Mt. Gox to reimburse creditors as trustee approves compensation plan
The trust committee of Mt. Gox, a crypto exchange that went bankrupt in 2014 announced on Wednesday that it has approved a rehabilitation plan to compensate victims of the infamous Mt. Gox hack.
The approval came after an overwhelming number of creditors voted in favor of the reimbursement plan. Mt. Gox trustee Nobuaki Kobayashi announced that over 99% of the victims voted in favor of the draft rehabilitation plan.
“Depending on the situation, the confirmation order is expected to become final and binding
in approximately one month from today,” a statement issued Wednesday read.
Based in Tokyo, Mt. Gox was one of the largest crypto exchanges in the world before suffering a hack in 2011 and subsequently suffering a downfall in 2014. Its collapse resulted in the loss of over 850,000 Bitcoin valued at around $460 million at the time.
If the rehabilitation procedure goes smoothly with the approval, the creditors will finally be able to receive compensation after more than 10 years of the hack.
According to a previous report from the trustee, Mt. Gox holds about 141,686 Bitcoins and about 142,846 Bitcoin Cash (BCH) as of September 2019.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow
