February 28, 2014 Tokyo District Civil Court 20th Circuit - Civil Rehabilitation Engagement 〒 150-0002 2-11-5 Shibuya, Shibuya-ku, Tokyo MtGox K.K. Representative Robert Marie Mark Karpeles 〒 106-0032 1-9-10 Roppongi, Minato-ku, Tokyo ARK Hills Sengoku Yamamori Tower 28F Baker & McKenzie law firm Foreign Petitioner Lawyers Yamamoto Foreign Petitioner Lawyers ??? Phone: 03 -6271-9900 (main line) FAX: 03-5549-7736 〒100-0005 2-3-2 Marunouchi, Chiyoda-ku, Tokyo Kawai 2 Yusen Bldg. 4th floor (law firm name) LLP Petitioner Lawyers (name) Petitioner Lawyers (name) Phone: 03-6267-1241 FAX: 03-6267-1210 Attachments * 1. Introduction (Common with the former Someishiryou 2) credentials * 1. Resolution of the Board of Directors * 1. Power of attorney EXHIBIT A PURPOSE OF THE COMPLAINT For petitioner, I will start the rehabilitation proceedings. REASON FOR THE COMPLAINT Article 1 - Facts which will be the cause of the first rehabilitation proceedings Petitioner (debtor) MTGOX K.K. (Referred to as "petitioner" below) states its assets & liabilities overview currently as follows, since it is not able to repay the debts and obligations on their due date without causing harm. To prevent disruption of business, the petitioner files for bankruptcy protection. A full description of the circumstances that led to this will come later. Article 2 - Outline of the debtor Company (1) Corporate Profile (1) Company name The name is "Kabushiki Kaisha MTGOX". (2) Corporate objectives ① IT (information technology) system development and the consulting thereof; ② Internet/web contents development, and the consulting thereof; ③ Planning of server, development, design and computer; ④ Internet site management and control; ⑤ Any and all business incidental to each item before (3) The amount of capital and stock Total Shares Authorized 10,000 Total Shares Outstanding 500 Total Paid-In Capital ¥ 5,000,000 (4) Date of Establishment August 9, 2011 (5) Company Shareholders There are 2 shareholders of the company. The representative of the petitioner Mark Karpeles (hereinafter referred to as "the petitioner's representative.") holds 100% of the outstanding shares of TIBANNE K.K. (hereinafter referred to as "parent" or "TIBANNE" below), which holds 440 shares (88% of the outstanding shares). Tibanne K.K. 550 shares (88% of outstanding shares) Jed McCaleb (an individual) 60 shares (12% of outstanding shares) (6) Company Officers Representative Director Robert Mark Marie Karpeles The above-quoted claimant representatives, is also the sole shareholder and president of the parent company. (7) Head Office Location Shibuya 2-11-5, Shibuya-ku, Tokyo (2) Petitioner's Activities The main business of the petitioner is a operation of online exchange exchanges can buy and sell bitcoin or the like, which is a virtual currency. (3) office facilities, etc. The sole business facilities of the company, is the Head Office 2-5-11 Shibuya, Shibuya-ku, Tokyo. The parent company also leases the same office, and the petitioner sub-leases the office from TIBANNE. (4) employees The petitioner does not directly employee any employees, as the petitioner has entered into an operating agreement with the parent company, and is receiving services from the parent company. (There are a total of 32 full-time employees, contract employees, and part-time employees.) (3) Balance sheet of the Petitioner for the most recent two terms, one of each assets and liabilities (1) Balance sheet since the establishment of the petitioner, are as Someishiryou who submitted, but the summary is as follows. (Thousands of yen) Balance Sheet August 9 2011 - March 31 2012 April 1 2012 - March 31 2013 Current assets 95 3,838,803 Total assets 95 3,838,803 Current liabilities 21,232 3,831,393 Total liabilities 21,232 3,831,393 Total net assets ▲ 21,137 7,41 Total net assets and liabilities 95 3,838,803 (2) Income statement for the most recent two quarters 2 Income statement since the establishment of the petitioner, are as Someishiryou who submitted, but the summary is as follows. (Thousands