Fintech News
Data Republic website

Mt Gox, the scuffle around 200,000 bitcoins

Who would have thought, nearly four years ago, that such commotion would surround Mt Gox? The Japanese cryptocurrency exchange and once largest trading and storing bitcoin platform is heard of again, having in its possession a wallet filled with bitcoins eventually worth billions. 

In February 2014, under the management of CEO Mark Karpelès, the platform was declared bankrupt after the disappearance of more than 800,000 bitcoins from its vaults. The platform’s liquidation was agreed with the creditors for a then reasonable price of about USD 440 per bitcoin. Amid an easily conceivable bewilderment, a remaining wallet was found later on, containing 202,185 bitcoins. A sum worth, at the time I am writing this article, USD 2,970,906,390. Thus, now that the cryptocurrency’s price rocketed, this liquidation would result in handing over the remaining amount of bitcoins to Mr Karpelès, making him multibillionaire.

Naturally, creditors are not going to stay still and watch such a fortune slip through their fingers. In a petition, four of the largest stakeholders are calling for the court to consider changing the status of the firm from bankruptcy into civil rehabilitation. This move would allow spreading the remaining funds on a pro-rata basis.

Read more on the Financial Times.

By Jean Leguy, Research Coordinator at Holland FinTech


Share this Article
Related Insights
Dutch FinTech Map 2022
Make sure your company is on the map! Are you a member, or active in the Netherlands? Provide your details to be featured!
Amsterdam Fintech Week
Amsterdam FinTech Week is back on 9-16 September, fully in-person and online. Be a sponsor, co-organizer, or just participate at the summit or one of the countless side events.
AMLD5 Guide
A source for consulting PSD2 legislation coupled with commentary, tips & tricks, applicability, in collaboration with our member law firms.

How likely are you to recommend Holland FinTech?