The world’s big­gest dig­i­tal cur­rency

The Sunday Telegraph - Money & Business - - Technology Intelligence -

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.

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