Bitcoin Exchange Mt. Gox Has Been Underwater Before Bankruptcy Filing
According to investigators, bitcoin exchange Mt. Gox has actually been out of funds six months before the company filed for bankruptcy. This follows reports that CEO Mark Kapeles has admitted to tweaking accounts in the bitcoin exchange, prompting speculations that he did so to transfer funds to his personal account. Sources said that the company has been running a deficit on its balance sheet and started paying some clients with money drawn from other customers' accounts as early as August 2013. Mt. Gox had been one of the world's largest bitcoin exchange in that year. Bitcoin Exchange....
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The Chapter 15 US bankruptcy filing submitted by defunct bitcoin exchange Mt. Gox won approval in a Dallas court today as part of a move that will send proceedings to Japanese courts for further deliberation. The case update, while largely procedural, should empower Japanese courts to take a greater oversight into the case, including any proposed restructuring plans. Bloomberg Businessweek summed up the importance of the decision, writing: "The ruling empowers the company's Japanese trustee to examine witnesses, gather and review evidence and oversee assets in the US, such as servers." Mt.....
The deadline for creditors to file claims against the bankrupt MtGox bitcoin exchange has been extended until July 29, 12:00 JST. On April 22, 2015, the bankruptcy trustee created a system that enabled MtGox users to file claims against the exchange regarding their lost funds. Currently, the bankruptcy trustee is accepting bankruptcy claims filed by users using the system, an online method which the trustee claims to be temporarily unavailable. The period for filing bankruptcy claims was set to end on May 29, 2015, but the bankruptcy trustee has been accepting filings of bankruptcy claims....
One of the largest publicly listed bitcoin miners, Core Scientific, has shaken investors with a recent filing with the U.S. Securities and Exchange Commission that raises the possibility the company may apply for bankruptcy protection. The filing notes that Core Scientific will be unable to pay down debt payments due for Oct. and early Nov. 2022. SEC Filing Shakes Core Scientific Investors, CORZ Slides 97% in 12 Months Bitcoin miners are having issues after the price of bitcoin (BTC) has slid roughly 70% against the U.S. dollar since Nov. 10, 2021. Moreover, the network’s mining....
Following a filing for bankruptcy protection in Japan in late February (read more about that here), the troubled Tokyo-based exchange has reportedly filed for Chapter 15 bankruptcy protection at the U. S. Bankruptcy Court in Dallas, Texas, according to a number of reports (In re MtGox Co. Ltd., 14-bk-31229, U. S. Bankruptcy Court, Northern District of [Dallas] Texas). The move may, for the time being, put US-based legal action against the exchange on-hold - which will prevent Gox from spending presumably a large sum in legal fees defending themselves from a lawsuit filing in a Chicago....
There's been a lot of chatter recently regarding the Mt. Gox filing for bankruptcy protection. Today, we're learning via Bloomberg Businessweek that United States Bankruptcy Judge Stacey G. Jernigan has approved the filing and has 'ample legal authority' to recognize the disgraced exchange's bankruptcy in Japan as the main proceeding. The approval will allow the company's trustee in Japan to examine witnesses, assemble evidence, and control and oversee company assets right here in the United States. "This is really going to be all about the customers," said Jernigan in a hearing. Mt. Gox....