Document: Tibanne K.K. Billed Mt. Gox For $200K, Money Possibly Taken From Creditor Funds

Super User
By Super User July 7, 2014 16:39


Document: Tibanne K.K. Billed Mt. Gox For $200K, Money Possibly Taken From Creditor Funds

Story Highlights

  • Tibanne K.K. received $200K from Mt. Gox creditor funds
  • Funds used for office rent, employees, etc.

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A newly-published post this weekend by — a website that collects and publishes documents related to now-defunct bitcoin exchange Mt. Gox — reveals that Mt. Gox parent company Tibanne K.K. (led by Mark Karpeles) may have invoiced Mt. Gox for “services rendered” following the exchange’s dramatic collapse earlier this year.

The document, in Japanese, is heavily redacted, and according to GoxDox, the court-appointed trustee Nobuaki Kobayashi (tasked with watching over Mt. Gox’s bankruptcy) signed off on the charges.


The documents suggest there only remains $7.6 million in funds belonging to Mt. Gox — in other words, creditor funds. What’s interesting about this is that this figure is significantly less than the $38 million Mt. Gox claimed when they filed for bankruptcy protection earlier this year.

So what exactly did the sum of $200,000 entail? As pointed out by CoinDesk, the money is said to have gone toward office rent, network-related fees, and paying employees. Some of those may include the call center Mt. Gox set up earlier this year, which did mostly nothing aside from directing callers to read the website for updates.

Also of interest: you may have seen on social media that Mt. Gox has been mailing post cards to creditors, with the same information that is also on their site. The cost? $85,000.

Not surprisingly, members of the bitcoin community — particularly those with money lost in the exchange — are outraged and demanding answers.

Whether or not those answers will come is questionable.

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A bitcoin enthusiast residing in Massachusetts, Eric got his news-writing start on his own technology blog from 2009-2011. He's also written for PetaPixel - a prominent photography blog. By day, he works in IT and has worked as a wire photographer for Retna.

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