Daniel Kelman on the Creditors of Mt. Gox and Civil Rehabilitation

Mr Obnoxious - Un pódcast de Peter McCormack

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Interview location: Skype
Interview date: Tuesday 12th Feb, 2019
Company: Chief Strategy Officer
Role: OceanEx

The victims of Mt. Gox are the creditors, those who lost their Bitcoin when the company entered into bankruptcy arrangements. For years they have battled for a fair civil rehabilitation plan and suffered delay after delay.

Under Japanese law, the creditors were due the Yen value off their holding at the date of bankruptcy, to be paid out from the 200,000 Bitcoins which were found by Mark Karpeles after first suspecting all the Bitcoin were gone.

The process of rehabilitation has been held up by the lawsuit from Peter Vessenes from Coinlab, and during the wait, the price of Bitcoin has risen sharply. Under Japanese law, after creditors have been paid, the remaining value in the company is due to the shareholders, this being Mark Karpeles (88%) and Jed McCaleb (12%), which would have made Mark a billionaire.

To their credit, neither Mark nor Jed wants to receive this money, and the creditors have fought to have the remaining Bitcoin redistributed to them. In this interview, I walk with the lawyer, Daniel Kelman, the architect of the civil rehabilitation plan for Mt.Gox creditors. We discuss this as well as the claims from Brock Pierce and Peter Vessenes.

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Timestamps:

00:03:32: Introductions
00:04:10: Discussing Daniel’s role in the Mt Gox story
00:06:39: Personal views on Mt Gox and experience of the major hack
00:09:54: Daniel’s feelings about Mark Karpeles
00:10:57: What has the civil rehabilitation process been like as a creditor?
00:14:17: How the rise in Bitcoin price, complicated the civil rehabilitation process.
00:16:25: Coinlab’s claim and the delay that it has caused to civil rehabilitation.
00:20:23: Is there any legal basis for Coinlab’s claim?
00:21:57: What is Daniel’s view on the Mt Gox trustee?
00:24:45: Jesse Powell and Kraken’s ties to the trustee
00:28:55: What is the trustee’s relationship like with creditors?
00:30:35: Daniel’s view on Brock Pierce
00:34:34: Brock’s proposal for Mt Gox and his potential incentives behind this
00:38:39: Does Brock’s plan have any support of the creditors?
00:43:12: What is the present day status of the Mt Gox civil rehabilitation?
00:44:38: Daniel’s personal reflection on the Mt Gox story
00:46:36: What is Daniel currently working on?
00:48:08: What is his opinion on the crypto space in 2019?
00:49:42: Closing comments

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Helpful Links:

Connect with Daniel:
- On Twitter @danielkelman
- On LinkedIn

Mentioned in the interview:
- Mt. Gox
- Mt. Gox Wikipedia page
- The History of the Mt Gox Hack: Bitcoin’s Biggest Heist
- Mark’s Reddit AMA
- WizSec report
- Brock Pierce plan
- Gox Rising
- Coinlab claim
- Coincheck hack (bigger than Mt. Gox)
- Civil rehabilitation
- Bitpoint sale

Other relevant WBD podcasts:
- WBD076: Mark Karpelès on the Collapse of Mt. Gox
- WBD075: Jed McCaleb on the Creation of Mt. Gox
- WBD058: Trace Mayer on Why You Must Own Your Bitcoin Private Keys

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