Exchange News

New claim blocking Mt. Gox users from being paid

Mt. Gox users will continue to wait for justice to be served and get their payouts if the new developments are anything to draw a conclusion from.

A previous business partner of Mt.Gox, Coinlab, has raised its claim from 75 million U.S dollars to a whopping 16 billion U.S dollars. This has been captured by an image depicting a section of the claim posted on Reddit.

When Mt. Gox collapsed, Coinlab moved to court together with previous Mt. Gox users and investors for payouts. While Mt. Gox users were seeking being paid for coins held by the exchange, Coinlab was seeking payment due to a breach of contract. According to Coinlab, Mt. Gox was to let it handle its U.S customers something that never came to fruition.

If the court formally accepts the new claims, Mt. Gox users will wait a little while longer before they receive their payouts.

Crypto users on social platforms also questioned Coinlab’s intentions with some saying that the new claims have no basis. On Twitter, a user tweeted:

Hi Peter @vessenes [Coinlab co-founder], did you submit a $16bn claim in the Mt Gox Civil Rehabilitation? 0.3% of Japanese GDP? Looks like this was done purposefully just to block any creditor pay outs? Care to clarify how this claim is justified?

Even without the fresh claims, Coinlab’s previous claim of 75 million U.S dollars was still questionable. For example, Jesse Powell, Kraken’s CEO, previously pointed out that “Coinlab never performed” and Mt. Gox would demand that the former business partner pay  5 million U.S dollars.

Coinlab’s new claims come after Mt. Gox’s trustee, Nobuaki Kobayashi, indicated that he will be providing more time before the period for filing civil rehabilitation claims formerly elapses.

Do you think justice will ever be served to Mt. Gox users even if the lawsuit will take years?

Let us know your thoughts in the comments section below.


Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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