Mt. Gox sued over 8,50,000 Bitcoins loss

Washington, Mar. 01: A Chicago based law firm has filed a suit against Mt. Gox, which was once the largest Bitcoin exchange in the world, over loss of 8,50,000 Bitcoin units.

Mt. Gox, which is in outstanding debt of about 63.6 million dollars, had earlier filed for bankruptcy protection over their loss of Bitcoin units including 7,50,000 units belonging to customers worth 477 million dollars.

According to Tech Crunch, the law firm, Edelson PC, filed the lawsuit on behalf of someone named Gregory Greene and all the other U.S. residents who are affected by the collapse of Mt. Gox.

A managing partner at Edelson PC, Jay Edelson, said that proving fraud would be their main concern as Mt. Gox’s bankruptcy protection would not be able to shield it and further added that if people could ‘go in’ and ‘hack’ it, then there was nothing more than it being monopoly money.

Edelson further added that not only was Mt. Gox not secure, but they also didn’t pay attention to their security and if people had understood that they weren’t minding the store, they wouldn’t have invested.

Another Mt. Gox client had sent in an email stating that the exchange was clearly operating with the intentions of minting money, neglecting the fact that their actions were costing huge setbacks in a lot of peoples’ life, the report added. (ANI)