Mt. Gox Ordered Into Liquidation

An anonymous reader writes "The Japanese edition of The Wall Streeet Journal reports that Mt. Gox has filed for liquidation under Japanese bankruptcy law (link to article in Japanese, U.S. version may be paywalled). The article cites a 'related party' as saying that Mt. Gox was unable to work out how to deal with creditors spread out all over the globe, nor design a realistic rebuilding plan. The article adds a comment from the company lawyer: Mark Karpeles will not be attending the bankruptcy court hearing in the United States scheduled for April 17th." The announcement from Mt. Gox's lawyer.

Re:

[fellip_nectar]

I would donate, but someone stole all my Bitcoins...

Comment removed

[account_deleted]

Comment removed based on user account deletion

Re:

[Anonymous Coward]

Generic rebuttal #213. Personal insult #22. Further remark about questionable parentage. Improper/misdirected gloating.

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[david_thornley]

I don't know if they were thieves, but it seems more likely than that they were that incompetent. However, they could have done the same thing with any currencies, just as easily, except that when they're an explicitly financial institution it's harder to evade regulation. They failed to maintain the most basic auditing, for whatever reason, and they were not acting as any sort of regulated financial institution.

Re:

[Anubis IV]

(C) All Bitcoin advocates/skeptics, 2014

You have no point...

Whooooosh.

You Insensitive Nazi Clod!

[sirwired]

By glorifying MtGox's collapse, you have shown yourself to be a Thuggish Tool Of The Oppressor! You would have made Hitler and his minions proud with your slavish dedication to the status quo.

Maybe you should open your eyes to the real world instead of digging yourself into a bunker of group-think as part of the great mass of sheeple and perpetuating hysteria and hype.

(c) All Politically Frothy Slashdot Commenters, MMXIV, All Rights Reserved

Re:

[wiredog]

I rate this troll as Adequate [adequacy.org].

Re:

[91degrees]

:)

To be fair this doesn't really prove or disprove anything except that MtGox's specific business model doesn't work.

Re:

[njnnja]

Unless their plan was to go into bankruptcy! Then their business model works perfectly and may even be emulated! [imdb.com]

Good news and bad news

[Anonymous Coward]

Good news: Mt. Gox ordered into liquidation.
Bad news: All debts paid out in Dogecoin.

Re:

[GTRacer]

much debt. wow. such poor.

Re:

[sexconker]

Dogecoin is best coin.

Get this over with

[mysidia]

Mark Karpeles will not be attending the bankruptcy court hearing in the United States scheduled for April 17th.

Extradite him. He's probably not coming to the US for the hearing, because he could be arrested on the spot.

Re:

[Razed By TV]

He's probably in hiding.

Someone else pointed out to me that he owes money to a lot of people that probably aren't good to owe money to.

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[Ralph Wiggam]

Arrested on what charges?

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[bill_mcgonigle]

Money laundering, theft, gross negligence. I'm sure there's plenty more.

Let's assume the premise. You want the US to now arrest people for crimes committed in Japan?

Team America World Police was satire.

Re:

[cusco]

Many of his suckers, I mean customers, are US citizens/residents and the transactions were initiated from their US-located computers. AC left out Fraud.

Re:

[sexconker]

Money laundering, theft, gross negligence. I'm sure there's plenty more.

Let's assume the premise. You want the US to now arrest people for crimes committed in Japan?

Team America World Police was satire.

That's still miles better than going after non-criminals in other countries for non-crimes, or just drone striking them.

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[Triklyn]

US justice system is the only justice system that matters. US citizens can be prosecuted for crimes committed on foreign soil even if it's legal in that country, apparently. you're also apparently constrained by the laws of the foreign country on top of that.

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[makomk]

The money laundering, and possibly also some of the other crimes, was committed in the US by American subsidiaries that Mark Karpeles set up specifically for that purpose.

Hate to say I told you so....

[kaizendojo]

..no wait. Actually I totally enjoy saying it in this case.

Why?

[Anonymous Coward]

Why liquidate? I thought they found enough bitcoins to cover their losses:

http://news.slashdot.org/story/14/03/21/1312245/mtgox-finds-200000-bitcoins-in-old-wallet "The value of the coins is estimated to be $116 million USD, which happens to cover their $64 million USD in outstanding debts nicely "

Re:

[SpankiMonki]

IIRC, MtGox lost (claimed were stolen) ~850K BTC. The 200K BTC they found in the "old wallet" reduced the missing BTC to 650K - which was not included in the $64M debt figure.

Ya'll should have known

[rahvin112]

Ya'll should have known Karpeles would do anything to avoid coming to the US and risking jail time for his actions. The Japanese will never go after this like the US would.

aww

[slashmydots]

Now they'll have to melt all their bitcoins into liquid bitcoins. Darn.

WSJ Paywall

[TubeSteak]

For whatever reason, WSJ seems to give Google a pass when it comes to the paywall
http://webcache.googleusercontent.com/search?q=cache:http://online.wsj.com/news/articles/SB10001424052702303663604579504691512965308 [googleusercontent.com]

Irrational markets and not knowing when the insani

[Anonymous Coward]

I was days away from deciding to buy $5,000 USD of MtGox reduced-price bitcoins which I could sell for 3x-5x times their value once the "irrational fear" of MtGox's PR situation. If it worked, I would have been able to pay off all my remaining student loans, and if it didn't, I'd learn a lesson and only be out a couple k. I did the same thing with ATYT stock back in 2002 and almost tripled my meager savings. Was a total rollercoaster.

Now I've been very unexpectedly unemployed for over a month now, and there