of yen) Income Statement August 9 2011 - March 31 2012 April 1 2012 - March 31 2013 Gross revenue 1 0 135,072 Gross profit 0 131,085 Operating income (loss) ▲ 26,138 21,205 ordinary income 0 29,395 Net income (loss) ▲ 26,137 28,548 3 Contents of assets The inventory of assets, the status of the primary assets, and the contents of the assets of the petitioner are as follows. (Current assets) (1) cash deposits Petitioner's holds cash deposits in banks and other payment service providers totaling 513,988,952 JPY. (2) BTC account Petitioner operates a bitcoin exchange which has users conducting transactions (Hereinafter referred to as "Users") for the buying and selling of bitcoins. Petitioner receives approximately 0.6% comission of the total bitcoin trades. This is considered as property by considering the value of the bitcoins. At the time of this statement, approximately 901 million JPY worth of bitcoins. (3) Inventories 18,627,790 yen worth of OTP cards, 3,419,440 yen worth of Yubikeys, total of 22,047,230 yen. (4) advances Petitioner has participated in the annual event that takes place in France called E LOGIC that target people who are interested in computer, 7,968,000 yen for the prepaid expenses. (5) Short-term loans Complainant, Tsuke-kin credit for this and costs, incurred with respect to affiliates of petitioner.801,249,564 yen Short-term loans total. (6) other deposits Deposits from users who are at the bank other than the petitioner, 1,384,057,302 yen third-total deposits. (Fixed assets) (7) furniture and fixtures PC, fixed assets, such as equipment of the petitioner, server hardware, etc. totaling 107,510,694 yen. (8) development costs Software development costs, development costs, in-house development costs, mobile phone development costs, and the like totaling 91,964,675 yen (9) Deposit 540,000 yen deposit of rental space. (10) pledged insurance Seizure 10,586,875 yen based on provisional disposition order Total assets 3,841,866,163 yen Liabilities of petitioner are as follows. (1) Accounts Payable For the amount of accounts payable, there is something that is not in part, but it has been found to generally, totaling 19,033,902 yen. (2) BTC temporary receipt - 901,952,870 yenr In the same amount of money, a there is a current assets account (3) Deposits 5,502,576,538 yen Approximately 127,000 users have money on deposit.
Jed McCaleb, founder of early crypto exchange Mt. Gox, is currently being sued over his handling of the exchange during his time as its CEO. According to the complaint, two former traders on Mt. Gox have accused McCaleb of fraudulent handling of the exchange, with McCaleb allegedly leaving major security holes that led to future hack attempts.The Mt. Gox hack in 2014, when Mark Karpelès was ... Jed McCaleb created eDonkey, one of the largest file-sharing networks of its time, as well as Mt. Gox, the first bitcoin exchange, which became insolvent in 2013.In 2011, Jed founded Ripple. Recognizing that the world’s financial infrastructure is broken and that too many people are left without resources, in 2014 he and Joyce Kim cofounded Stellar, an altcoin. Hi, I’m Jed McCaleb. Recognizing that the world’s financial infrastructure is broken and that too many people are left without resources, Joyce Kim and I cofounded Stellar Development Foundation in 2014. At Stellar.org, I’m spending an insane number of hours with the smartest people I’ve ever worked with. My background Jed McCaleb created eDonkey, one of the largest file-sharing networks of its time, as well as Mt. Gox, the first bitcoin exchange. In 2011, Jed founded Ripple. Recognizing that the world’s financial infrastructure is broken. In February 2014, the Bitcoin exchange site MtGox began collapsing due to an unclear mix of mismanagement, theft, and hacking. The collapse was widely discussed since MtGox was one of the first & oldest operating Bitcoin exchanges (founded by Jed McCaleb in July 2010), and had once been the leading exchange.
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