Mt Gox made a document available at its semi-annual meeting today.

The document specifies the steps to be taken by the creditors, the creditors can find the document from over here.

The document contains a plan that will be presented but can be changed in the future, and the document mainly relates to how Bitcoin will be paid back to creditors.

The document states that creditors will be able to choose whether they want to receive funds in fiat currency or a combination of fiat and cryptocurrencies, including Bitcoin Cash, but no other digital currencies.

If the creditor does not choose cryptocurrency, he will be paid in fiat currency.

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The document also contains the following:

It is the trustee’s policy, subject to meeting certain requirements, that a distribution will be made to BTC creditors and BCH creditors.

For those who want paper money the assessment will be in Japanese yen, or the amounts will be assessed at the conversion rate in yen on the day before the date of the start of the rehabilitation procedure order.

The funds will be distributed to three groups in order of priority in stages.

The evaluation policy is to pay for security claims for fiat currency and small sum payments in order of priority.

first Who will get the refund and compensation will be those who lost large amounts of bitcoin in the Mt Gox exchange.

and given second wave of reimbursement for those who have lost amounts of up to $2,000.

The document states that “the trustees plan to make payments as small as 200,000 yen to each creditor.”

Third, The payments will be pro rata, which can be divided into several payments according to the claim.

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Payments made in fiat currency must be sent to bank accounts.

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According to the announced document, the following:

In principle, claims for fiat currency will be paid by receiving bank account information from each creditor.

The payments will be transferred to his bank account.

Otherwise, payment can be made in yen at the main office where the debtor is located.

Compensation amounts will be paid in Bitcoin and Bitcoin Cash, while other cryptocurrencies will be converted into fiat currencies.

For your information, Mt Gox was one of the major trading platforms in the years before 2014 as it handled 70% of the global Bitcoin trading volume.

The platform shut down in February 2014 after 650,000 bitcoins, worth $4.3 billion, were hacked and stolen.

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