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Mt. Gox Creditors to Vote on Draft Rehabilitation Plan
Creditors will vote on the draft plan proposed by trustee Nobuaki Kobayashi with the aim of resolution by October.
Updated Apr 10, 2024, 2:39 a.m. Published Feb 25, 2021, 3:37 p.m.
The Japanese trustee of Mt. Gox said creditors will now have a chance to approve a draft rehabilitation plan for assets still held by the long-defunct bitcoin exchange.
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- Creditors will vote on the plan proposed by trustee Nobuaki Kobayashi, outlined in March 2020 and filed in December.
- The measure comes after the draft was approved by the Tokyo District Court's examiner.
- The vote will be conducted online, by mail and in person, with a goal of resolution at a creditors' meeting on Oct. 20 this year.
- The draft outline indicates that creditors who have filed claims will receive the assets in their original deposited form if they are fiat currencies, bitcoin or bitcoin cash. Other crypto assets will be liquidated and refunded as fiat currency.
- Mt. Gox creditors have been awaiting such a resolution since 2014 when it was revealed that 850,000 bitcoins had been stolen from the exchange by hackers.
See also: Cryptopia Exchange, Currently in Liquidation, Gets Hacked Again: Report
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Fintech and Crypto Firms Seek Bank Charters Under Trump Administration: Reuters
Financial technology and crypto firms are increasingly applying for state or national bank charters, despite the community’s historical resistance to centralized banking.
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- Regulatory bodies have historically approved few new bank charters, though recent signals suggest a more streamlined process.
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