The Mt. Gox Trustee and board have proposed a reimbursement plan. Creditors that lost funds in Mt. Gox and previously filed an approved claim with the Trustee may now vote to accept or reject the proposal. The deadline to vote is October 8th, 2021 (Japan Standard Time, UTC+9).
The plan outlines how creditors will be reimbursed if the plan is approved. Claimants would receive a base payment and two options for partial reimbursement: accept earlier for payment sooner or later for a potentially larger amount. Claims will be payable in a combination of JPY and bitcoin (BTC) or Bitcoin Cash (BCH), depending on the claim.
Kraken recommends that creditors log into the Mt. Gox site, review the details of the plan and vote based on their individual discretion. If this proposal is not approved (majority of creditors vote no or do not vote), it could be several more years until a new plan is proposed, resulting in further delays to potential reimbursement.
How should I vote?
This plan offers creditors the best opportunity to-date to be partially reimbursed for lost funds since proceedings began four years ago. Kraken was founded following Mt. Gox to provide a safe, secure digital asset exchange. If you’re a Kraken client with potential claims, our goal is to provide a clear perspective on the plan, in order to help you make an informed decision.
Kraken encourages clients to review the Rehabilitation Plan and all documentation to make the decision that is best for them before voting. To learn more, visit our Support Center. To vote, visit the Mt. Gox site and log in.
Reimbursement: process and payment
The proposed payout would reimburse creditors using the following guidelines if approved, based on publicly available information:
- A base, fixed payment to all approved creditors.
- Two options for claimants based on the details of their claim:
- An early lump-sum payment as a percentage of the claim, payable sooner.
- A later lump-sum payment, which may be higher than the early option, but would be paid out last, after all other claims are settled.
- Payments will be denominated in Japanese Yen (JPY) and either bitcoin (BTC) or Bitcoin Cash (BCH), depending on which funds were approved in individual claims. Claims will be paid based on the approximate price of bitcoin in 2018.
Note: the following summary is based on articles from various trade publications. Kraken cannot ensure, validate or confirm the accuracy of this information. Claimants should read the plan on the Mt. Gox site for official details and reach a decision to vote for or against based on their discretion.
Kraken will continue to provide updates once the results of the vote and details on distribution of funds are known.