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Mt. Gox Ordered Into Liquidation

Posted by ryuzaki0 on from the even-the-pretend-assets dept.

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.

44 comments

  1. This confirms my point of view by squiggleslash · · Score: 5, Funny

    Many of my critics have claimed that the closure of Mt. Gox means something I'd prefer not to believe about Bitcoins. But ultimately, I think this proves they're wrong, and that surprisingly this actually confirms what I've been saying all along.

    Sure, my view has its detractors. But they're not basing their viewpoint on calm, reasoned, objective criteria mixed with a bigger vision of how the world works and the economics of Bitcoins vs the economics of normal currencies. They're simply mixing some observations with their own prejudiced view of economics, and coming to the opposite conclusion.

    I think, in the end, you'll find I'm right about Bitcoins and that my view is confirmed by the closure of Mt. Gox. It may not be the view you have, but it is the right one.

    (C) All Bitcoin advocates/skeptics, 2014

    --
    You are not alone. This is not normal. None of this is normal.
    1. Re:This confirms my point of view by Anonymous Coward · · Score: 1

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

    2. Re:This confirms my point of view by Anonymous Coward · · Score: 0

      He's right, though. His non stated view can't be wrong.

    3. Re:This confirms my point of view by Anubis+IV · · Score: 2

      (C) All Bitcoin advocates/skeptics, 2014

      You have no point...

      Whooooosh.

    4. Re:This confirms my point of view by wiredog · · Score: 1

      I rate this troll as Adequate.

      --

      Best Slashdot Co
    5. Re:This confirms my point of view by 91degrees · · Score: 1

      :)

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

    6. Re:This confirms my point of view by njnnja · · Score: 1

      Unless their plan was to go into bankruptcy! Then their business model works perfectly and may even be emulated!

    7. Re:This confirms my point of view by david_thornley · · Score: 1

      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.

      --
      "When you have eliminated the unacceptable, whatever is left, however improbable, must be the truthiness" - Holmes
  2. Good news and bad news by Anonymous Coward · · Score: 5, Funny

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

    1. Re:Good news and bad news by GTRacer · · Score: 2

      much debt. wow. such poor.

      --
      Defending IP by destroying access to it? That makes sense, RIAA/MPAA. Go to the corner until you can play nice!
    2. Re:Good news and bad news by sexconker · · Score: 1

      Dogecoin is best coin.

  3. Get this over with by mysidia · · Score: 2

    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.

    1. Re:Get this over with by Razed+By+TV · · Score: 1

      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.

    2. Re:Get this over with by Ralph+Wiggam · · Score: 1

      Arrested on what charges?

    3. Re:Get this over with by Anonymous Coward · · Score: 0

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

    4. Re:Get this over with by bill_mcgonigle · · Score: 2

      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.

      --
      My God, it's Full of Source!
      OUTSIDE_IP=$(dig +short my.ip @outsideip.net)
    5. Re:Get this over with by cusco · · Score: 1

      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.

      --
      "Think about how stupid the average person is. Now, realise that half of them are dumber than that." - George Carlin
    6. Re:Get this over with by Anonymous Coward · · Score: 0

      The libertarians are anti-world police/imperialism; until it hits them in the wallet.

    7. Re:Get this over with by sexconker · · Score: 1

      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.

    8. Re:Get this over with by Triklyn · · Score: 1

      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.

    9. Re:Get this over with by makomk · · Score: 1

      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.

  4. You Insensitive Nazi Clod! by sirwired · · Score: 4, Funny

    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

  5. Hate to say I told you so.... by kaizendojo · · Score: 0

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

  6. Probably a good thing by Anonymous Coward · · Score: 0

    Probably good to draw a line under MtGox. Bitcoin prices seem to be up today - coincidence? Bitcoincidence?

    1. Re:Probably a good thing by Anonymous Coward · · Score: 0

      I was just going to type "It is actually good news for Bitcoin! Now all the investors can have the feeling of closure and move on with their lives", except I was going for tongue-in-cheek and you seem to be serious. Damn, Bitcoin, you scary.

      PS: Price jump seems to be related to misunderstanding about "OMG China banned _all_ BTC!" clearing up.

  7. Why? by Anonymous Coward · · Score: 1

    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 "

    1. Re:Why? by SpankiMonki · · Score: 1

      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.

  8. Oblig. by Anonymous Coward · · Score: 0

    Aaaand... It's gone!

  9. Re:http://www.linuxadvocates.com by fellip_nectar · · Score: 3, Funny

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

    --
    Worst. Signature. Ever.
  10. Editors need to do their job by Anonymous Coward · · Score: 0

    Editors need to do their job, unless there's an actual "The Wall Streeet Journal" in Japan.

  11. Ya'll should have known by rahvin112 · · Score: 1

    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.

  12. Get a Job by Anonymous Coward · · Score: 0

    Get a job like the rest of us.

  13. aww by slashmydots · · Score: 1

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

  14. Re:yuo Fa1l \It by Anonymous Coward · · Score: 0

    Is English your 5th language? Because if it's not, get off your parents computer and scream to have your diaper changed.

  15. WSJ Paywall by TubeSteak · · Score: 1

    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

    --
    [Fuck Beta]
    o0t!
  16. Irrational markets and not knowing when the insani by Anonymous Coward · · Score: 1

    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's only $6k in the emergency fund.

    It's amazing how one piece of information can take an idea from being 80% sure it's worth the risk, to knowing absolutely that it would have been a total mistake. Speculating is little more than gambling. I dodged a major bullet.

  17. Re:Irrational markets and not knowing when the ins by Anonymous Coward · · Score: 0

    The most important lesson in gambling: do not bet more than what you can afford to lose. I'm glad you learned the lesson without actually losing any money. I hope it sticks with you for the rest of your life.