MtGox bitcoin exchange reopens so users can stare listlessly at their loss

MtGox, the defunct bitcoin exchange, has re-opened the ability to login to its site, but only to the extent of letting users see the balance in their wallets.

Since the site is openly insolvent, and reportedly holds 750,000 fewer bitcoins than it owes to customers, any balance displayed onscreen is unlikely to ever be returned to users.

The company is clear that the service is only being provided “for the convenience of all users”. It also notes that “confirming the balance on this site does not constitute a filing of rehabilitation claims under the civil rehabilitation procedure”, the equivalent of bankruptcy in Japan, where Mt Gox is based.

After staring longingly at the reminder that the bitcoins they once had are gone forever, former Mt Gox customers can join one of the many class-action lawsuits against the company. In the US, a lawsuit filed in February was recently amended to involve Mizuho Bank, the company’s Japanese bank, as well as the firm’s executives and its Japanese parent company Tibanne KK. MtGox is safe from such cases in America, where it has declared bankruptcy, but in Canada, the firm itself is the target of a lawsuit, along with Mark Karpeles and Jed McCaleb, its two major shareholders.

Bitcoin – a life in hacks

Powered by article was written by Alex Hern, for on Tuesday 18th March 2014 16.48 Europe/London © Guardian News and Media Limited 2010


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