Creditors Claim $22b against Demised Bitcoin Exchange Mt. Gox
The bankruptcy claims against the defunct Bitcoin exchange Mt. Gox has found to be six times the market cap of Bitcoin itself. According to a document published on Mt. Gox's official website, the amount of all the bankruptcy claims filed by over 24,000 creditors is found to be ¥2.66 trillion (around $22.09 billion at press time). Interestingly, the bankruptcy claims filed by the top three creditors alone make 95% of the total claims. The official document further recognizes the trolling capabilities of the said claims, stating that the Mt. Gox trustees are still investigating each case to....
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Mt. Gox creditors were outraged to learn from newly released court documents that Mt. Gox, once the largest bitcoin exchange and now in liquidation, paid, in May 2014, Tibanne, the parent company of Mt. Gox, $200,000 for services rendered. More shockingly, out of approximately $30 million Mt. Gox claimed on the 28th of February 2014 it still holds, only $7 million remain. It is not known what happened to these creditor's funds of $20 million while Mt. Gox was under the supervision of the Liquidator and the Japanese Court. If they have been spent, this translates to incredible expenses of....
The biggest mystery is why Coinlab's claim has not been thrown out yet. The Mt. Gox debacle will always remain a dark period in the history of Bitcoin. After multiple years of investigation this exchange, more evidence continues to come to light on a regular basis. A new blog post indicates how affected exchange victims will not see their money back anytime soon. Creditors are still pursuing the stolen money, yet it appears they have been stonewalled by a company called Coinlab. To put this news into perspective, Coinlab CEO Peter Vessenes has – allegedly – a credible claim in the Mt. Gox....
The trustee of the now-defunct crypto exchange, Quadriga CX says the sell-off of the platform’s assets raised $30 million. This contrasts with the $171 million in claims that has been filed with the trustee by Quadriga creditors. Consequently, Ernst and Young (EY), the accounting firm mandated with administering Quadriga’s liquidation process, says it will not be able to reimburse in full all the claims. Disproportionate Claims As shown in one report, the trustee says it “received completed claim forms from 17,053 creditors of the exchange while a total of 42,957 claims....
The Restriction Reference Period is one of the final steps in repaying creditors, according to the document released Wednesday. Mt. Gox trustee Nobuaki Kobayashi released updated information on Wednesday regarding the rehabilitation plan for creditors of the long-defunct crypto exchange. According to the file, the restriction reference period starts on September 15. During the phase, "the assignment, transfer or succession, provision as collateral, or disposition by other means of rehabilitation claims are prohibited."Kobayashi confirmed that creditors have until September 15 to submit....
The 4th creditors meeting in Tokyo for the Mt. Gox bankruptcy case wrapped up today with a staggering report of claims. 2,663,398,225,570 JPY which is roughly worth 22 billion dollars was claimed in the report by creditors. The report came from the Tokyo District Court, Collegiate Section of the 20th Civil Division. Breakdowns of the numbers in Bitcoins....