A new settlement agreement has been reached in the "Mentougou" case, and 90% of the Bitcoin can be claimed according to the wishes of the creditors

Overview

• According to Bloomberg, creditors can claim 90% of the remaining bitcoins from Mt. Gox, a Japanese exchange that declared bankruptcy in 2014.

• This is part of an agreement reached between MGIFLP, a unit of Fortress Investment Group, and the bankruptcy trustee of Mt. Gox.

• CoinLab, a former partner of the exchange, announced the arrangement but is not involved in the settlement. The company will continue its own litigation.

Creditors could claim 90 percent of the remaining bitcoins held by Mt. Gox, the Japanese bitcoin exchange that declared bankruptcy in 2014, according to a new report from Bloomberg.

This is part of an agreement reached between MGIFLP (part of Fortress Investment Group) and Mt. Gox bankruptcy trustee Nobuaki Kobayashi.

CoinLab, which announced the settlement but was not involved in it, worked with Mt. Gox as an incubator for bitcoin businesses. CoinLab initially sued the exchange for breach of contract in 2013 before Mt. Gox went bankrupt and is still pursuing litigation.

Customers and investors have been scrambling to recoup losses since Mt. Gox filed for bankruptcy in 2014 after a hacker stole about 850,000 bitcoins from the company.

Bloomberg reports that they can claim “90% of the remaining bitcoin tied up in the bankruptcy process,” but it’s not known how much is left or how approved claims will be priced, with previously approved claims priced at 2014 prices for bitcoin, or $483.

Today, the price of Bitcoin has exceeded $36,000.

The plan agreed upon by MGIFLP and Kobayashi needs to be approved by creditors before the funds can start flowing.

Investors can also choose not to make those payments upfront, pending the settlement of numerous other lawsuits against Mt. Gox.