On Friday, an extremely important vote was expected, namely the one concerning the creditors of Mt. Gox, the deceased exchange di cryptocurrency collapsed in 2014. Who have been called to approve or not the compensation plan prepared by the Tokyo court, called to give a solution to a now long-standing issue. Which is literally wearing out many of the gods 24 thousand investors were involved in the bankruptcy of the exchange platform which, at the time, was the largest globally.
The joke, however, is around the corner. And many have taken action, among the leading figures in the sector crypto, in order to prevent it from actually going through. So let's go see what happened and what could happen now.
The appeals for the vote
If it is true that the vote on the repayment plan was scheduled for Friday, it should also be emphasized that there are not a few who had the right not to reside in Japan. Ove, as he recalled Mark Karpeles, the CEO of the failed exchange, time zones are very different from those in the US. Causing a real time lag, which could have led to the invalidation of many votes cast on Friday in the United States.
An appeal to vote was therefore made not only by him, but also by Adam Back, the founder of Blockstream. He also recalled that the missing votes would be counted as negative by the court. In case of failure to achieve 50% by the positive opinions, the reimbursement would no longer be made. Further lengthening the time to be able to get back the money lost in the crash of 2014.
Mt. Gox: an emblematic story
That of Mt. Gox can be considered one emblematic story, precisely because of the implications and the accusations that have fallen on the management of the exchange since then. The platform was launched in 2010 by Jed McCaleb, to then be acquired by Mark Karpelès, soon becoming a reference point for those who wanted to trade cryptocurrency.
A long series of attacks by hackers, however, first undermined Mt. Gox and then led to its definitive failure. Which was certainly not taken well by the people involved. Between one accusation of fraud and another, the affair then landed in court. Also because they went into the affair lost 850 thousand Bitcoin. That is the equivalent of 45 billion dollars at the current exchange rate. Which, however, will not constitute the actual amount of the compensation.
The compensation will be made with the 2014 prices
Among the many problems that arise in view of the resolution of the affair, one of the thorniest is precisely that relating to the amount of compensation provided for by the plan devised by the Tokyo court. Which should provide for the adoption of the quotation which Bitcoin was attested in in 2014.
A decision which, for example, was challenged by Yuzo Kano, founder and CEO of bitfly is, a Japanese crypto platform. The reason is easy to understand: BTC was still taking off at the time and its price exploded immediately after the collapse of Mt. Gox, effectively preventing investors from attending the party. Many of them, in fact, found themselves without resources to be able to continue their business. By adopting 2014 prices, they would lose the opportunity to take advantage of the token's massive rise over the years. With a further mockery accessory: the compensation would take place in practice in 2024. That is ten years after the facts. A wait that would exhaust anyone.