Sunday, February 5, 2023

Mt. Gox Rehabilitation Proposal Voting To End On October 08

The voting for Mt. Gox rehabilitation proposal, which manages reimbursement procedures for affected investors, will end on Friday, October 08.  

According to the report, the proposal needs over 50 percent of votes to get approval.

While making an official announcement through its website, Mt Gox. stated that the rehabilitation voting for returning funds to affected investors will conclude on October 08. These votes will decide whether the reimbursement terms will be adequate or not. 

On May 31, the Tokyo District Court released the first rehabilitation plan for those investors, who became the victim of hacking and lost their funds.

As soon as the voting concludes, the court will put an end to a long-standing case that had sent shockwaves through the market.

The refund paid by Mt. Gox might be worth a total of 150,000 BTC.  

Mt. Gox is one of the oldest crypto exchanges around the world. At one point the exchange was accountable for more than 70 percent of all bitcoin transactions around the world. But then, it was hacked and its users lost all their invested funds. Presently, Mt. Gox has shut its operation.

In 2014, the crypto exchange announced that “a large amount of bitcoin, $450 million worth, had likely been stolen, and the exchange would be shutting down.”

This is considered to be one of the biggest incidents in the history of Bitcoin. Soon after, Mt. Gox made its announcement, the value of Bitcoin came down sharply. It stands as a watershed moment in the market and is frequently referred to as a case study.

The crypto exchange, which once was one of the biggest crypto trading platforms, became insolvent because it was compromised. Now, every new crypto exchange in the industry tries to learn from Mt. Gox’s mistakes and take proper security measures to avoid downfall.

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