US and Canadian Bitcoin investors have offered to settle their class-action lawsuits against the bankrupt MtGox exchange in return for a stake in the firm and the return of any of the digital currency it still holds. The Bitcoin traders told the courts that they support a plan by Sunlot Holdings to buy up MtGox and will drop …
Do they think there are still a bunch more coins hiding away there?
The liquidation is being sorted out in Japan, presumably they will settle Japanese interests/debts first (tax man??)
They have 200,000 coins ($80,000ish?) to go around, that small sum of cash will get split between the largest creditors first and the liquidation company's fee's.
There is no money, there is no chance of more money in the future.
Re: Why Bother?
Approximately $80 - 90 Million surely? Mind if sold on MtGox about 25 cents?
Re: Why Bother?
The money is there, somewhere. It has simply been well hidden.
Liars, the lot of them! (In my opinion - for legal purposes.)
I cant quite make sense of this. Are Sunlot offering to re-incarnate the exchange for everyone - or just those that are part of the class action - the maths doesnt add up.
ie is this an attempt by the US creditors to screw over the rest in return for settling the class action?
Re: Somewhat puzzled
It would seem Sunlot plan to:
Distribute MtGox's remaining assets to customers immediately
Do an audit of MtGox
.... and so on
Actually personally I would do the audit before returning assets, I did think a lot of MtGox problems stemmed from fraudulent activity caused by a lack of proper accounting and audits.
That said there is more detail on the web site http://www.savegox.com/. Also the plan does seem to include a re-incarnated exchange.
Also making the massive assumption that..
... an organisation that could not keep track of hundreds of thousands of bitcoins has correctly kept track of which account holders they were actually supposed to belong to.
Why do I get the feeling...
... that more people are going to get screwed over in this deal if it goes forward.
While we are in fantasy land, why not just ask for the missing coins back from the crooks?
lalala, I'm off to feed the unicorns....
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