Community Outrage Marks Latest Chapter in Mt. Gox Story
Following Mt. Gox's decision to abruptly suspend all bitcoin withdrawals on 7th February, many industry commentators and observers, CoinDesk included, began to feel the writing was on the wall for bitcoin's first and once-largest exchange. But, despite the results of our extensive reader survey and critiques from industry heavyweights like Andreas Antonopoulos, there were those who maintained that given its industry reputation, the company's critics may have been premature in their statements. However, Mt. Gox's future may be even more uncertain after controversial statements issued Monday....
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Troubled Japan-based bitcoin exchange Mt. Gox has filed for Chapter 15 bankruptcy protection, an ancillary form of bankruptcy that will complement its primary Tokyo District Court claim issued on 28th February. US Chapter 15 bankruptcy provides specific protections in cases of cross-border insolvency, and is based on UN model law. Both Japan and the US have adopted Chapter 15 bankruptcy in an effort to better protect the interests of shareholders and maximize the value of debtor assets in cross-border bankruptcies. At the time of its filing, Mt. Gox claimed an outstanding debt of ¥6.5bn....