Mt.Gox's compensation plan for creditors received approval in court

The trustee of the bankrupt cryptocurrency exchange Mt.Gox, Nobuaki Kobayashi, announced that creditors will vote ona refund plan. The trading platform wallet holds 137,891 BTC (~ $ 6.3 billion at the time of writing).

The Tokyo District Court approved the document proposed by the Trustee in December 2020. Voting will take place online, by mail and in person for a decision by October 20, 2021.

Reimbursement plan previously published onlineassumes payments in Fiat, Bitcoin and Bitcoin Cash. The rest of the cryptocurrencies Mt.Gox will sell. Fiat payouts are a priority - some or all of the bitcoins and Bitcoin Cash can be sold to cover them.

The first to receive payments will be creditors whoreceived them as part of the bankruptcy procedure, if it was continued. The trustee will also make a base payment of 200,000 yen (~ $ 1920) to each creditor.

As a basis for cryptocurrency payments, Kobayashi proposed the exchange rate of Bitcoin and Bitcoin Cash to the yen at the time the procedure began.

749,318.83 yen for 1 BTC (~ $ 7205);
97,481 yen for 1 BCH (~$940).

Mt.Gox filed for bankruptcy in 2014.The process of reimbursing creditors was launched in 2018, but Kobayashi repeatedly asked the court to change the timing of the plan for the reimbursement of funds.

In April 2019, the trustee of the exchange notified notusers who applied for compensation, that they will also receive funds. Some lenders have sold the rights to their bitcoins to interested parties.

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