A Guilty Verdict, Impatient Creditors and a Resurrecting Movement: Mt. Gox Saga Continues

This is an increase on its original claim of $75 million that it sued Mt. Gox for in 2013.

Industry commentators also believe that the trustee responsible for managing the remaining Mt. Gox assets, Tokyo lawyer Nobuaki Kobayashi, might be partially responsible for the Bitcoin crash at the beginning of 2018, due to the thousands of Bitcoin and Bitcoin Cash that were "Dumped" into the market.

In February 2019, there were also talks of a Mt. Gox revival of sorts, with prominent blockchain and cryptocurrency entrepreneur Brock Pierce starting a movement called Gox Rising.

Pierce said at Gox Rising's first industry public appearance at BTC Miami that, "The GoxRising movement aims to restore the creditors' losses as well as the world's faith in the cryptocurrency industry."

Former Mt. Gox CEO Karpeles quickly shot down the feasibility of Pierce's plans to revive the Mt. Gox exchange through the Gox Rising movement.

Karpeles said to Cointelegraph, "As to distributing assets faster than the trustee, I haven't heard at this point anything that would make this possible from Gox Rising [sic]. The published plans seem to imply reviving Mt. Gox and creating a lot of complex legal structures, which may take time to happen."

A lot of the focus surrounding Mt. Gox's ongoing saga is naturally on Karpeles.

These proceedings were brought against Karpeles personally by former Mt. Gox investors Gregory Greene and Anthony Motto, and are separate from the continuing civil proceedings in Japan.

On March 15, the Tokyo District Court found the former Mt. Gox CEO guilty of record tampering, but acquitted him of embezzlement, reportedly stating that the former Mt. Gox CEO sometimes mixed his personal finances with those of the exchange and fiddled with its accounts, apparently to hide the fact that the platform had lost money to hackers.

On March 19, Mt. Gox trustee Kobayashi announced he has concluded the processing of creditors' rehabilitation claims and that they will be notified of the results within days.