MtGox lenders will discuss the distribution of funds at the semi-annual meeting on March 25.

   On March 25, a semi-annual meeting of creditors of the bankrupt MtGox cryptovrency exchange will be held, at which the plan of distribution of funds for compensation of losses will be discussed.

First of all, the meeting participants will have to decide how the money will be distributed. According to the agenda published shortly before the date of the meeting, creditors will be able to receive funds in full or in part in Fiat and BTC or BCH crypt currencies.

If no decision is made on this item, payments will be made in Fiat Currency. However, in accordance with certain requirements of the Exchange's trustee, it would be preferable for creditors who have transferred funds to BTC or BCH to receive funds in the appropriate crypt currency.

For those who have an account in fiat currency (other than Japanese Yen), amounts will be calculated at the exchange rate of the Yen on the date prior to the start date of distribution to the affected creditors. This means that the money will be distributed at the current exchange rate, rather than at the rate in effect at the closing of the exchange.

Payments will be made in several stages. The first to be compensated will be those who have lost large amounts at BTC and those who need to cover the interest rate in fiat currency. In the second stage, payments will be made to those whose losses were less than $2,000. The trustee of MtGox plans to pay each creditor small amounts up to 200,000 yen. Then proportional payments will be distributed.

Payments in fiat currency will be sent to the bank accounts after the creditors provide the appropriate information about the beneficiary bank, then the funds will be transferred from the bank account of the trustee of MtGox. If payments are made to BTC or BCH, the digital assets will be transferred to the accounts of the crypt currency exchanges.

This meeting will be another step, which may bring the creditors closer to the covenanted compensation for their losses. In 2017, payments were delayed due to the 75 million Coinlab lawsuit, which was filed before the bankruptcy of MtGox. Then Coinlab accused MtGox of violating the terms of the contract. Besides, the delay was connected with consideration of about 100 more lawsuits from other exchange clients.

In December, Fortress Investment Group offered the affected creditors to buy back the exchange's debts from them at $787 per 1 BTC, which at that time was 70% of their current value.

Earlier MtGox was considered to be the largest exchange - by 2014 it was processing more than 70% of international Bitcoin transactions. The exchange closed in February 2014 due to a break-in, which resulted in the theft of 650,000 BTCs, which currently stands at about $4.3 billion.