- A post on the Mt. Gox insolvency subreddit sparked controversy when a user expressed their intention to file a lawsuit against the defunct crypto exchange after learning that their Bitcoin claims might be void due to a lack of response to creditor notifications.
- Other creditors quickly shared their opinions, pointing out that the original poster (OP) failed to follow the Mt. Gox creditor repayment process despite multiple communications in Japanese and English.
Amid the Mt. Gox repayments that occurred throughout July last month, a new controversy is erupting regarding the waived Bitcoin claims. One such original post (OP) on the Mt. Gox insolvency subreddit ignited major controversy and backlash among community members.
An original posted on the subreddit expressed his intention to file a lawsuit after discovering that his claims for BTC on the defunct crypto exchange could be null and void for not responding to creditors notifications. Several other creditors quickly joined in sharing their opinions on filing a potential lawsuit against Mt. Gox.
Creditor Repayment Process
Crypto exchange Mt. Gox began the creditor repayment process a decade after going bust in 2014. Since then it has been embroiled in a lengthy legal process. The OP posting on the subreddit said he had a small balance on the crypto exchange Mt. Gox during its collapse. After checking out of the crypto scene in 2013, the OP was unaware of the ongoing creditor process, per the CNF update.
Moreover, they recently discovered the emails from the Mt. Gox insolvency team, including a 2019 email with a creditor number. However, Mt. Gox reportedly asserts that the OP has waived their right to recover funds due to their lack of response.
The OP expressed frustration over the situation, arguing that the notices, some in Japanese, were insufficient. They also mentioned the high volume of spam and scam emails related to the cryptocurrency industry as a factor.
Mt. Gox OP Faces Community Backlash
Calling this situation “insane,” the OP sought legal help from a lawyer to file a lawsuit against the exchange. However, the OP faced community backlash soon after, with many accusing the OP of negligence for failing to follow the Mt. Gox creditor repayment process. One of the users also highlighted the lengthy duration of the process and how the exchange has been communicating at every juncture.
The users also noted that Mt. Gox has been sending all the communication in both languages- Japanese and English. Besides, they have also sent some paper letters to the registered addresses. Responding to the OP, the user said: “It is your own fault that you did not take care of it in time.”
Another user echoed a similar sentiment, adding, ” Not a single one of those emails was Japanese only; they all had English translations of the full body included.”Additionally, they emphasized that Mt. Gox fulfilled its obligations to notify potential creditors. Therefore, the OP’s failure to respond promptly has left them without recourse.
