The Mt.Gox saga just getting stranger and stranger. It looks like that Mark Karpeles, majority owner of the failed crypto brokerage will end up with close to a billion dollar surplus money, even after all the costumers get their money back in yen.
https://www.cryptocoinsnews.com/mark-karpeles-will-end-taking-859-million-mt-gox-bankruptcy/
Long story short: In 2014 when Mt.Gox went down for missing funds, BTC was at $400. During the court proceedings in the last 3 years, BTC went up 17 times more, thus now there is way more money than costumer claims. The extra might just go back to the company's owners.
"the company of Karpeles, called Tibanne, owns about 88% of Mt. Gox as per the WSJ. After the bankruptcy filings are settled, Mt. Gox will be left with a surplus of $977 million worth of bitcoins. Out of that, 88 percent will be granted to Karpeles and in the end, after losing more than $7 billion of user funds, Karpeles will take home $859 million for his role in the demise of Mt. Gox."
Because of Japanese law, the costumers will get their money back in yen, using the valuation back in 2014. This also means that the Japanese court is going to sell a large chunk of BTC, about 57K. (400mm /current value)
I am not sure Karpeles gets the rest in BTC or yen. If in yen, the number of sold BTCs will be around 200K.
https://www.cryptocoinsnews.com/mark-karpeles-will-end-taking-859-million-mt-gox-bankruptcy/
Long story short: In 2014 when Mt.Gox went down for missing funds, BTC was at $400. During the court proceedings in the last 3 years, BTC went up 17 times more, thus now there is way more money than costumer claims. The extra might just go back to the company's owners.
"the company of Karpeles, called Tibanne, owns about 88% of Mt. Gox as per the WSJ. After the bankruptcy filings are settled, Mt. Gox will be left with a surplus of $977 million worth of bitcoins. Out of that, 88 percent will be granted to Karpeles and in the end, after losing more than $7 billion of user funds, Karpeles will take home $859 million for his role in the demise of Mt. Gox."
Because of Japanese law, the costumers will get their money back in yen, using the valuation back in 2014. This also means that the Japanese court is going to sell a large chunk of BTC, about 57K. (400mm /current value)
I am not sure Karpeles gets the rest in BTC or yen. If in yen, the number of sold BTCs will be around 200K.
