Mt. According to an announcement Wednesday from Gox attorney Nobuaki Kobayashi, creditors of the cryptocurrency exchange have approved a compensation scheme to recoup billions of lost Bitcoin (BTC).
Mt. Gox attorney announces approval of compensation plan
Cryptocoin. com, originally launched by programmer Jed McCaleb in 2010 and later acquired by Karpelès, Mt. Gox was one of the largest exchanges in the world in the early days of cryptocurrencies. a 2011 hack attack followed by the stock market crash in early 2014; impacted nearly 24,000 creditors, most of them cryptocurrency holders.
These events resulted in the loss of 850,000 BTC, worth approximately $460 million at the time. At the time of writing, the value of these BTCs in dollars has increased to $ 56 billion. However, Kobayashi is said to only have 150,000 BTC to return users. Thus, about 99 percent of creditors affected by the collapse of the Japan-based cryptocurrency exchange approved the initial draft recovery plan, which was submitted to the Tokyo District Court in February. In addition, plaintiffs, representing about 83 percent of their total voting rights, voted in favor of the plan.
Thousands of Mt. Gox user voted for their Bitcoin (BTC)
The decision resulted in thousands of Mt. It came after a vote by user Gox on Oct. Kobayashi said distributions of assets will likely not begin for at least a month after the compensation plan becomes final and binding. The creditors will save their bank account information on the website to receive payment soon.
Japanese courts ruled that the stock market was reinstated in June 2018 at Mt. Gox’s petition to initiate compensation proceedings for his creditors. This period has been extended several times for various reasons. Still, the Tokyo District Court eventually accepted the current draft compensation plan in December 2020 and issued an order in February allowing creditors to vote on the plan.
When the lost BTCs reach their owners and are released to the market, it is eagerly awaited whether they will sell for profit as the creditors have been at a disadvantage for a long time. With the BTC price exceeding the all-time high of $64,405 and above $67,000 yesterday, it is another matter of curiosity how the bullish price of BTC will be affected.