Mt. Gox Trustee Calls for a Vote on Draft Compensation Plan for the 150,000 Bitcoins

Mt. Gox Trustee Calls for a Vote on Draft Compensation Plan for the 150,000 Bitcoins

Court-appointed trustee of the defunct Japanese crypto exchange, Mt. Gox, asks creditors to vote on a draft rehabilitation plan to start the compensation process. The trustee currently holds about 150,000 BTC, or approximately $7 billion, as of writing.

A letter by Nobuaki Kobayashi, the appointed trustee of the remaining Mt. Gox Bitcoins, states he filed an amended draft rehabilitation plan with the Tokyo District Court on February 15, 2021. The trustee is now giving creditors a chance to approve the draft plan through a vote to determine how the remaining assets from the long-defunct Mt. Gox exchange will be compensated.

The deadline to determine eligible voting rights holders passed earlier this week on Wednesday, with the deadline for notice of non-uniform exercise of voting rights set on September 10. The voting will be conducted through the mail, online, and in-person, with the resolutions being decided by October 20 during the creditors’ meeting.

The trustee is said to hold about 150,000 BTC (7 billion, as of writing), with over 20,000 customers filing claims for a refund. According to the draft, Bitcoin (BTC) and Bitcoin Cash (BCH) holders will receive their real assets, while other altcoins will be liquidated and returned in fiat.

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Author: Lujan Odera

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