Coordinator for Largest Group of Mt. Gox Creditors Leaves Post, Sells His Claim

The founder and coordinator of the largest group of creditors of collapsed BTC exchange Mt. Gox has quit his post and sold his claim.

Andy Pag, the founder and coordinator of Mt. Gox Legal (MGL) — the largest group of creditors of the now-defunct Bitcoin (BTC) exchange Mt. Gox — has quit his post and decided to sell his claim. Pag announced his decision in a letter posted to the MGL contributor forum on April 4.

Mt. Gox Legal —  a cooperative of over 1,000 creditors with claims reportedly totaling more than an estimated 125,000BTC (~$649 million at press time) — was formed to seek coordinated legal action to support Mt. Gox’s transition from bankruptcy proceedings to civil rehabilitation (CR).

This transition, which formally took effect in June 2018, should ensure that creditors are reimbursed in crypto, rather than in fiat currency equivalent to the value of their BTC holdings at the time of the…

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2019-04-09 10:57:00

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Written by Cointelegraph

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