Mt. Gox “Final and Binding” Rehabilitation Plan Signed

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  • The Mt. Gox rehabilitation plan has been rubber stamped by the District Court of Tokyo
  • The plan was voted through with a 99% majority last month
  • Payments will start in 2022 but may be cash-only

Mt. Gox victims can expect payment in 2022 after a “final and binding” agreement over the rehabilitation of the hacked site was filed in the Tokyo District Court yesterday. The seven-year battle is finally entering its end game following the vote last month to approve the plan first lodged with the court a year ago, the latest in a line of proposals that have been rejected for various reasons over the years. Payments will be made next year, although the finer details, such as the medium, are yet to be arranged.

October Vote is Rubber Stamped

Last month’s vote on the Mt. Gox rehabilitation plan, which was finally approved by company creditors back in January, was the final hurdle that coordinator Nobuaki Kobayashi had to clear in order to make the plan official. This passed with a 99% majority, leaving just the legal niceties to be observed and some red tape to be waded through in order to make it official. This has now been done, with the vote, and therefore the rehabilitation plan, being rubber stamped by the court.

In the letter, Kobayashi noted the work of the parties involved in bringing the seven-year battle to an end:

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. An announcement will be made to rehabilitation creditors on the details of the specific timing, procedures, and amount of such repayments.

Payments May Be Cash Only

While this is clearly good news, the exact medium of repayments remains unknown. Kobayashi told the court in March 2018 that enough coins had been sold to honour the dollar value of the claims, but there have also been suggestions that the coins themselves could be returned as part of the deal.

Given that yesterday’s filing urged all claimants to enter their bank details into the portal, it could be that only cash payments are forthcoming, which would leave potentially hundreds of thousands of customer BTC and BCH in Kobayashi’s hands, at least for now.