Tuesday, 18 November 2014

Judge Rejects CoinLab Complaint on Mt. Gox Revival

Earlier today, news broke that former Mt. Gox partner and creditor CoinLab had issued a formal complaint against a plan proposed by Sunlot Holdings that would see the group buying out the exchange for one bitcoin with the promise to pay back at least in part) investors who lost money in the exchange’s collapse earlier this year.
As it were, Bankruptcy Judge Stacey Jernigan is said to have rejected the complaint CoinLab, according to the Wall Street Journal (subscription required). In that complaint, the Washington-based company — who sued Mt. Gox in 2012 for $75 million after a deal fell apart — said that Sunlot’s plans would be forced on Mt. Gox customers “without any real scrutiny.”
Mt. Gox lawyers told judge Jernigan that Nobuaki Kobayashi (the man overseeing Mt. Gox assets) and his team are considering other proposals — going against CoinLab’s allegations that have made it seems as if the Sunlot plan is set in stone.
Lawyers for CoinLab took the opportunity to tell the court recently that they could more efficiently find the missing bitcoins at Mt. Gox.
“If anyone can find the hidden bitcoins, it’s us,” said Larry Engel.
It could very well mean that additional proposals may stem from this. After all, at this point Mt. Gox investors are likely willing to hear any good idea that might see the recovery of their money.
Mt. Gox, under the leadership of Mark Karpeles, is said to have lost in the neighborhood of 850,000 bitcoins this year. That’s work over $480 million at the current exchange rate.
Several weeks following the trading halt at Mt. Gox, the company announced the mysterious appearance of 200,000 bitcoins in a wallet they reportedly thought was no longer used