Creditors of the now-defunct crypto exchange Mt. Gox have until October 8 in Japan to vote on a recovery plan that could potentially return lost millions in Bitcoin.
Personalities like Blockstream founder Adam Back and former Mt. Gox CEO Mark Karpelès took to social media this week to remind crypto users of the upcoming deadline. Applicants representing more than half of the value lost in the Mt. Gox collapse and half of all creditors must vote on the proposed recovery plan by October 8th for all to receive compensation.
According to Adam Back, the court will mark the missing votes with “No”:
LAST REMINDER if you have @mtgoxYou really need to vote for the rehabilitation plan. missing votes count as NO (stupid I know). If you don’t get enough YES votes equal to> 50% of the claim value, you won’t get paid. VOTE NOW Voting ends TOMORROW Friday the 8th https://t.co/XH5e8BtTnA
to???? Adam back (@ adam3us) October 7, 2021
“Last reminder, if you’ve been affected by @mtgox, you really need to vote for the rehab plan. Missing votes count as NO (stupid, I know). If you don’t get enough votes, YES, that’s at> 50% of the value the VOTE NOW the voting ends TOMORROW, Friday 8 “
The CEO of the closed exchange, Mark Karpelás, He also went to Twitter to encourage his former users to vote on rehab procedures as soon as possible:
Today is Friday here in Japan, deadline for the vote in #MtGox civil rehabilitation.
If you haven’t voted yet, do it now. Friday in Japan happens faster than in the US due to the time zones. If Friday starts in US time, it will be too late.
to???? Mark Karpelès (@MagicalTux) October 7, 2021
“Today is Friday here in Japan, the deadline for the vote on the civil clean-up of #MtGox.
If you haven’t voted yet, do it now. Friday goes faster in Japan than it does in the United States due to time zones. If Friday starts in US time, it will be too late.
First published in 2010 by programmer Jed McCaleb and later bought by Karpelás, Mt. Gox was one of the largest exchanges in the world in the early days of cryptoHowever, a hacker attack in 2011 and a subsequent stock market crash in early 2014 affected nearly 24,000 creditors, mostly crypto holders. These events resulted in a loss of 850,000 Bitcoin (BTC), about $ 460 million at the time and $ 45.8 billion at press time.
Japanese courts originally approved a petition for the exchange to begin civil rehabilitation for Mt. Gox believers in June 2018. This timeframe has been repeatedly extended, among other things for reasons: “Matters that require further examination with regard to the rehabilitation plan”The Tokyo District Court approved the current draft of the recovery plan in December 2020 and passed a resolution in February that allows creditors to vote on it.
After this week’s voting deadline The creditors are expected to attend a meeting to pass resolutions on the compensation plan on October 20. They reportedly have the option to proceed via online voting, written statement, or in person on the day of the meeting.
According to the proposed design Former Mt. Gox users who have had cryptocurrencies or fiat on the platform will see their claims respected when the rehabilitation plan goes into effect.Â The funds are first allocated to the restructuring process, after which the creditors receive the funds.
If you are successful, Damaged Bitcoiners receive compensation over ten years after the first hack on Mt. Gox.Â Nobuaki Kobayashi, the attorney appointed to oversee the civil recovery process,Allegedly has 150,000 BTC to reimburse users.
â ???? I just want my coins backâ ????,TO He saidÂ Twitter user th3wise0ld0wl who claimed to be one of Mt. Gox’s believers.“I’m tired of how long and tedious it is”.
Others who said they voted on the plan they affirmed that the rehab rates for Bitcoin and other cryptocurrencies would be based on those of previous years, suggest a much lower offset value for your coins.TO Yuzo Kano, Founder and CEO of bitFlyer based in Japan, stated to understandThat you disagreed with the compensation plan and the procedures were “rated at the 2014 price,” it said.
In the final hours of the Mt. Gox vote, Japan saw shockedFor a 6.1 magnitude earthquake near Tokyo. Last week, for the first time in around six months, there was no state of emergency in the country due to the pandemic.