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Mt Gox announced that it has finalized its rehabilitation plan
The years-long struggle of creditors of bankrupt Bitcoin exchange Mt Gox is coming to an end after a rehabilitation plan approved last month was finalized.
The rehabilitation plan is one of the final steps
On Tuesday, Mt Gox trustee Nobuaki Kobayashi announced that the rehabilitation plan, originally submitted to the Tokyo District Court in February, is now "final and binding." The Japanese court system's confirmation of the rehabilitation plan is one of the final steps in a long process that began with a petition filed in 2018 to compensate creditors of the exchange, which collapsed in early 2014. Tuesday's announcement follows the approval of a "large majority" of creditors on Oct. 20.According to the letter, "The Rehabilitation Trustee would like to express sincere gratitude to all involved parties for their understanding and support which led to the Rehabilitation Plan becoming final and binding. The Rehabilitation Trustee will then make repayments to rehabilitation creditors holding allowed rehabilitation claims in accordance with the Rehabilitation Plan," Kobayashi stated "An announcement will be made to rehabilitation creditors on the details of the specific timing, procedures and amount of such repayments"
The losses of users are estimated to be worth billions
The update from Kobayashi follows an Oct. 8 vote from thousands of Mt. Gox users whose losses are estimated to be worth billions of dollars. Roughly 99% of the creditors affected by the collapse of the Japan-based crypto exchange approved the draft rehabilitation plan, with claimants representing roughly 83% of the total voting rights voting yay.Users who filed claims could receive the funds reasonably quickly, as Kobayashi implied in October, the "final and binding" ruling was the last major hurdle in the compensation process. However, some victims of the exchange's collapse have reported infrequent communications regarding the rehabilitation plan, leading to skepticism over the timing of repayments.
The Mt Gox saga began in 2014 when the bitcoin exchange collapsed amid fraud and mismanagement allegations. Its CEO, Mark Karpeles, was accused of embezzlement and data falsification. Karpeles was ultimately found guilty of falsifying records and received a suspended prison sentence. These events resulted in the loss of 850,000 BTC, $460 million at the time and $51 billion at the time of publication. However, Kobayashi reportedly has roughly 150,000 BTC with which to repay creditors.
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