The Japanese Trustee for the MT Gox exchange has now come up with a clear plan for reimbursing victims who lost their money. Creditors can now engage in a voting process to determine why or not they agree with the civil rehabilitation proposal.
The document titled the ‘Notice of Release of Online Voting Function stated, “We are pleased to inform you that the online voting function has been released on the online rehabilitation claim filing system (the online system).”
Details of the voting process
The deadline for the voting exercise will be on October 8 and according to the notice, those who fail to vote will be “deemed to have voted against the Draft Rehabilitation Plan.” For the proposal to pass, there needs to be more than 50% of votes that agree with the plan. However, there is still a chance that the proposal will fail to pass even after the majority of voters vote in favour of the proposal.
Once the voting process is over, the proposal needs to be confirmed by the Tokyo District Court for the proposals to become final and binding. Afterwards, this is when the rehabilitation plan will come into effect and victims will start to begin their reimbursements.
The document also adds that the voting forms and the other relevant documents will be sent to the victims. Those who vote on the online platform will not have to vote again using the voting form. It also asked victims not to vote more than once. It also urged those victims who are registered on the system to only vote online.
To vote, creditors will have to log in at claims.mtgox.com to either accept or decline the proposed draft rehabilitation plan.
MT Gox Hack and Proposed Payout
MT Gox was hacked repeatedly between 2012 and 2014 and this led to the firm’s bankruptcy. The firm has since been involved in court cases with victims seeking to receive their money back. However, because of the delayed process, some victims sold their claims to law firms and major investors who have since been pursuing the case.
The victims received a letter last year that detailed how the payout was intended to happen. The victims would receive their investments back in either Japanese yen, Bitcoin or Bitcoin cash. The BTC reimbursements have been set at a value of $7000 per BTC, which was the value of the currency when the lawsuit started in 2018. This is quite a difference given that BTC today is trading at above $35,000.