The events in Mentougou settled and a BTC bomb “?”

Mt.GOX (Mentougou) event has made new progress.

3 20 April, Tokyo District Court issued a research report on Mentougou, the disclosure of Mentougou massive wealth; at the same time, the plan and payment confirmation of creditors.

Wait 5 years of Mentougou victims, it seems will usher in an ending.

But this also means that some time in the future, there will be 142 thousand BTC and 142 thousand BCH bomb falls coins ring. For all the money for the encryption of game player, is a blessing or a curse?

Because of this gold uncontrollable “bomb”, the event will continue taking effect……

The 31QU / Thor in Feng Lin Jun


1 billion 100 million dollars of wealth

In March 20, 2019, the Tokyo District Court issued a Mt.GOX (domestic user called “Mentougou”) report of civil procedure of Japan exchange regeneration. The report shows that as of March 19th, Mentougou cash deposits of 69 billion 550 million yen, of which 15 billion 890 million of the trust property, but also has 141 thousand and 686 BTC and 142 thousand and 846 BCH.

Mt. Gox exchange and the aftermath of the huge losses suffered bankruptcy creditors, according to the civil procedure in Japan (Civil Rehabilitation Proceedings regeneration) to obtain compensation.

If the coin is far less than the number of standard calculation, these coins thrown when Mentougou announced. The “Mentougou incident” occurred in February 2014, when Mentougou declared that lost about 750 thousand belong to the customer bitcoin, as well as 100 thousand bitcoin platform.

This part of the bitcoin, accounted for 7% of the global total.

Civil regeneration procedure of Japan report part

Today, the total cash assets and encryption monetary assets of more than $1 billion 100 million worth of Mentougou, can be said to be a huge wealth.

As for Mentougou, these assets should compensate for who, how much compensation, “the Japanese Tokyo local court is to confirm the creditors, long-term concern” Mentougou case “Wang Zheng told 31QU.

In fact, the confirmation work has already started.

In early January 24th, the Tokyo court has been identified to be non exchange claims, the court finds that the debt is 3 million 713 thousand yen, is not recognized as 1 trillion and 760 billion 330 million yen; and in March 15th of this year, Tokyo court again were identified for the exchange of debt, debt was identified for 685 billion 730 million yen, the creditor is not recognized for 216 billion 210 million yen.

“Refers to the creditors in the event of Mentougou loss of bitcoin customers, that is who should be compensated.” Wang Zheng told 31QU.

In March 15th this year, Bloomberg reporter stationed in Japan Yuji Nakamura said on twitter, Japan Tokyo court found encryption currency exchange Mentougou person in charge of Mark Karpeles (method of fat) was convicted and sentenced to 2.5 years imprisonment, suspended for 4 years. Nakamura also said that the law was found guilty of tampering fat financial records convicted, but he has not been accused of embezzlement.

“He was not jailed.” Nakamura said.

But this does not mean that the law fat can do whatever they want, because in the 4 years after the entry into force of the judgment, if the method of fat breaks the law, he will be jailed for 2.5 years.

Although the fat eventually jailed, but Mentougou in the day bitcoin wallet address, like hanging in the crypto currency market “Damour Chris sword” – the assets will be how to be treated, may directly determine the future trend of encryption currency market.

This asset will affect the market on the market, public opinion is not a. Some people think that a huge amount of bitcoin currency will be sold, prices will fall, some people think that as long as the “Mentougou compensation, equivalent to disarm the bomb”.

But in the end to the customer bitcoin or cash compensation, is also the key.

In the eyes of Wang Zheng, if Japan Tokyo court finally decided to give the customer cash compensation, we must sell a lot of bitcoin, which will hit the market. If the court has decided to give the customer compensation encryption currency, bitcoin will need to purchase from the market with existing cash, which may be good for the market.

“The final compensation scheme depends on the decision of the court.” Wang Zheng said, two methods will produce different effect.

Anyway, the Mentougou incident was almost ended, there are users eager to go out of the ditch head Sun payment notice.

A twitter users drying out the payment notice received a friend event


Civil regeneration program

It is worth mentioning that Mentougou is Japan’s first “civil procedure” will be applied to the regeneration of a bankrupt enterprise, although the company does not have any intention.

In Japan, the “civil regeneration program” is a restructured company debt bill. According to this act, corporate debt or debt corporate trustee can draft a “regeneration plan”, by the creditors (rather than a shareholder vote) and then submitted to the court for approval.

