Plaintiffs in case Mt. Gox Bankruptcy Vote for Recovery Plan and Get Money – IT Pro – News

Victims of the bankrupt crypto exchange Mt. Gox have agreed on a settlement offer. With this, victims can get back up to ninety percent of their lost bitcoins, but how much money is involved is unknown.

A vast majority of affiliated victims are agreed with a settlement proposal from the bankruptcy trustee that the bankruptcy of Mt. Gox handles. The settlement proposal is thus brought to court in Tokyo, which still has to formally approve it.

Under the plan, 141,686 bitcoins could be distributed to victims. Details about the settlement are scarce, but victims can get back up to 90 percent of the bitcoins they had stored with the exchange during the bankruptcy, but it is not known at what price they will be paid out. The trustee has asked victims to provide their bank account details, which shows that the compensation is paid in fiat and not in crypto currency.

The case revolves around the bankruptcy of Mt. Gox in 2014, then the largest cryptocurrency trader at the time. At least 800,000 bitcoins were lost during the bankruptcy. At that time they had a value of 400 euros each. The trustee managed to recover 141,686 coins from this. Its current value is now almost eight billion euros, but it is not clear whether that exact amount will also be distributed entirely among the victims.

For a long time, the valuation of cryptocurrencies was a point on which the victims could not agree among themselves. Another factor was that during the settlement of the bankruptcy, bitcoin also forked into bitcoin cash. The coins in the curator’s portfolio experienced that fork, so that money could also be distributed for those coins.

The trustee expects that all payments can be made within a month. The foundation does not dare to name a hard date.

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