{"id":53007,"date":"2021-11-17T10:50:21","date_gmt":"2021-11-17T08:50:21","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=53007"},"modified":"2025-09-03T12:54:59","modified_gmt":"2025-09-03T09:54:59","slug":"court-approves-mt-gox-creditors-bitcoin-restitution-plan","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/court-approves-mt-gox-creditors-bitcoin-restitution-plan\/","title":{"rendered":"Court approves Mt.Gox creditors’ Bitcoin restitution plan"},"content":{"rendered":"

The Tokyo District Court approved the civil rehabilitation plan of the bankrupt Mt.Gox cryptocurrency exchange. This was reported<\/a> by trustee Nobuyaki Kobayashi.<\/p>\n

The proposal to compensate users presented<\/a> in December 2020. In January, details of the plan<\/a> emerged, and in February the court approved<\/a> it for subsequent vote.<\/p>\n

It started<\/a> on May 31 and ended<\/a> 20 October. About 83% of exchange users backed the restitution proposal.<\/p>\n

According to Kobayashi, on the same day the court issued a ruling confirming the plan.<\/p>\n

\n

\u201cNext, on 16 November 2021, the rehabilitation plan became final and binding,\u201d wrote the trustee.<\/p>\n<\/blockquote>\n

The timelines and sums of payments, as well as the details of the procedure, will be disclosed later.<\/p>\n

Mt.Gox filed for bankruptcy in 2014. The restitution process was launched in 2018. Since then many in the community have warned that about 150,000 BTC (~$91 billion at current prices), which could be handed over to the exchange’s users, would flood the market and trigger a collapse.<\/p>\n

The court’s final approval of the rehabilitation plan led to renewed discussion of the topic.<\/p>\n

\n

\u201cThey will undoubtedly sell, which will cause a serious crash,\u201d said Mr. Whale.<\/p>\n<\/blockquote>\n

\n
\nhttps:\/\/twitter.com\/CryptoWhale\/status\/1460782373667287046\n<\/div>\n<\/figure>\n

According to him, the exchange’s clients are being returned the bitcoins they owned when prices were around $100\u2013$1,000. On November 16, Bitcoin fell below the $59,000<\/a> level, but at the time of writing it was trading above $60,000.<\/p>\n

\n

\u201cThey will undoubtedly sell, which will cause a serious crash,\u201d said Mr. Whale.<\/p>\n<\/blockquote>\n

Earlier, Fortress Investment Group to buy their claims<\/a> for 80% of value.<\/p>\n

Follow ForkLog on Facebook<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Tokyo District Court approved the civil rehabilitation plan for the bankrupt Mt.Gox Bitcoin exchange. This was reported by trustee Nobuyaki Kobayashi.<\/p>\n","protected":false},"author":1,"featured_media":53008,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1166,136],"class_list":["post-53007","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-centralized-exchanges-cex","tag-mtgox"],"aioseo_notices":[],"amp_enabled":true,"views":"44","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/53007","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=53007"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/53007\/revisions"}],"predecessor-version":[{"id":53009,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/53007\/revisions\/53009"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/53008"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=53007"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=53007"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=53007"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}