In June 22, 2018, the Mentougou stock exchange under the creditor’s petition, the Tokyo District Court announced that Mentougou suspend the bankruptcy proceedings, the start of civil regeneration procedures, and the appointment of Nobuaki Kobayashi (lawyer Kobayashi) as a trustee to follow Mentougou’s bankruptcy case.

On September 2018, Kobayashi announced lawyer claims system on-line, creditors through online or offline to submit evidence of creditor’s rights, request back to their digital currency and cash loss in Mentougou.

While Mentougou’s debt restructuring means that the creditor (i.e. Mentougou victims) can recover their losses. Although they can not get full compensation, can guarantee at least recoup some of their losses.

In fact, the encrypted currency industry has a lot of uncertainty in the legal level, therefore, the Mentougou incident, what should belong to commercial bankruptcy proceedings or civil regeneration plan, this dispute is very interesting.

Japan and the Tokyo District Court ruling that the Japanese court did not use the general law to solve the problem to dogmatic, but on the conception of fairness and justice, to explore the possibility of new laws, to protect the encryption currency investors.

Previously, fat law also said that support the “civil regeneration method”.

In April 2018, Reddit in the method of fat posting said, if the Japanese bankruptcy law operation, the end result is Mentougou shareholders will easily take 160 thousand bitcoins. But the fat said that he does not want this one billion dollars, and ensure that the situation does not occur is their responsibility”.

“In fact, law fat hope to go civil regeneration procedures, rather than bankruptcy act.” Wang Zheng said, “because the bankruptcy act will lead to Mentougou last shareholder wealth into the pockets, but civil regeneration procedures, customers can get compensation.”

“Civil procedure” and regeneration is one of the solutions, it seems that most creditors more agree with this method.

Method of fat said, just want to see the outcome as soon as possible, let everyone back once in the Mt.Gox share.


From the famous to the notorious repute

Tokyo District Court released the investigation report of Mentougou book, is a comfort to those innocent users lost assets.

In the encryption currency in the development process, the Mentougou incident is always history node practitioners around the past.

The rise and prosperity of Mentougou, the exit and subsequent progress, witnessed the rise of bitcoin’s most brilliant, also witnessed the whole from weak to strong encryption currency industry.

Mentougou is the earliest built by “,” the father of Jed McCaleb, originally he establishment of the propaganda card game “The Far Wilds”. In July 2010, Jed saw an article about bitcoin articles on the website Slashdot, Mentougou decided to upgrade is available for users to exchange bitcoin online platform.

The Jed is not good business trading platform, Mentougou was just a small platform.

In March 2011, Jed decided to attend Mentougou business website to live in Japan by fat, at that time, Mentougou still holds 12% shares of Jed said, “the website fat method to a new level.”

Because of this, the fate of Mentougou reversed.

With bitcoin value is gradually recognized, bitcoin prices have continued to increase, early investment in the game player to get a huge return.

The first moment of glory in Mentougou, is in the bitcoin $100, at that time, the trading volume is only a platform in Mentougou, accounted for 76% of global bitcoin trading volume, the same year, it is up to the highest level of 80%; method of fat has once been widely known as “the bitcoin tycoon”.

When the Mentougou CMO Gonzague Gay-Bouchery and the fat in high and vigorous spirits

But this is a currency exchange encryption high risk places, from the famous Mentougou but only to the notorious repute, spent a year in which a sigh amidst the winds of change.

Before the incident, Mentougou has repeatedly suffered hacker attacks. For example, Mentougou in June 2011 for the first time by a massive hacker attack, lost $8 million 750 thousand worth of bitcoin; in April 2013, the world also experienced a major bitcoin trading mechanism of DDoS attacks……

These attacks could not shake the foundation, really let Mentougou go to the crossroads of the fuse is of vital importance, thousands of “post withdrawal latency” at the beginning of 2014 broke out, and the next crazy run.

In February 10, 2014, bitcoin prices flash crash, just a few minutes, the price to $102 from $600 the day of the crash, Mentougou phenomenon interpretations, interpreted by the media as “indefinitely suspend withdrawals”.

Then, the market further deterioration in controversy in Mentougou, or not on “why unable to cash problems” give a reasonable explanation.

