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Mt Gox creditors want payouts in Bitcoins

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Mt Gox creditors want payouts in Bitcoins

Collapsed Bitcoin exchange, the scandal ridden Mt Gox, could possibly be in for another round of conflict as bankruptcy proceedings in Tokyo are shaken up by a group of creditors who are asking to be paid out in Bitcoins.

Mt Gox was officially the world’s largest bitcoin exchange before hackers brought it down, stealing as many as 750,000 bitcoins. It later emerged that the exchange lost a further 100,000 bitcoins. The hit on the exchange was far too much for it to handle and hence rehabilitation was skipped in favour of formal bankruptcy proceedings.

Yesterday saw the first gathering of creditors at a Tokyo District Court. During the meeting, New York-qualified lawyer Daniel Kelman expressed his intentions to form a rebel group with other creditors which would, in accordance with Japanese law, have the power to “participate” in proceedings. This would only be possible if the committee that is formed represents the interests of creditors as a whole, satisfies certain conditions and is recognised by the court

Kelman insists that a cash return was not what creditors wanted. “As pretty much every creditor was an early adopter, we’d all like to see Bitcoin distributed as Bitcoin. As a form of payment it is overwhelmingly superior to cash.”

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6th Floor, ABSA house,
Ebene Cybercity,
Mauritius,
J. Balcikonio str. 9,
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Lithuania,

media contact

About

deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

Contact

Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Group – Foreign Exchange’s Head of Public Relations on [email protected] or call +44 2071220925.