Class-Action Lawsuit To Be Filed Against Mt. Gox

Mt. Gox, one of the most popular Bitcoin exchanges, is under fire.

The exchange has had a lot of negative news surrounding it as they have halted Bitcoin withdrawals completely, single-handedly causing the price of Bitcoin to fall significantly. It was announced earlier this week that some people are firing shots back.

User ‘nmersulypnem‘ on BitcoinTalkForums has announced that he is filing a class-action lawsuit against Mt. Gox, and is inviting other members of the community to join in along with him.

“I have contacted the offices of my law firm (REDACTED) in Tokyo to begin proceedings to sue Mt.Gox / Tibanne Ltd / Mark Karpeles for my USD funds.  He advised me that suing for USD is much more reliable than suing for BTC (since the price varies and bankruptcy collection on BTC has an unclear legal process).  Given the liquidations we see on MtGox we believe that there are likely other large plaintiffs filing suit, so we want to move quickly.”

While he refused to answer any questions when we attempted to contact him, it is estimated that him and the other co-plaintiffs will be suing for a rather large amount (one user reported over $100,000 worth of Bitcoin in Mt. Gox), potentially forcing Mt. Gox into bankruptcy. Should this be the case, Mt. Gox will refund as many Bitcoins as they can when they are able to do so.

At this time, the details of this case are fairly unknown. However, we will update you when we find out more information. For now, Mt. Gox had better get their act together – it’s only a matter of time before they end up in even more trouble than they are already in now.

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