back to article Bankrupt Bitcoin bunker blender begins: MtGox admin starts liquefaction

The Tokyo District Court-appointed administrator for MtGox has begun formal proceedings to liquify the collapsed Bitcoin exchange. In a letter published on the bankrupt biz's website, lawyer Nobuaki Kobayashi confirmed he will "administer and dispose of the assets" of MtGox. "[I] will implement the bankruptcy proceedings, in …

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  1. Ketlan
    Devil

    Missing bitdosh

    "But where's the missing 650k-ish BTC?"

    I'd check under the Winkelvoss' mattress.

    1. Captain DaFt

      Re: Missing bitdosh

      Isn't progress amazing? These days you can hide a fortune on a micro-SD card!

      1. Anonymous Custard
        Joke

        Re: Missing bitdosh

        I'm tempted to put a bid in for their sofa, just so I can look down the back of it and see what might turn up there...

  2. psychonaut

    the usual (banking) suspects

    kobayashi is the lawyer? this couldnt get anymore sinister

    after all.....The greatest trick the devil ever pulled was to convince the world he didn't exist.....And like that, poof. He's gone.

    1. Hud Dunlap
      Happy

      @psychonaut

      I think I am the only one who got it.

      1. Steve K

        Re: @psychonaut

        Not really - the reference was already made a few days back...

        http://forums.theregister.co.uk/forum/1/2014/04/16/mtgox_requests_liquidation/

        1. psychonaut

          Re: @psychonaut

          ahh - and theres me thinking i was all original...damn!!!

      2. ashdav

        Re: @psychonaut

        No, I got it too and upvoted.

        (Where's the Keyser Söze icon when you need it)

      3. sniperpaddy

        Re: @psychonaut

        Nope.

        "kobayashi is the lawyer?" would have been quite sufficient !!!!

  3. Primus Secundus Tertius

    Liquidate, please

    The usual word for winding up the affairs of a busted corp is liquidate. Not liquefy, meltdown, or fluidise; although that last word characterises the lack of objectivity in Karpeles' words to us.

    1. Anonymous Coward
      Anonymous Coward

      Re: Liquidate, please

      Coming soon, a new webisode of "Will it Blend?"...

    2. sniperpaddy

      Re: Liquidate, please

      I thought "liquify" was quite witty since I wouldn't class this as a normal windup with concrete assets.

  4. NoneSuch Silver badge

    "But where's the missing 650k-ish BTC?"

    The NSA stole it to finance further surveillance measures.

    1. asdf

      probably not

      Nah they have big daddy tax payer they can get a blank check from by black mailing those holding the purse strings. Best of all they can hide a lot it folded into other things under the whole black ops budget thing.

    2. Anonymous Coward
      Big Brother

      Kind of funny that the bitcoins disappeared about the same time that Snowden was going to be needing money for a security deposit on a new Russian flat...

      1. deadlockvictim

        I doubt that Russian landlords accept BitCoins. They want proper, hard currency.

        1. Captain Scarlet

          What like Vodka?

      2. d3rrial

        Expensive

        @Andy Prough

        That would be one hell of an expensive russian flat, at several hundred million dollar equivalent...

        1. Anonymous Coward
          Holmes

          Re: Expensive

          @d3rrial - he might have needed a little bit of "protection" money also....

  5. sniperpaddy

    Just another pyramid scheme

    Take away the noise and it's just another pyramid scheme...suckers !!!!!

  6. This post has been deleted by its author

  7. witsub

    The idea still lives --

    Here we are, months past the original closing of the MtGox withdrawal window, and bitcoins are still trading for hundreds of dollars each. Seems to me that the proper procedure for resolving this issue is careful adjudication of all viable claims on the remaining assets of MtGox, including forensic inspection of the MtGox transaction history. I expect that my MtGox holdings will share equally with those of all other identifiable speculators/investors in this process, and I prefer that my cash and bitcoin holdings be returned to me in equivalent proportions to all claimants. Outright dissolution is obviously premature.

  8. witsub

    The idea still lives --

    Bitcoins today - many weeks after the "closure of the MtGox window" [suspension of bitcoin withdrawals from MtGox, for those who refuse to remember history] are still trading for hundreds of dollars each. "Liquifaction" - liquidation - is manifestly premature. Seems to me that a careful, detailed forensic investigation (which should return more than its cost) would benefit all identifiable creditors.

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