Cryptocurrency

Mt. Gox introduces a draft of your plan compensation to customers

The former home of change Mt. Gox reported on new changes to its compensation plan to customers this Wednesday, in a draft that will be submitted for approval to the japanese authorities the next 31 march.According to an email signed by Nobuaki Kobayashi, the legal representative of the trust of Mt. Gox, the plaintiffs have properly followed the claims process to be able to receive their funds in BTC and BCH through exchange houses; or in money fiat, bank transfer.The communication represents a breakthrough for users who have been waiting since 2014 them to regain their lost funds in the highly publicized case of the hacking of Mt. Gox, in the reported loss of 850,000 BTC. The deadline to submit a rehabilitation plan expires next 31 march, and this Wednesday there was a meeting of Kobayashi with the users creditors to provide details about the compensation.The mail states that the withdrawals in fiat will have priority and will do whatever is possible for the carriers to BTC and BCH who wish to withdraw their funds in cash, they can do it. Those investors who owned other cryptocurrencies different to BTC and BCH in the platform, receive their compensation in cash to the extent possible, says the communication.The cash withdrawals will have a value of USD $ 450 multiplied by the amount of BTC claimed by the customer, the more the cash value for the time of the claim had the cryptocurrencies user -this amount last paid in cash only.The document sent in the afternoon of this Tuesday, march 24th is a draft that was discussed internally this Wednesday, to then be submitted to the japanese authorities for their approval. This fact further highlighted by the determination of the fund on gather a good amount of money in cash to liquidate the largest number of applications possible.The corresponding payments to those who were holders of BTC at Mt. Gox will be on the basis of a price of USD 450 per BTC the more the price that I had the criptomoneda at the time he was introduced to the claim. Images by f9photos and gargantopia / elements.envato.compare this, it is possible that is sold for cash part of the BCH/BTC to make up the debt of the investors, provided they have the permission of the court, they claim; but ensure that the fund will not purchase in any way BTC and BCH in addition to make the payouts, which seems to indicate that Mt. Gox does not have sufficient funds to cancel the debt only with cryptocurrencies. The press release says that the other cryptocurrencies will be sold in exchange for japanese yen (JPY).First of all, we will conduct a round of paid only to those who have claimed a sum greater than JPY 200,000 yen (aproximadente USD $ 1,800). After a time, to adjust the accounts and finances of the fund, will proceed to make the remaining payments.With regard to the payment methods, a translation of the document points out that is only payable in USD, EUR and JPY, the conversion rate according to the value of such currencies fiat the day before he started the procedure of compensation. The costs of the transfer are, of course, in the name of the recipient of the compensation.While some users of Reddit were confused by allegedly not having received the notice in their emails, others recommended to review their accounts and verify everything is in order. In this regard, it is notable that the document states that in the case of not being able to deliver the funds to a user, either by errors in the personal information, or bank transfer, will keep for a time not yet stipulated in the custody of the fund Mt. Gox. If after that, it is not concretized the payment, the funds will be put to the orders of the Bureau of Legal Affairs of Japan for its disposal.The reactions of the users was generally positive, although some reported disadvantages to access to the platform or had questions about how to do a follow-up to this proposal. The document can be seen in the following link.The form of entry to the section of materials published by Image material.mtgox.eat October 2019 the District Court in Tokyo ordered to extend the period of performance of the compensation plan until the next march 31. In addition it was reported that this fund is maintained 141,686 BTC and 142,846 BCH. It is not clear what other cryptocurrencies possess. At that time, the value of the claims approved amounted to 802,521 BTC, 792,296 BCH and around USD 38 million in cash.Among these cryptocurrencies to be sold could be the funds in Bitcoin SV (BSV) that the organization allegedly holds even after the birth of this network will be forked from Bitcoin Cash in November 2018; which makes them creditors of 200,000 BCH (Bitcoin Cash, forked in 2017) and the same amount of BSV, which is listed currently at USD 45.6 million and $ 24 million, respectively.As background, during the past year, it was reported that Mt. Gox sold 300 million dollars in BTC through the exchange house japanese BitPoint, which shows the interest of the fund by handle mostly cash. Previously during the first half of 2018 settled 60,000 BTC and 60,000 BCH.De the adoption of the compensation plan, there can be resolution to one of the most decisive in the history of the houses of change, when in 2014 were missing 850,000 BTC, a part of which were concealed in during the following years under a money-laundering scheme in a house of change fraudulent dismantled by the authorities in 2017. However, shortly after filing bankruptcy, Mt. Gox recovered 200,000 BTC.