4 ms·
That's not how bankruptcy works. He effectively made an unsecured, interest-free loan to Mt Gox for $8. The only thing he's entitled to in the event of default
by bjl 8y ago
That's not how bankruptcy works. He effectively made an unsecured, interest-free loan to Mt Gox for $8. The only thing he's entitled to in the event of default is that $8, what the company used his loan for is irrelevant.
- hartator 8y agoI think OP meant he left $8 worth at the time of BTC in his account, not $8 USD.
- bjl 8y agoIt doesn't matter whether his $8 was in the form of BTC or not, all he did was make an $8 loan. Sure, the loan contract might have stated he could've accepted BTC instead of cash at withdrawel, but that's completely irrelevant once the loan issuer entered default. At that point OP is obliged to accept JPY as restitution, per the bankruptcy laws of the relevant jurisdiction.