Nobuaki Kobayashi, the trustee of now bankrupt crypto exchange Mt.Gox, has approved the compensation distribution plan the site's former users adopted in October.
Kobayashi has written he will report separately on the timing, procedures and specific amounts of the payments:
"The Rehabilitation Trustee would like to express sincere gratitude to all involved parties for their understanding and support, which led to the Rehabilitation Plan becoming final and binding. The Rehabilitation Trustee will then make repayments to rehabilitation creditors holding allowed rehabilitation claims in accordance with the Rehabilitation Plan. An announcement will be made to rehabilitation creditors on the details of the specific timing, procedures, and amount of such repayments."
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Mt.Gox was one of the world’s largest crypto exchanges, and accounted for 70% of Bitcoin transactions at its peak. Between 2011 and 2014, the platform was repeatedly hacked and experienced technical difficulties. In early 2014, problems with the withdrawal of user funds began, as a result, Mt.Gox froze trading and went out of business.
Mt.Gox was subject to a hacker attack, during which 850,000 Bitcoins valued at over $450 million at the exchange rate at the time ($50.8 billion at the moment) were stolen. The exchange was unable to recover the stolen funds, so it filed for bankruptcy in April 2014. The process is still ongoing.