Your Money and Japanese Law: Mt. Gox' Future
Mark Karpeles is learning Japanese corporate finance law the hard way. This story has been updated to reflect the possibility that all MtGox account holders are considered "unsecured creditors" whose rights may be altered under bankruptcy laws. Additionally, MtGox has already filed under the Civil Rehabilitation Law. As you know, the bitcoins are gone and Mt. Gox has filed for bankruptcy, kind of. Mt. Gox filed for bankruptcy protection, which has the possibility to end with a standard bankruptcy (as in liquidating all assets, company gone, scraps distributed to the creditors), but first....
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Leading Asian Bitcoin exchange, Coincheck launched in 2014 just as drama in the industry was at an all-time high. Mt. Gox, led by Mark Karpeles, was in the midst of a drawn out and damaging bankruptcy. Media attention was at an all-time high, especially in Japan, where Mt. Gox had been headquartered. Media reports were oft misleading about the true relationship between Mt. Gox and the digital currency, Bitcoin. “Every media outlet in Japan broadcasted Mt. Gox as Bitcoin implanting misleading impressions to the Japanese people,” said Coincheck’s Lead of Business development, Kagayaki....