Mt. Gox Rehabilitation Plan Confirmed After Seven Year Wait

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  • Mt. Gox victims will get their long-awaited payouts after a rehabilitation plan was finally agreed
  • The proposed plan received 99% of the votes by victims
  • The agreement ends a seven-year long battle for compensation

Victims of the hack on cryptocurrency exchange Mt. Gox in 2014 are finally set to get their hands on at least some of the bitcoin lost in the infamous theft after it was confirmed that the plan passed a vote by a massive 99% majority. Trustee Nobuaki Kobayashi filed an update on Wednesday which stated that the vote which took place earlier this month was an overwhelming vote of support for the rehabilitation plan, which will come into effect next month. Once the plan is rubber stamped, repayment can begin.

Seven Year Battle Set to End

The Mt. Gox rehabilitation saga has been rumbling on since the case was first presented to the Tokyo District Court in 2014. Since then, numerous methods of returning what funds remain have been put forward but nothing has yet satisfied all parties. Finally, after contractors agreed with a payout plan and dropped lawsuits in January, former users could vote on the plan, with CEO at the time of the hack Mark Karpelès among those reminding affected users that non-registered votes counted as ‘no’ votes.

In the end the concerns raised by this were washed away by the tidal wave of ‘yes’ votes as outlined in Wednesday’s update:

The Rehabilitation Trustee is pleased to announce that…the draft rehabilitation plan (the “Draft Rehabilitation Plan”) filed by the Rehabilitation Trustee with the Tokyo District Court on February 15, 2021, was approved by a large majority of rehabilitation creditors (i.e., approximately 99% of the voting rehabilitation creditors voted for the Draft Rehabilitation Plan, and approximately 83% of the total amount of voting rights was exercised in favor of the Draft Rehabilitation Plan.

Repayment Process for Mt. Gox Victims Can Begin

The Mt. Gox rehabilitation draft will be rubber stamped “one month from now” after which victims can start submitting their bank details and crypto addresses to the court. It is not stated how much bitcoin and bitcoin cash will be returned to each victim, but given that the price of bitcoin at the time was $530 and today it stands at $65,000, there is a good chance that the victims will have at least retained their dollar value once all is said and done.