Hope For Mt.Gox Creditors Grows As Kobayashi’s Rehabilitation Plan Goes To Vote

News / 02.06.2021

Creditors of the infamous Mt.Gox crypto exchange may soon have something to smile about. This follows an invitation for them to vote on a Draft Rehabilitation Plan for the defunct exchange. 

In a May 31st notice to the exchange’s victims, Mt.Gox’s Rehabilitation Trustee Nobuaki Kobayashi announced the start of the voting process that could see them recoup part of their funds. The move follows a February 22 Tokyo District Court order okaying the process. 

Earlier, Mr. Kobayashi had sought the court’s endorsement of his draft rehabilitation plan for the exchange.

Voting To Close On 8th October

Mr. Kobayashi’s notice spelled out the procedure for online voting on the online rehabilitation claim filing system. 

To vote, the affected parties will have to log in to the system via the URL https://claims.mtgox.com/.Once logged in, they should review the relevant material and follow the on-screen prompts to either vote for or against the Draft Rehabilitation Plan.

The notice further notes that the deadline for online voting is 8th October 2021(Japan time). Anyone that doesn’t vote by that time will be deemed to have voted against the plan.

Online Creditors’ Registration

Creditors may also access all the relevant material through the main website through the URL https://material.mtgox.com/login. The trustee goes on to advise the creditors against sharing the information with third parties.

Those yet to register on the online system or don’t recall their login information can register their accounts through the URL https://claims.mtgox.com/pre-signup.

Apart from aiding the online voting process, the system will come in handy in the disbursement of future payments. It is therefore essential for all concerned to register.

Draft To Pass On Majority Vote

Voting on the draft is vital as it forms the basis for its adoption. It can only implement the draft after confirmation by Tokyo’s District court.

Passing the draft would require a majority of the voting rights holders to back it. Additionally, at least 50% of them ( voting rights holders) must participate in the vote.

Kobayashi also undertook to send the creditors voting forms and other documents through their registered addresses. 

Karpeles To Keep Coins If Vote Fails

Those opting to vote online may do so even when they haven’t received the forms. While urging the voting rights holders to vote online, he cautioned them against double voting, i.e., voting online and via the forms.  

The draft’s approval could end Mt. Gox’s creditors’ decade-long wait for reimbursement of funds held in the exchange. Failure to pass it, however, will mean that Mark Karpeles will keep the coins. Accordingly, all creditors must vote in the draft’s favor.

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Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, he covers trendy issues on digital currencies.