Bitcoin trading platform goes bankrupt (Bitcoin ceases production)

Reporter: Liu Yongsheng Editor: Liao Dan

Photo source: Photo Network

Today, the Tokyo Court of Japan made a decision on the bankruptcy case of Mt.Gox (ie: Mentougou), the world's largest Bitcoin trading platform in the past. judgment. The Tokyo Court in Japan found Mark Karpeles, the former head of Mt.GOX, guilty of some crimes and sentenced him to 2 years and 6 months in prison, suspended for 4 years. He was found guilty of tampering with financial records, but the rape charge was dropped.

At this point, this huge case that lasted for nearly 5 years from bankruptcy to the present and involved 850,000 Bitcoins (worth approximately US$500 million at the time) came to an end.

In February 2014, Mt. Gox, the world's largest Bitcoin trading platform at the time, closed down and filed for bankruptcy protection. According to its previous disclosure, hacker attacks caused it to lose 850,000 Bitcoins (worth approximately US$500 million at the time, later Another 200,000 were recovered).

Karpeles has maintained his innocence since the trial began in July 2017. He apologized for the company's bankruptcy but refused to plead guilty to data tampering and corruption.

**, the Tokyo Court of Japan found that Mark Karpeles, the person in charge of Mt.GOX, was guilty of some crimes and was sentenced to 2 years and 6 months in prison, with a suspended sentence of 4 years. He was found guilty of tampering with financial records, but the rape charge was dropped.

On February 28, 2014, Mt. Gox officially filed for bankruptcy protection. According to the company's financial report, Mt. Gox has liabilities of 6.5 billion yen (approximately US$64 million) and only 3.8 billion yen in assets.

The company said it lost nearly 750,000 Bitcoins belonging to customers and about 100,000 Bitcoins belonging to the company itself. The two together accounted for about 7% of the world’s total Bitcoins, and were estimated to be worth approximately US$473 million based on the exchange rate at the time. .

On April 16, 2014, the Bitcoin trading platform Mt. Gox, which had filed for bankruptcy protection, gave up its restructuring plan and requested a Tokyo court to allow it to proceed with bankruptcy liquidation.

The collapse of the Mt.Gox trading platform can be said to be just a matter of a trading platform. The Tokyo-based platform's closure has had a huge impact on the market, triggering a more than two-year plunge in cryptocurrency prices and eroding investor confidence in trading platforms in an industry that is almost often unregulated act as a gatekeeper.

Every reporter found that bitinfocharts data showed that around February 2014, the unit price of Bitcoin reached about 800 US dollars, and then it continued to fall. It was around July 2016 that the price stabilized again.

In addition, many people attribute the decline of Bitcoin in 2018 partly to the Mt. Gox trustee’s dumping of recovered Bitcoins (200,000 recovered). To compensate investors, Mt. Gox has sold 60,000 Bitcoins and plans to distribute the remainder to investors affected by the closure of the trading platform.

Daily Economic News

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