The founder of Mt.Gox Legal Andy Pag has officially announced his resignation from the group leader position which we read more about in today’s blockchain news.
Pag was the representative of the majority group of creditors of the now-defunct Bitcoin exchange. While reports show that the users who still have their funds stuck at the exchange could get their money back at the start of this year, Pag believed that this statement will actually slow the entire process and it will become unlikely.
It could take another year before the creditors get their money back. The crypto exchange still holds thousands of Bitcoin SV, Bitcoin Cash, and Bitcoin up to a substantial sum. CoinLab, for example, filed a $16 billion claim on the estate of the defunct exchange saying that it deserves to be a part of the group who will share the profit according to an agreement. The $16 billion claim is interesting since the company previously demanded about $75 million which was the initial sum demanded from Mt.Gox in 2013.
Mt.Gox went into civil rehabilitation last year and many believed to get their money back in any form.
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However, year after the process, it comes as no surprise that this isn’t the case. Mark Karpeles was exonerated recently from his criminal charges regarding the failure of Mt.Gox.
According to Pag, everyone that had a claim during the bankruptcy of the company, refilled that claim when the exchange went into civil rehabilitation. Everything that needs to happen now is for all creditors to receive approval and the court will also approve a plan to pay everyone back. Pag stated:
“We’ve started that process but it’s not finished and it’s not confirmed, it’s not confirmed that we’re in civil rehabilitation until the creditors vote on a civil rehabilitation plan.”
Pag believes that selling his BTC claim will eliminate him from being the leader of the group of victims. Pag writes further:
“Without owning a claim, I don’t think I’d carry support to run the group.”
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