021, and the deadline for submissions was October 8. To approve the proposal, more than 50% of the votes were required.

According to Kobayashi’s statement, about 99% of the exchange’s creditors participated in the vote, with approximately 83% of the total votes expressed in support of the plan.

The plan is expected to receive final court approval in November, after which creditors will need to provide information for receiving payments, including bank accounts.

Timelines, procedural details, and the amounts of compensation will be published later by the trustee.

Mt. Gox filed for bankruptcy in 2014. The process of reimbursing creditors was launched in 2018, but Kobayashi repeatedly urged the court to adjust the timetable for submitting the rehabilitation plan.

The trustee filed the document with the Tokyo District Court in December 2020. In January, the details of the proposal became known, and in the following month, the court approved the plan for subsequent voting by creditors.

At that time, 137,891 BTC were held in the exchange’s wallets.

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Earlier in March, the lawyers for Mt. Gox’s former head Mark Karpelès proposed that the investor who filed suit against him drop the claims, as under the rehabilitation plan he would receive greater compensation.

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