The world’s biggest digital currency
billions of dollars.” After Mt Gox’s collapse, Nilsson set up a small consultancy firm called Wizsec to undertake an investigation into the company. He wasn’t sure if anyone else could understand what was deemed “cutting-edge technology” at the time.
The appointment of Kobayashi is a sign of just how serious the consequences of the Mt Gox case could be. According to Nilsson, he is one of the most senior and respected bankruptcy attorneys in Japan.
“Tens of thousands of creditors spread out all over the world, new technology, things changing over time … things like that would never happen in a normal bankruptcy” said Nilsson. their 2014 price, short-changing creditors. “There is no such rule in civil rehab. The trustee can decide at which timing the Bitcoin should be evaluated,” said Sugano. Her understanding is the creditors will want repayment in Bitcoins, reducing the risk of a total market crash, but she sees another Mt Gox scenario as being “possible”.
Nilsson remains optimistic about cryptocurrencies, despite the lengthy process in reclaiming his Bitcoins from Mt Gox. He sees Mt Gox’s failure as ultimately a human one.
“Mt Gox tried to keep it secret, they tried to recover from [the hack] without telling anyone, including its own employees,” he said.