Mt Gox Creditors Approve Rehabilitation Plan, Order to Become Final Next Month

The rehabilitation trustee Nobuaki Kobayashi for the defunct cryptocurrency exchange Mt. Gox said this week that creditors had approved a plan to distribute over $9 billion worth of Bitcoin.

According to the announcement, creditors can elect to receive about 90% of the crypto assets owed to them under the proposal approved by the majority of voting participants.

“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.”

The plan has been sent to Tokyo District Court, but it is not yet declared when the distribution would be issued.

The confirmation order is expected to become final and binding in about one month, that is, in the latter half of November, after which further steps to receive funds will be decided.

Once the world’s biggest Bitcoin exchange, Mt. Gox suffered a hack between 2011 and 2013, resulting in the loss of more than 600,000 BTC. The exchange went into bankruptcy in 2014.

Some coins were found subsequently for which the Civil Rehabilitation plan was first proposed in February, under which their owners would receive partial funds.