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Mt. Gox Creditors Could Receive Billions in BTC as Latest Rehabilitation Plan Gets Approval

Summary:
The trustee responsible for handling the Mt. Gox hack and the victims’ claims has updated that the rehabilitation plan was approved by the majority of creditors. Consequently, the creditors could receive roughly billion in BTC by the end of the year. Mt. Gox was once the biggest cryptocurrency exchange responsible for 70% of the transactions in bitcoin’s early days. That all changed after the notorious hack seven years ago when hackers duped 850,000 bitcoins, some of which were later discovered. Since 2014, when the event took place, company customers have been unable to receive compensation for their losses. The Rehabilitation Trustee for the defunct exchange recently outlined several rehabilitation plans, which had difficulties reaching a consensus. However, the

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The trustee responsible for handling the Mt. Gox hack and the victims’ claims has updated that the rehabilitation plan was approved by the majority of creditors. Consequently, the creditors could receive roughly $9 billion in BTC by the end of the year.

  • Mt. Gox was once the biggest cryptocurrency exchange responsible for 70% of the transactions in bitcoin’s early days. That all changed after the notorious hack seven years ago when hackers duped 850,000 bitcoins, some of which were later discovered.
  • Since 2014, when the event took place, company customers have been unable to receive compensation for their losses.
  • The Rehabilitation Trustee for the defunct exchange recently outlined several rehabilitation plans, which had difficulties reaching a consensus.
  • However, the October 20th letter reads that approximately 99% of the voting rehabilitation creditors have approved the most recent plan.
  • “Depending on the situation, the confirmation order is expected to become final and binding in approximately one month from today.” – reads the letter.

  • Once it does become “final and binding,” the Rehabilitation Trustee will request all creditors to register their bank account information on Mt. Gox’s online filing system to receive repayments.
  • According to some estimations, the victims might receive somewhere around $9 billion in BTC at today’s prices.
  • As such, community members fear that they could dispose of their coins immediately after years of waiting, which could strengthen the selling pressure on the market and lead to a price correction.

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