In 2014, the Mt Gox scandal rocked the cryptocurrency world. Thousands of crypto investors using the Mt Gox platform- which was the largest Bitcoin exchange in the world at that time- lost a significant amount of capital, never to be seen again.
The astronomical price of Bitcoin has recently re-opened the Mt Gox debate. Bankruptcy proceedings are still ongoing, and a group of creditors have recently petitioned for Mt Gox to be moved from a state of bankruptcy to a state of civil rehabilitation due to the fact that the value of the Bitcoins that were able to be recovered from the disaster now far outstrip the liabilities of the company.
Kolin Burges, a London-based programmer, gained international fame in the cryptocurrency community in 2014 when he flew to Tokyo to camp outside of the Mt Gox headquarters and confront CEO Mark Karpeles regarding the loss of capital.
Burges’ protest has now developed into a fully-fledged protest platform, and is still operational today. The original Mt Gox protest began on the 14th of February 2014, and was subsequently shut down by police on the 21st of February 2014 when the protesting group suddenly ballooned.
The Mt Gox protest publishes updates on a near-monthly basis, and has, to date, received roughly $16,000 in donations which have been used to engage the services of a Japan-based legal team. According to the Mt Gox Protest website, this legal team is engaged in the following five endeavors:
- Sorting out who will be the beneficiary of the creditors’ 200,000 bitcoins, due to the legal technicality of MtGox now being solvent.
- Looking at options for speeding up the bankruptcy process, in particular finding out if there are any options in managing the Coinlab case.
- Looking into ways of creditors being represented as a group in order to have a louder voice.
- Increasing the transparency of the bankruptcy process.
- Trying to reserve seats for creditors at the Karpeles trial so we know what’s happening in the trial.
Recently, The Mt Gox Protest has launched a new platform that allows Mt Gox creditors to connect to one another. The Mt Gox Creditors committee has been founded by Kolin Burges, Daniel Kelman, and Josh Jones, and states that their purpose is to “represent the interests of all creditors, and to push for a speedy and fair distribution”. If you’re interested in tracking the progress of the Mt Gox protest, it’s possible to follow Kolin Burges on Twitter.