A district court in Pennsylvania, United States, granted the Japanese bank Mizuho, associated with the now-defunct Mt. Gox crypto exchange, a motion to dismiss the case against it filed by Gregory Pearce, one of 24,000 users affected by the collapse of the trading platform in 2014. The reason for rejecting the lawsuit, also directed against Mark Karpeles, CEO of Mt. Gox, was “lack of jurisdiction.”
The closure of Mt. Gox in Japan, when it filed for bankruptcy in February 2014, is regarded as one of the most harmful events in the Bitcoin (BTC) history. Founded in 2009, this crypto exchange platform, Mt. Gox, came to have, just before declaring itself a victim of hacking and theft, 70% of all the BTC in existence, roughly 850,000 Bitcoin (BTC), at that time valued at $450 million.
“Submitted before this Court by Mizuho’s Motion to Dismiss for Demerits to Establish an Injunction and for Lack of Jurisdiction (Exhibit 11); Pierce’s Response in Opposition to that Motion to Dismiss (Exhibit 12), as well as Mizuho’s Memorandum of Response Law (Exhibit 13); and for the reasons set forth below, Mizuho’s Motion for Lack of Jurisdiction is Granted,” reads the decision of the District Court of the United States of America of the Eastern District of Pennsylvania.
The US Court of the Eastern District of Pennsylvania decided against Gregory Pearce who filed a lawsuit against Mt. Gox and its associate, the Japanese bank Mizuho
“Bitcoin (BTC) is a digital cryptocurrency that can be used as money. It can be exchanged for traditional currencies such as the US dollar, or used to purchase goods and services. Unlike traditional fiat currencies, Bitcoin (BTC) is not backed by any government or verified by any bank, but each transaction is recorded in public, decentralized ledger called a blockchain,” said the District Court of the United States of America of the Eastern District of Pennsylvania.
Among the latest incidents related to the Mt. Gox case, one of the most dramatic episodes in the short history of cryptos seems to have taken a positive turn, as the victims of the crypto exchange platform will get back their lost funds in Bitcoin (BTC) and Bitcoin Cash (BCH) somewhen in mid-2019.
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.