[2018-03-22] Inside The Bizarre Upside-Down Bankruptcy Of MT. GOX

richardsNY

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Quote from: dreamhouse on March 23, 2018, 03:56:36 AM

the mtgox stole customer bitcoins and now even make money, what a strange way of making money. they should return customer their bitcoins.

Thieves don't have moral standards -- each way of 'making' money in their eyes is well justified. Other than that, the coming months will turn out to be a very interesting and nerve wrecking time for the gox victims. They know for sure that they will be compensated with fiat, but that doesn't matter for them -- they just want to known what's going to happen with the remaining coins. It also matters for the market in general, because no more dumps means less overall selling pressure, and thus less resistance if the market plans to head up again. It's safe to say that it is no longer in the hands of MtGox, but the authorities. I hope they'll make the right choice, because these coins belong to the victims and not to anyone else....

dreamhouse

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the mtgox stole customer bitcoins and now even make money, what a strange way of making money. they should return customer their bitcoins.

emanymton

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Every six months for the past four years, some number of former customers of the defunct Mt. Gox bitcoin exchange have gathered in a small room in a Tokyo courthouse to hear an update from Nobuaki Kobayashi, the stoic Japanese attorney appointed as the trustee for the case.

The number of creditors attending the meeting has dwindled over time: the first one reportedly drew more than 100 people, but the most recent one earlier this month drew fewer than 30, according to the estimates of one attendee.

That does not mean the Mt. Gox case has gotten any less strange — just the opposite. By definition, bankruptcy occurs when an entity cannot pay its debts. But as of this writing, Mt. Gox has enough assets to pay off its claims with more than $1.4 billion worth of bitcoins left over. The trouble is figuring out what to do with them.

“This is absolutely unprecedented in Japanese law,” says Andy Pag, who got a group of creditors together under the name Mt. Gox Legal and hired an attorney to advocate for better terms. “There’s never been a bankruptcy like this in Japan or probably anywhere in the world.”

(continued here) https://www.theverge.com/2018/3/22/17151430/bankruptcy-mt-gox-liabilities-bitcoin

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