'Enormous Assets' to be Returned in Mt. Gox Debacle

Submitted by Guest on

Written by :

Guest

Published on :

Mt. Gox, once the largest cryptocurrency exchange and handling approximately 70% of all bitcoin transactions from its facilities in Japan, collapsed in April 2014 then filed for bankruptcy.  On Friday the Tokyo District Court ordered commencement of civil rehabilitation proceedings, and as such “enormous assets, which were to be distributed to Mt. Gox’s shareholders under the bankruptcy proceedings, will be returned to creditors.”

“This is the first time in Japan legal history,” attorney for the creditors, Daniel Kelman, stated, “that a liquidation has ever converted into a rehabilitation —it’s always the other way around after a rehab fails. This sort of also made legal history as well.”

For those who lost BTC in the Gox affair but haven’t yet filed a claim, Mr. Kelman muses “there might be another chance to file in rehab. Stay tuned. We are trying to avoid having to redo the whole claims process, which will cost money, take time and be at the expense of the creditors who timely filed. But things will still take a while as there is the Coinlab case to grapple with still.”

Mt. Gox had claimed that approximately 850,000 bitcoins belonging to customers and the company were missing and likely stolen, an amount valued at more than $450 million at the time.

- Aaron Goldstein, Gambling911.com

Related Content

Pennsylvania Gambler Sues FanDuel: Says He Was Bombarded With Late Night Alerts After Losses

Pennsylvania Gambler Sues FanDuel: Says He Was Bombarded With Late Night Alerts After Losses

Maurice Faulk filed his civil suit accusing FanDuel of using data-driven promotions and repeated prompts to keep him betting at times he says he was least able to resist.
Stake.com Shuts Down Website in Ireland

Stake.com Shuts Down Website in Ireland

The company, which bills itself as the “world’s largest”, was forced to take the drastic action following an intervention by the Gambling Regulatory Authority of Ireland (GRAI). Stake.com is no longer available to those in Ireland as a result.
Williston, North Dakota Sun Country Flights to Las Vegas Resume Following Allegiant Acquisition

Williston, North Dakota Sun Country Flights to Las Vegas Resume Following Allegiant Acquisition

Sun Country announced it is keeping its Williston, North Dakota (XWA)–Las Vegas (LAS) nonstop for the 2026 season, despite the uncertainty earlier this year surrounding Allegiant's planned acquisition of Sun Country.
Connecticut Crackdown on Prediction Markets Continues

Connecticut Crackdown on Prediction Markets Continues

Media companies and gaming service providers also issued subpoenas.