The third distribution plan for the creditors who lost Nano(xno) in the Bitgrail exchange hack was recently published.

Info from bitgrail.com

«May 23, 2024 Dear creditors,

we have recently circulated the Webcoin Solutions bankruptcy procedure (WCS) third distribution plan (only) to creditors whose claim was allowed in WCS.

Since we have received many questions for clarification on how the amount to be distributed was calculated, please find here the explanation of the method employed.

Credits allowed against BG Services (BG) and WCS are just one credit: the higher of the two is the amount to be paid to each creditor (the “Limit”). To be clear: the amount allowed in BG and in WCS should not be summed. The amount paid by BG and/or WCS are to be counted toward the amount to be paid to each creditor up to the Limit. Summing the amount paid by BG and WCS, no creditor could receive by them more than the Limit, i.e. 100% of its credit. If BG paid in full a credit, creditors will not receive anything from WCS under the third distribution plan.

Therefore, depending if and the amount each creditor claimed toward each bankruptcy procedure and the amount that was finally allowed by the Court, there are at least these scenarios:

(i) creditors that have already been paid in full by BG (taking into account the payment under the second distribution plan from WCS, equal to 13% of their outstanding claim against WCS) will not receive any more any payment (unless they have not been paid under previous distribution plan in WCS because they did not provide correct banking data; in that case the 13% amount to be paid was set aside and, if in the meanwhile they provided banking data, they will be paid under this distribution plan). Almost all creditors are in this position;

(ii) creditors that have claimed only against WCS (and therefore did not receive anything from BG) will receive their full payment of their allowed claim in WCS from WCS itself; and

(iii) creditors, whose credit have been allowed for an amount higher in WCS than in BG, will receive the balance of their allowed claim from WCS itself (taking into account payment received in BG) up to the Limit.

Therefore, the amount to be paid is only the amount under Column E of WCS third distribution plan, as circulated by the bankruptcy procedure to the interested creditors.

Kind regards,

The Bankruptcy Trustees»