The deadline for online voting on a rehabilitation plan that could repay the lost Bitcoin (BTC) of the collapsed crypto exchange Mt.Gox is approaching
Blockstream founder Adam Back and former Mt. Gox CEO Mark Karpelès are calling for participation in an online poll with a deadline of October 8. In order for the rehabilitation plan to be passed, “it is necessary to agree with both the majority of the number of voting rights holders who voted and more than half of the total voting rights of all voting rights holders.”
Adam Back cautions that if he does not participate in the vote, he will be classified as “no” to the draft plan.
LAST REMINDER if you got @mtgox‘ed you really need to vote for the rehabilitation plan. missing votes count as NO (stupid I know). if they don’t get enough YES votes matching > 50% of claim value, you don’t get paid. VOTE NOW vote ends TOMORROW friday 8th https://t.co/XH5e8BtTnA
— Adam Back (@adam3us) October 7, 2021
Former CEO Calpress is also on Twitter calling for participation in voting for the proposed rehabilitation plan.
Today is Friday here in Japan, deadline for voting in the #MtGox civil rehabilitation.
If you haven’t voted yet do it now, Friday in Japan happens faster than in the US because of timezones, by the time Friday starts in US time it’ll be too late.— Mark Karpelès (@MagicalTux) October 7, 2021
Launched in 2010, Mt. Gox was one of the largest exchanges in the world at the dawn of cryptocurrencies. But the 2011 hack and the subsequent bankruptcy in 2014 affected nearly 24,000 creditors. This resulted in the loss of 850,000 BTC. That’s $ 460 million at the time, and $ 45.8 billion at the time of writing.
Mt. Gox will move to civil rehabilitation proceedings in 2018. The rehabilitation plan was submitted to the Tokyo District Court in December 2020, and the creditors will vote in February this year.Announced。
Following the deadline for online voting on October 8, a creditors’ rally will be held on October 20. Creditors will vote either online, in writing, or by attending a creditor meeting.
Repayment to users who have deposited virtual currency or legal tender at Mt. Gox is premised on the validity of the rehabilitation plan. The funds will first be allocated to the rehabilitation planning process and then the creditors will receive the funds.
If the plan is passed, creditors will be reimbursed for more than 10 years after the hack.
“I just want to get my coins back,” said a Twitter user, one of the Mt. Gox bondholders.Posting.. “I’m sick of how long it took to get this out.”