Mt.Gox Creditos Update Civil Rehabilitation Plan

A group of creditors from the now shut-down BTC cryptocurrency exchange Mt.Gox, have announced a recent update to their civil rehabilitation plan. Following statements, the exchange said that its rehabilitation plan was under strict observation and review and with full compliance of statements form the prior policy version.

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The latest upgrade will permit BTC and BCH repayments and additionally, creditors will be repaid on their currency accounts open and connected to cryptocurrency exchanges or launch a brand new account with easy and direct access to it. The new policy proposes paying off the remainder or any repay back in cash due to the amount of cash the now-closed exchange possesses.

The new rehab plan also hints at reimbursements through alternative coins. This new section of the update policy dismisses altcoin payments to Bitcoin creditors as unviable and pointless and present several examples of cryptocurrencies listed on any exchange. Additionally, lawyers of the exchange have said that alternative coins would result in a drop in value if sold by trustees. As mentioned, a possible drop could occur and further issues regarding security may come as a result of the drop.

Lawyers then stated that any trustee will receive 160K in BTC and 168K in BCH including other derivatives during the first payment in 2019 once the rehabilitation has been approved. The exchange also pinpointed an application deadline on the 14th of February next year, stating that It was coming way before the regular schedule.

As of now, Mt.Gox is defunct and saw its CRP launched earlier this year in Jun, only a few years after a massive loss of almost $500M around four years ago. Currently, this hack holds its position as the second biggest and most successful hack in history in regards to the number of assets stolen, like Coincheck,  who fell victim to the largest hack in history, losing more than $530 in total.

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