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ARTICLE · 11 SEPTEMBER 2018

Mt. Gox Debacle Showcases Cryptocurrency Litigation Concerns

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The theft of millions of bitcoins and related failure of cryptocurrency exchange Mt. Gox—recently written about in the Wall Street Journal—provides a perfect example of how cryptocurrency-related issues ...

United StatesCorporate/Commercial Law
Joshua Newville
Joshua Newville
Brian Hooven
Brian Hooven
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The theft of millions of bitcoins and related failure of cryptocurrency exchange Mt. Gox—recently written about in the Wall Street Journal—provides a perfect example of how cryptocurrency-related issues can blossom into one of our Top Ten Regulatory and Litigation Risks. The WSJ article chronicles the journey of Kim Nilsson—one of the victims of the $400 million bitcoin theft from Mt. Gox in 2014—as he investigates and eventually uncovers the identity of the hacker who stole his bitcoins. During his investigation, Mr. Nilsson discovered another concern—one potentially ripe for dispute:

Mt. Gox had been concealing bitcoin thefts that occurred as far back as 2011 and had been insolvent since at least 2012—two years before it filed for bankruptcy.

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