People on the Mt. Gox bankruptcy subreddit have taken to the streets in response to a new post. The original poster (OP) explained their plan to sue after discovering that their Bitcoin (BTC) claims on the now-defunct exchange might be null and void because the exchange did not respond to creditor notifications. In addition, other creditors quickly voiced their thoughts on the possible litigation involving Mt. Gox.
Mt. Gox Creditor To Sue Defunct Exchange?
In 2014, after losing around 850,000 Bitcoin, the once-largest Bitcoin exchange in the world, Mt. Gox, filed for bankruptcy. The users owned a large portion of this Bitcoin stash. The exchange blamed the loss on hacking and incompetent management. To recoup their losses, creditors have been caught up in protracted legal battles ever since.
According to the OP, who used a laptop to mine Bitcoin in its early days, they had a small balance on Mt. Gox when it collapsed. Because the OP had disappeared from the cryptocurrency scene between 2011 and 2013, they had no idea that creditor processes were still underway.
But emails from the Mt. Gox bankruptcy team were just found. One of the attachments was an email from 2019 with a creditor number. Still, according to reports, Mt. Gox asserts that the OP has neglected to respond, thus relinquishing their right to recover their funds.
The original poster (OP) voiced their displeasure with the situation, claiming that the notices—some in Japanese—were inadequate. Another point he made was the abundance of fraudulent and spam emails concerning the cryptocurrency market.
They asked for referrals to lawyers because they thought the situation was “insane” and wanted to know how to proceed legally. The OP knew that legal fees would eat up a lot of the recovered money, but they still decided to send it forward anyway. But other creditors were very critical of them.
Community Backlash
Numerous critics accused the OP of carelessness for not adhering to the Mt. Gox creditor procedure, and their criticism was harsh and unfiltered. The long time since the bankruptcy was brought to the user’s attention. They stressed that “more than ten years have passed since the bankruptcy.” It was pointed out that Mt. Gox sent all communications in Japanese and English, and the registered address also received paper letters. The user said seriously, “You should have taken care of it sooner. “
Another user agreed with this assessment, noting that “not one of those emails was Japanese only; they all had English translations of the full body included.” This individual implied that the OP was entirely to blame for the lack of activity and that all of the Bitcoin had already been given out.
All of the replies were equally important. No, it’s not crazy, and everyone else did fine,” one user said. Nothing came of your blunder. “Take care of it.” A user also noted that getting legal representation now would be a waste of time. The idea that an attorney would “take your money to tell you the same thing” was put forth by them.
Final Thoughts
They went on to say that Mt. Gox notified possible creditors as was necessary. As a result, they had no choice but to accept the OP’s untimely response. “You can’t just wait through distribution and then ask everyone to return what they got back into the pot so that you can have a slice of the pie,” one user said, offering the most critical comment.
Although these remarks may demotivate the OP, they may still decide to sue over their Bitcoin claims. “Well, y’all are a helpful lot,” they wrote in response to the criticism. Proceed with your judgment if you so desire. Respond to the posted question, though, and demonstrate some reading comprehension.
