Nobuaki Kobayashi, the trustee overseeing Mt Gox’s civil rehabilitation process, has issued a proposal so that Mt Gox claimants can vote for compensation. The voting process will end on October 8, and more than 50% of the votes will be required to consolidate the settlement plan.

Mt Gox civic rehabilitation voting process begins

Over the years, victims of the notorious Mt Gox vulnerability may have the opportunity to obtain some funding. If the proposal of Nobuaki Kobayashi, the bankruptcy official in Tokyo, is passed by a majority. Those who do not vote will be submitted as “no” votes.

The letter issued on May 31 read: “If you do not vote, you will be deemed to have voted against the number of voting rights required by the draft restoration plan.”

Kobayashi’s letter further stated:

We are pleased to inform you that the online voting function of the online reorganization creditor’s rights filing system has been opened-in addition to online voting for or against the draft reorganization plan, it is expected that creditors will use the system to receive payments in the future.

Mt Gox Bitcoin claims to be more valuable than 7 years ago

If the vote is passed by a majority of votes, the rehabilitation plan will become the final plan and binding on the Tokyo District Court. The letter emphasized: “The restoration plan will take effect, and repayment will be made according to the restoration plan.”

After the “Draft Rehabilitation Plan” is approved and the Tokyo District Court’s confirmation order becomes final and binding, the “Rehabilitation Plan” will come into effect and repayments will be made according to the plan. In addition, voting forms and other documents will be mailed to creditors, Kobayashi detailed information.

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Seven years and three months have passed since the collapse of Japan’s famous cryptocurrency exchange. After the company filed for bankruptcy, a total of 850,000 BTC ($29.5 billion) was stolen and 200,000 BTC ($7.3 billion) was recovered. The account value of creditors is much higher than in 2014, many of them hope to repay with BTC, and some Mt Gox victims have sold their claims.

What do you think of the Mt Gox voting reimbursement process? Let us know your thoughts on this topic in the comments section below.

Tags in this story

Bitcoin, Bitcoin (BTC), BTC, claimants, creditors, hacked exchanges, Japan, Yama Gox rehabilitation plan, Nobuaki Kobayashi, resettlement plan, Tokyo, Tokyo District Court, vote, vote

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