Gox Hack's Mountain Victims May Queue For Bitcoin Cashback

Victims of the Mt Gox hack may – several years later – queue up for repayment after Nobuaki Kobayashi, the defunct stock exchange's Japanese trustee, announced that creditors could now vote on a civilian rehabilitation plan. According to Kobayashi's May 31 letter to investors, the Tokyo District Court approved the revised version of the rehabilitation plan, opening the doors for a vote on the definitive repayment mechanism. “We are pleased to inform you that the online voting feature has been released in the online rehabilitation claim registration system,” Kobayashi said in the letter. What was Mt? gox? Once the world's largest crypto exchange, Mt. Gox handled more than 70% of all transactions on the Bitcoin network in one spot. The exchange crashed for several hacks – the most recent one in February 2014, when more than 850,000 BTC was stolen. Since then, more than 20,000 creditors have sought reimbursement for bankruptcy lawyer Kobayashi to lead the case. A significant portion of the stolen Bitcoin is still missing after the attacks. According to Mt. Gox Legal, Kobayashi currently has 165,000 BTC worth $6 billion at current prices in a cold wallet. Approximately 35,800 BTC ($1.3 billion) and 34,000 BCH ($23.1 million) were sold by the trustees between December 2017 and February 2018. In the proposed rehabilitation plan, creditors would claim 90% of the remaining Bitcoin. The proposed payment will reimburse claimants in Japanese Yen (JPY), Bitcoin (BTC), or Bitcoin Cash (BCH). The amount of each request is expressed in yen, and 1 BTC is pegged at 749,318 yen, or approximately $7,205. This was the price of Bitcoin when civil rehabilitation began in 2018. However, according to the trustee's notice, if a plaintiff does not vote, he or she is deemed to have voted against the draft rehabilitation plan. Also, at least 50% of the required votes are required to pass the proposal. if pr

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