Mt. Gox Trustee announces approval of 150,000 BTC Rehabilitation Plan.

Mt. Gox victims received great news today as the Mt. Gox trustee, Nobuaki Kobayashi, announced that the rehabilitation plan has been approved.

Mt. Gox was once the largest bitcoin exchange in the world, handling around 70% of all bitcoin (BTC) transactions. When they went bust in 2014, an estimated 850,000 Bitcoin was stolen. This plan aims at repaying some of the coins back to their original owners, which has been a long-discussed issue as it has the potential of tanking the Bitcoin market if the coins are sold.

Approximately 99% of the voting rehabilitation creditors voted for the Draft Rehabilitation Plan, and approximately 83% of the total amount of voting rights was exercised in favor of the Draft Rehabilitation Plan.

The decision follows an Oct. 8 vote from thousands of Mt. Gox users whose losses are estimated to be worth nearly $10 billion dollars.

Kobayashi said the distribution of the assets likely wouldn’t begin for at least a month, once the rehabilitation plan became “final and binding.” He added creditors should soon expect to register their bank account details on the website to receive remuneration.

For perspective, the total amount of Bitcoin that’s expected to be returned to Mt. Gox victims would be more Bitcoin than every single institution has combined. If the coins were in a single wallet, it would also be the 3rd largest Bitcoin wallet ever.

I’ll be updating everyone on future news regarding the Mt. Gox Rehabilitation plan, which is finally speeding up. The victims of this “hack” aka inside job exit scam deserve to recover their losses.