Mt. Gox – Billionaire365

US Court Rejected A Lawsuit Against Mt. Gox and Japanese Bank Mizuho Due To “Lack of Jurisdiction”

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.

Anna Galvez

Mt. Gox Placed Under Civil Rehabilitation Procedures By The Tokyo District Court

The Mt.Gox case, one of the most emblematic cases regarding the theft of digital coins, could be resolved favorably for creditors, once the Tokyo District Court heard the petition to initiate a civil rehabilitation proceeding and suspended the ongoing bankruptcy proceeding.

The decision was made known on Friday, June 22nd, 2018, through Nobuaki Kobayashi, who was appointed by the court as trustee in this new state of the trial. Until now, Kobayashi was the bankruptcy trustee of Mt.Gox. The replacement of the Bankruptcy process by a civil rehabilitation process had been filed by a group of creditors on November 29th, 2017, to find a more flexible and beneficial formula for handling the company’s bankruptcy.

The trustee explained in a document he released on Friday that the main difference between the two processes is that, in “bankruptcy proceedings, non-monetary claims become money claims,” thus explaining why the company’s assets must be liquidated to compensate creditors. That does not happen in the civil rehabilitation procedures, which will allow the company to respond to the creditors who demand the return of their Bitcoin (BTC).

Nobuaki Kobayashi, Mt. Gox “Bitcoin Whale” trustee, also presented the schedule of the Mt. Gox civil rehabilitation procedures

While serving as bankruptcy trustee, Nobuaki Kobayashi became famous for selling about $400 million in Bitcoin (BTC) and Bitcoin Cash (BCH) on behalf of Mt. Gox’s creditors. He also had $1.9 billion more to liquidate.

There were rumors in the cryptocurrency community that the Mt. Gox civil rehabilitation process might have affected the value of Bitcoin (BTC) which dropped significantly in the last days.

During this new phase of the Mt.Gox case, creditors must refile their claims with the trustee, and this procedure will open the door for the creditors who lagged behind in the first round. Nobuaki Kobayashi will re-evaluate the claims under the supervision of the Tokyo District Court.

The trustee presented a tentative schedule for the civil rehabilitation procedures, where a meeting with the creditors regarding the state of Mt. Gox assets will take place on September 26th. The program also indicates that the Mt. Gox civil rehabilitation plan will be ready by February 14th, 2019.

Anna Galvez