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Mt. Gox, the defunct Bitcoin exchange, has been making headlines with news pertaining to its civil rehabilitation proceedings. Now, the exchange is back in the spotlight after WizSec Bitcoin Research released a report on the entire Mt. Gox – CoinLab “behind the scene” story.
The report titled ‘CoinLab v Mt. Gox: The imaginarium of Peter Vessenes,’ gives insight into the $16 billion claims made by the firm. Kim Nilsson, a researcher at WizSec, “acquired a copy of the last round of petitions to the Tokyo District Court”. The report revealed that the civil rehabilitation trustee, Nobuaki Kobayashi, decided to delay proceedings due to the ongoing case with CoinLab, stating that it was “the elephant in the room causing this delay”.
The report stated that CoinLab “steadfastly refused” to lower the amount claimed, adding that it was “now almost two and a half times as large as the sum total of all approved claims combined”. It further stated,
“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.”
Claims made by CoinLab | Source: WizSec
Apart from these claims, CoinLab also demanded that Mt. Gox cover its legal fees. However, this was outrightly dismissed by the Trustee as he asserted that the claims should be “assessed as 0 JPY” and that the firm should cover its own legal fees.
Further, the Trustee also considered the claims and the calculation behind the claims to be “impossible” and “completely groundless”. More so, according to the calculation made by the Trustee, CoinLab’s claims close down to $6,100,000 [Six million, one hundred thousand], “suggesting that CoinLab’s figure for the same time period was 40 times too large”.
CoinLab claim calculation | Source: WizSec
The report concluded,
“To continue to argue this frivolous claim at the direct expense of tens of thousands of people who actually lost their own money is utterly shameless. Peter Vessenes and anyone currently associated with CoinLab are blatantly trying to rob honest creditors and deserve to be publicly shamed until they do the right thing and drop this claim.”