Mtgox creditors: unite!

MtGox, once the world’s largest bitcoin exchange, entered bankruptcy proceedings on April 16, 2014. A trustee, Nobuaki Kobayashi, was appointed to administer and liquidate current assets.

We, a group of creditors, feel Kobayashi has failed to fulfil his fiduciary duties. This includes:

  • failure to consult with creditors and the bitcoin community at large on the appointment of known bitcoin experts to aid in the ongoing investigation - instead resorting to consultants with no more than a faint acquaintance with the concept of bitcoin, who are charging hefty fees;
  • failure to interact with interested (takeover) parties except under the protection of a highly restrictive self-denying non-disclosure agreement;
  • maintenance of an inappropriately cosy and outrageously costly consulting relationship with Tibanne KK, the parent company of MtGox (with Tibanne regularly charging “consulting fees” in excess of USD 400,000 to the bankruptcy estate), while failing to recognize Tibanne, the former de facto operator of the MtGox bitcoin exchange, as a fully liable debtor in this bankruptcy debacle;
  • failure to disclose the MtGox wallet addresses under the guise of protecting an “investigation” that is supposedly taking place;
  • failure to even provide something as simple as a claims form to creditors after over 7 months of bankruptcy proceedings.

In summary, we feel that Mr Kobayashi, least to say, does not live up to expectations and needs to be replaced by someone more competent, or needs to be overseen by creditors’ representation. Moreover, we feel Kobayashi should disclose the MtGox wallet addresses to allow community investigative efforts.

We need your support to make change happen!

Please fill in the form below to help build our case at the next creditor meeting (November 26th, 2014).

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