The Comeback of Mt. Gox Creditors
In a thrilling twist reminiscent of a financial soap opera, creditors of the infamous Mt. Gox exchange have overwhelmingly greenlit a rehabilitation plan aimed at compensating their monumental losses from the crypto calamity. In a recent announcement that made waves throughout the crypto community, trustee Nobuaki Kobayashi revealed that a staggering 99% of the affected creditors threw their proverbial hats in the ring to support this plan, originally filed in the Tokyo District Court back in February.
Voting Power: A Show of Hands (Sort Of)
As if conjuring up a financial resurrection, about 83% of the total voting rights stepped forward in favor of this draft rehabilitation plan. This comes on the heels of a critical vote conducted on October 8, where thousands of Mt. Gox users, with losses collectively amounting to billions, voiced their opinions. Yes, folks, it turns out the blockchain isn’t just for Bitcoin—it’s for democracy too!
Let the Distribution Games Begin!
Now, before you throw a “Happy Dance” party, hold your horses! Kobayashi has indicated that distribution of the assets might take a bit longer, likely starting no sooner than a month after the plan is finalized and made “binding.” If you’re a creditor, keep an eye out for that oh-so-important registration prompt to enter your bank details for compensation—it’s about time!
A Trip Down Memory Lane
For those who need a refresher, Mt. Gox was the heavyweight champion of crypto exchanges back in the day, launched in 2010 by programmer Jed McCaleb and later taken over by notorious figure Mark Karpelès. But all that glitters is not crypto gold; a massive hack in 2011 and the exchange’s eventual implosion in 2014 led to a cataclysmic loss of around 850,000 Bitcoin, equating to roughly $460 million back then and skyrocketing to a mind-boggling $56 billion at the time of this announcement!
The Long Road to Rehabilitation
The wheels of justice have spun slowly; Japanese courts initially sanctioned a civil rehabilitation for Mt. Gox creditors back in June 2018. Since then, deadlines have come and gone like socks in a laundry machine, but justice may finally be on the horizon. To make things even more interesting, this announcement coincides with a recent eruption of a supervolcano in Japan’s Kyushu region. While El Salvador is busy mining Bitcoin from volcanoes—no joke—Japan is still figuring out its crypto antics.
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