Mt. Gox

Mt. Gox63 posts

Mt. Gox was one of the first Bitcoin exchanges, a place where customers could convert their local currencies into the virtual currency. The site was located in Japan and run by Mark Karpeles, a young French programmer. As Bitcoin increased in value the site experienced technical difficulties, hacking and public relations crises, culminating in the exchanges’ bankruptcy in February 2014, and the loss of hundreds of millions of dollars of users’ funds.

17 Jun, 2014
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U.S. bankruptcy approved

Judgement

U.S. Bankruptcy Judge Stacey G. Jernigan accepts Mt. Gox’s  U.S. filing and recognizes Mt. Gox’s Japanese bankruptcy as the foreign main proceeding. The ruling empowers the company’s Japanese trustee to examine witnesses, gather and review evidence, and oversee assets in the U.S. She says

This is really going to be all about the customers, who make up almost all of the creditors, and trying to get them a recovery

16 Apr, 2014
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‘No Prospects’ to revive exchange

Judgement

The Tokyo District Court dismisses an application for civil rehabilitation and appoints an administrator of the company’s assets in place of Karpeles.

Karpeles: There are no prospects for the restart of the business. The dismissal of the application for commencement of a civil rehabilitation procedure will create great inconvenience and concerns to our creditors for which we apologize

The administrator, lawyer Nobuaki Kobayashi, said in a separate statement that the court will probably order the start of bankruptcy proceedings. How the company is treated will be decided by taking into account factors including whether there is any candidate to buy the business, Kobayashi said. Kobayashi also said any investigation of the liability of Karpeles will be conducted as part of the bankruptcy proceedings.

1 Apr, 2014
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Judge orders Karpeles to U.S

Judgement

Judge Judy JerniganU.S. Bankruptcy Judge Stacey Jernigan orders Karpeles to appear on April 17 in Dallas at the offices of Baker & McKenzie, the law firm that represents Mt. Gox. Last month, Karpeles asked a Dallas court to grant Mt. Gox Chapter 15 bankruptcy protection, in part to put a stop to a class action that had been filed by U.S. customers in Chicago federal court. Under Chapter 15, Mt. Gox must prove at a May 20 hearing that it should be granted such protection from creditors. Judge Jernigan:

If he avails himself of this court, my God, he is going to get himself over here.

A Baker & McKenzie attorney said the company may replace Karpeles as the “foreign representative” of Mt. Gox in the U.S. bankruptcy court.

11 Mar, 2014
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U.S. assets frozen

Judgement

U.S. District Judge Gary Feinerman issues a temporary order freezing money and property belonging to the Mt. Gox Inc. (the U.S. affiliate of Tibanne), Tibanne KK, and principal Mark Karpeles. The order is issued without opposition from the frozen entities, who are not represented in court, and in the presence of lawyers for Mt.Gox Co. Feinerman’s order expires March 25 and does not cover Mt. Gox Co, which has sought bankruptcy protection in Japan and expires on March 25. Citing what he called a “very limited record,” Feinerman said plaintiff Greene established a “sufficient likelihood of success” on his claims to warrant the freeze.

Fienerman: It may turn out there are no such assets

After the hearing, lead plaintiff’s lawyer Jay Edelson said he plans to immediately question Karpeles under oath.

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