Mt.Gox creditors begin online vote on Bitcoin restitution plan

On Monday, 31 May, online voting began on the creditors’ plan for Bitcoin restitution at the defunct cryptocurrency exchange Mt.Gox. The deadline for filing claims is 8 October 2021.

According to the notice, the proposal must clear a minimum threshold of 50% of votes. Otherwise it may be rejected, and creditors would have to wait for the development of a new scheme.

If you do not vote, it will be deemed that you oppose the rehabilitation plan.

The previously published restitution plan provides for compensation in fiat currency, Bitcoin, and Bitcoin Cash. The remaining Mt.Gox cryptocurrencies will be sold. Fiat payouts are a priority — some or all of the Bitcoin and Bitcoin Cash assets may be sold to cover them.

The first in line for payments are creditors who would have received them under the bankruptcy proceedings if they had continued.

Mt.Gox trustee Nobuaki Kobayashi will also make base payments of 200,000 yen (~$1,820 at current rates) to each creditor. For those whose claims are not covered by this amount, he proposed two options:

• an early payment together with the base (21% of the total balance);
• final payment (and interim settlements).

The second option is the default. Choosing the first would waive claims to the full balance.

Fiat-denominated claims in foreign currencies will be calculated based on the yen exchange rate as of the day prior to the start of the civil rehabilitation. For cryptocurrency payouts, the trustee proposed the exchange rate for Bitcoin and Bitcoin Cash to the yen at the start of the procedure.

In February 2021 the court approved the restitution plan.

Mt. Gox filed for bankruptcy in 2014. The restitution process began in 2018, but Kobayashi repeatedly asked the court to modify the timeline for delivering the plan.

In April 2019, the platform’s custodian notified users who had not applied for compensation that they would also receive funds. Some creditors sold their rights to their bitcoins to interested parties.

In March 2021, Fortress Investment Group allocated $100 million for an early buyout of Mt.Gox creditors’ claims.

The firm had previously floated two options, one of which envisaged restitution of up to 70% of the market value of lost assets.

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