Kolin Burges, a Bitcoin trader from London has ended his protest outside the MtGox offices in Tokyo. For almost three weeks he has been camped out outside their office trying to find out what has happened to the bitcoins he had deposited on the MtGox exchange. During his protest he has been joined by Japanese, American and Australian customers also wanting to find out what has happened to their deposits.
On Friday (28/02/2014), MtGox filed for bankruptcy under Japan’s Civil Rehabilitation Law. The company had liabilities of around 6.5bn yen (£38m), almost double their total assets of 3.84bn yen (£22.6m). It is also alleged that over 800,000 bitcoins owned by customers and the company itself were lost due to a technical issue. This figure has not been confirmed by MtGox and their is speculation that some of these bitcoins may be able to be retrieved by their CEO Mark Karpeles.
Mr Burges had approximately 250 bitcoins (currently worth £88,000) deposited on the exchange. He will now by flying back to the UK and will be waiting for news from Japan about whether he will be able to recover any of his losses.