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Mt. Gox victims to know fate on compensation by Friday

TL;DR

TL;DR Breakdown

  • Mt. Gox victims rehabilitation voting deadline is tomorrow.
  • If total vote is not up to 50 percent of amuont hacked, nobody gets compensated.
  • About the 2012 Mt. Gox hack.

Victims of the Mt. Gox hack between 2012 and 2014 would know their faith on Friday if, or if not, they would receive payback on what they lost to the dreadest crypto hack that ever happened in that year.

This is as the rehabilitation voting deadline to reimburse victims end on Friday.

In May, victims of the hack were allowed to have a say in their own fate when the trustee presiding over the Mt. Gox civil rehabilitation case opened the voting on how to partially reimburse victims who lost money to the in hacks dating back nearly a decade.

Voting commenced in June after the Tokyo District Court approved the revised version of the rehabilitation plan, allowing voting on the exact reimbursement mechanism as creditors of the defunct cryptocurrency exchange have been waiting on claims related to the hack.

How victims could lose receiving compensation

Blockstream founder Adam Back and former Mt. Gox CEO Mark Karpelès on Thursday reminded victims to vote before the deadline. The number of votes must surpass half of the amount lost during the hack, and more than half of creditors must vote for the proposed rehabilitation plan by Friday for all to receive compensation. If the condition is not met, that way, all victims would not get compensation as whoever does not vote would be counted as ‘NO.’

Adam and Mark hammered on the conditions voters must meet so they don’t lose the chance to get compensation. After the voting process, creditors are expected to attend a meeting on the resolution of the compensation plan on Oct. 20. They will reportedly have the option to proceed by voting online, by written statement, or in-person on the day of the meeting.

Mt. Gox 2014 hack

The exchange hack was one of the world’s biggest crypto exchange hack when the crypto firm handled over 70 percent of all transactions on the Bitcoin network at that time. The exchange fell to several hacks, the most recent of which occurred in February 2014, when more than 850,000 BTC were stolen.

After that hack, over 20,000 creditors have filed claims for reimbursements, with bankruptcy lawyer Kobayashi appointed to lead the case. A significant amount of the stolen Bitcoin is still missing after the hacks.

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Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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