Mt. Gox Rehabilitation Plan Worth Billions in Compensation Approved; Finalization to Follow
Creditors should be able to register to receive their funds once the plan is finalized next month.
Oct 20, 2021 at 9:17 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/I4T6HXRC2RETXI5H4B5SW3ZXH4.jpeg)
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The end of a long journey is finally in sight for the thousands of creditors who lost billions in funds in the infamous Mt. Gox hack.
In that hack, more than 600,000 bitcoins were siphoned off between 2011 and 2013, forcing the cryptocurrency exchange into bankruptcy in 2014.
Rehabilitation Trustee Nobuaki Kobayashi issued a statement Wednesday acknowledging the plan to reimburse victims has been accepted by the requisite number of voting participants.
- The Civil Rehabilitation plan was first proposed in February. It laid out a scheme by which victims would be at least partially compensated for funds lost in the hack.
- Creditors were able to vote on the proposal between May 31 and Oct. 8. At least 50% of eligible voting shares needed to be cast in favor of the proposal for it to pass.
- According to today’s statement, “approximately 99% of the voting rehabilitation creditors voted for the Draft Rehabilitation Plan, and approximately 83% of the total amount of voting rights was exercised in favor of the Draft Rehabilitation Plan.”
- The plan will be finalized on Nov. 20 and creditors will be able to take further steps to finally receive their funds.
- Kobayashi expressed “sincere gratitude to all involved parties for their understanding and support, which led to the approval of the Draft Rehabilitation Plan by a large majority of rehabilitation creditors and the confirmation order of the Rehabilitation Plan.”
Read more: Mt. Gox Voting Deadline for Creditors Ends
UPDATE (Oct. 20 21:54 UTC): Adds background in the second paragraph and link to statement in the third paragraph.
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Christie Harkin is CoinDesk's managing editor of technology. She holds some bitcoin and non-material amounts of other crypto tokens.