Why was the Reparation Period to Mt.Gox Creditors Postponed Again?

Employees of the independent investigation platform WizSec named the real reason for the postponement of the payment of funds to the victims of the Mt.Gox crypto exchange for another half a year (October 28, 2019).

In their opinion, it is precisely the statement of CoinLab demanding compensation in the amount of more than $16 billion is a stumbling block in the way of completing the business of the exchange.

According to estimates of WizSec, the company’s demand exceeds the total amount of damage of all applications from victims by almost two and a half times.

WizSec summarized CoinLab’s intentions:

“Basically, if you had bitcoin in MtGox you’ve already lost 80% of your money, and now CoinLab is doing their best to finish the job.”

How did the relationship between CoinLab and Mt.Gox evolve

In 2012, Coinlab made a deal with a subsidiary of Mt.Gox, which was not destined to happen.

WizSec notes that each side interprets the situation differently.

“The contract was probably rendered invalid and/or CoinLab breached it by not being legally compliant in all relevant U.S. states”, Mt.Gox lawyers claim.

At the same time, CoinLab insists that the company has always met all the requirements.

It is obvious that between the parties some business disagreements have arisen, because of which the matter did not go any further than that. The dispute continued until, in 2013, it turned into a lawsuit filed by CoinLab.

The CoinLab case is simple on the assumptions, but it is very confusing in the claimed losses. CoinLabs representatives claim that Mt.Gox violated the contract, and therefore their company lost revenue.

According to Nobuaki Kobayashi’s own calculations, CoinLab’s revenue share is approximately 636 million yen ($6,100,000), which is about 40 times less than the stated amount of $16 billion.

According to Mt.Gox trustee, the Coinlab claim does not have a valid reason for satisfaction, but it seems that company representatives are ready to go all the way to sue as much as possible.

We want to remind you:

CEO of the Infamous Mt.Gox Found Guilty

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