Mt. gox creditors seek trillions where there are only millions

1. Mt. Gox Creditors Seek Trillions
Where There are Only Millions

2. Contd…
$2,411,412,137,427. That figure -$2.4 trillion for those with an untrained eye for
very large numbers -is in the same ballpark as the annual economic output of
France.
It is also exactly the amount that people around the world claim they lost when Mt.
Gox, the Tokyo-based virtual currency exchange, collapsed into bankruptcy in 2014,
after huge, unexplained losses of the volatile digital currency bitcoin.
As with most of the people who lost money with Bernard Madoff, the investment
manager who was convicted of running a Ponzi scheme, most of those who put
their bitcoins in Mt. Gox will be disappointed: The Japanese trustee overseeing the
case said on Wednesday that only $91 million in assets had been tracked down to
distribute to claimants -a small portion of the more than $500 million in assets that
Mt. Gox claimed it had in the weeks before it went bankrupt in February 2014, and
a tiny portion of the amount that claimants have requested.

3. The giant gaps between those numbers are an indication, if nothing else, of
the sheer number of dishonest people who have been drawn to the fiasco
around Mt. Gox and bitcoins. They are also the latest reminders of the topsy-
turvy nature of the digital-currency realm. A currency designed to bring
computer precision and traceability to money has been marked by multiple
unsolved mysteries swirling around it.
Journalists and others have made many unsuccessful attempts to determine
the true identity of the creator of the bitcoin technology, a programmer or
group of programmers going by the name Satoshi Nakamoto.
Bitcoin experts and law enforcement officials have spent more than two
years trying to figure out how hundreds of thousands of bitcoins disappeared
from the Mt. Gox exchange. There have been lots of conspiracy theories but
few solid answers.

4. Contd…
The amount that claimants have requested from the Mt. Gox bankruptcy
estate is absurd on its face, given that all the bitcoins in the world today are
worth about $7 billion, or 0.3% of the $2.4 trillion being claimed.
Most of that huge number is an outsize claim by one individual -but even
after that is taken out, the rest of the claimants said they lost some $27
billion, or 54 times what the exchange claimed it held before it went under.
The trustee said on Wednesday at a meeting with creditors that $414 million
of the claims appeared to be legitimate and have been approved.Each of
those claimants will get some portion of the $91 million. It is not yet clear
how much because of outstanding lawsuits and investigations.

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