In February 22, 2014, people gathered in Mentougou Tokyo office demonstrations

In February 25th, a report entitled “crisis draft” (Crisis Stategy Drafy) internal documents out of file called “we are a major bitcoin theft, stolen 744408 bitcoins.”

Later, Mentougou shut down all operations, and then issued a statement, said the leaked before the file describes the basic law “true”, openly exchange stolen.

The news that investors on the platform of the incredible own currency, “ashes to ashes overnight”. Mentougou outage issue, even alerted the official agency of the United States and japan.

Second days, Mentougou received from New York Manhattan federal court summons, the media quoted an insider news, attorney PREET bharara, “want to know how to deal with Mentougou”, “the FBI is monitoring developments”.

The Japanese authorities began to investigate the incident in Mentougou, responsible for the supervision of banks and securities companies, the FSA said, “attention (the event) influence on the financial industry”.

A marathon 5 years of investigation, kicked off.


5 years of investigation and bitcoin bomb

The stolen after the incident, the West announced a disaster situation: lost about 75 million belonging to the customer bitcoin, and 10 000 bitcoin platform. These bitcoin, accounted for 7% of the total global.

Then, in a statement on the official website by fat, “said found nearly 200 thousand in an old wallet (exact number 199999.99) bitcoin” has to be kept offline.

Due to the loss of the huge amount of bitcoin, February 28, 2014, Mentougou filed for bankruptcy protection to the Tokyo District court.

After a survey pointed out that as early as 2011, hackers have begun brewing Mentougou steal bitcoin, but until 2014 was stolen after light exposure.

But Mentougou is not a solution, but under pressure to fill the gaps, stolen information, disguised as a normal way, finally, the hidden in the game when Its loopholes appeared one after another. was exposed.

2014 years 4 months, Tokyo local court rejected Mentougou’s bankruptcy filing, and announced on behalf of misappropriation and falsifying data, to investigate the method of fat. Although the fat law held a press conference to conduct a public apology, but refused to plead guilty.

In August 2015, has been accused of manipulating trading records and misappropriated millions of dollars worth of bitcoin, was first arrested in 2016, fat, he was released on bail. 2017 method, fat first trial, accused of embezzlement, false data manipulation, customers will be diverted to use encryption assets.

Face trial method, fat pleaded not guilty, and that lost bitcoin is his responsibility, he must understand bitcoin lost sequence of events.

In March 15, 2019, Japanese prosecutors formally announced the verdict, guilty of tampering law fat financial records, was sentenced to 2 years and 6 months, suspended for 4 years, at the same time to withdraw his allegations of corruption.

We turned to uncontrollable bitcoin “bomb”.

Mentougou after the closure of all claim procedures are executed under supervision of the Tokyo district court, was fat before announced back 200 thousand bitcoins, kept by the follow up of the bankruptcy trustee kobayashi.

This 200 thousand bitcoins on the platform users, is a good news, but also a time bomb could explode at any time.

The lawyer Lin has said publicly, 2017 years 12 months to 2018 years 2 months, he has started selling 3.58 million coins, with a large number of 2013 users pay the loss of assets.

But the idea that many fell bitcoin and are selling lawyer Xiao Lin. Lawyer Kobayashi Norisumishi said, they are through the OTC sales, will not affect the market price.

Reddit bitcoin forum a user that is in the “ruin Kobayashi bitcoin”, and user comments: “it is better to repay creditors directly with bitcoin, and let them decide how to deal with (Kobayashi approach) is simply nonsense.”

According to the onion news report, a simple comb in the back of the 200 thousand bitcoin sequence of events after the discovery of the 200 thousand bitcoins followed by splitting and integration – splitting and re integration “, is divided into 100 accounts.

This means that it is very likely the same person or with a team in the operation.

Photograph: Onion News


With the events in Mentougou gradually come to light, long shrouded in fog on the coin ring head will disperse.

In bitcoin was born 10 years later, the industry still did not get rid of the crypto currency, security crisis. A report according to the network security company CiferTrace 10 last month, 9 2018 years ago, because hackers, encryption total monetary value lost platform up to 9.27 billion dollars, is 2.5 times the 2017 years.

Bithumb, Coincheck, Ann coin…… Many exchanges in front of a hacker attack security encryption currency crashed, the story is still staged.

Reference material´╝Ü

1, time line: Mt. Gox incident and the rise and fall of bitcoin

2, [Mt.Gox] this technology onion zombie whale lurking in the end? This is the most detailed chart

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