US Court Grants Bankruptcy Protection to Mt. Gox

0
147

US Court Grants Bankruptcy Protection to Mt. Gox

ForexMinute.com – Demised Japanese Bitcoin exchange Mt. Gox recently won the long pending bankruptcy protection in the US. As per the new rulings given by bankruptcy Judge Stacey G. Jernigan, Mt. Gox will now be able to have their Japanese trustee to investigate witnesses and evidence which will further help Japanese investigation agencies. The trustee will also be given permission to oversee Mt. Gox assets in the US.

In February, the entire financial sector was brought to a shocking state when cryptocurrency exchange Mt. Gox announced a theft of over 85,000 Bitcoins from its hot wallets. The exchange thereafter announced that it has gone bankrupt and thus sought protection from both Japan and US courts.

**relatedarticle**

While the Japanese court has already granted Mt. Gox the bankruptcy protection in April, the US rulings got constantly delayed. The reason for this postponement was the exchange CEO Mark Karpeles, who refused to visit US for questioning despite of the judge’s order. This whole matter might have settled by now, as we now have a ruling which clearly has kept Mt. Gox US customers from seizing its assets.

This ruling has indeed come as a huge disappointment for people who, from the very start, have accused Mt. Gox for intentionally stealing from their accounts. The ongoing investigations were also once hit by certain reports that revealed a definite involvement of Mark Karpeles into the whole matter.

It would be too soon to even predict any inside involvement in the theft that shook the entire cryptocurrency community. Waiting is the last options for thousands who have lost their hard-earned bucks to this unfortunate incident.

To contact the reporter on the story: Yashu Gola at yashu@forexminute.com

Subscribe to our daily forex newsletter for free by visiting www.forexminute.com/newsletter