The voting on a proposal to reimburse victims of the Mt. Gox crypto exchange hack has commenced, with a majority vote needed for the proposal to pass.
Mt. Gox victims could get reimbursed
The Mt. Gox cryptocurrency exchange suffered one of the worst hacks in the crypto space, losing roughly 850,000 bitcoins in the process. Seven years later, the trustee presiding over the Mt. Gox civil rehabilitation case has initiated a vote that could see the attack victims get their funds back.
From yesterday, claimants were given a chance to vote on whether they would accept the civil rehabilitation proposal or not. According to the press release, the trustees are acting based on an order issued by the Tokyo District Court. “The court issued an order under which creditors may vote for or against the Draft Rehabilitation Plan. We are pleased to inform you that the online voting function has been released on the online rehabilitation claim filing system,” the press release added.
The claimants have until October 8 to cast their vote. The trustee said claimants who refuse to vote would be deemed to have voted against the Draft Rehabilitation Plan. The trustee also added that a minimum of 50% of votes is required for the proposal to pass. This implies that the proposal could still fail even if most of the casted votes are in support of the acceptance.
“The voting form and other documents will be mailed to creditors with voting rights to their addresses provided in the proofs of claims that they filed,” the trustee added.
Reimbursement could lead to massive BTC sale
The Mt. Gox attack was one of the biggest in the crypto space, with the exchange filing for bankruptcy shortly after the hack. If the victims are paid their entire bitcoins or part of it, the Bitcoin market could experience a massive sell-off. This is because the victims have been forced to Hodl the cryptocurrencies for years (when BTC was trading below $1,000.)
The crypto space has been plagued with numerous hacks and attacks over the past decade. However, the Mt. Gox attack remains perhaps the most significant since the market was still in its early stages.