Image Image Image Image Image Image Image Image Image Image Image Image

| October 21, 2018

Scroll to top

Top

must Archives -

Crooked Researcher Avoids Jail, but Must Play the Piano

October 11, 2018 |

A former prominent neurological researcher at Yale and New York University avoided prison time Wednesday for stealing research funds, but a judge said he must play piano for indigent elderly people in Connecticut to make amends, per the AP . The unusual sentence for Dr. Alexander Neumeister was handed out Wednesday…
Newser

NFL player-turned-pastor Miles McPherson on his journey to finding God: We must ‘honor what we have in common’

September 23, 2018 |

In the early hours of the morning nearly four decades ago, Miles McPherson’s life changed forever.
FOX News

TMZ

Elizabeth Smart’s Kidnapper Must Have No Contact with Her After Prison Release

September 18, 2018 |

Elizabeth Smart’s kidnapper, Wanda Barzee — who’s set to be released from prison Wednesday after 15 years behind bars — better stay away from her former captive … or she’ll be right back in prison. Law enforcement sources tell TMZ … once…

TMZ.com

TMZ

Mary Kay Letourneau’s Husband Must Cut Back on Weed, Booze Under Terms Of Plea Deal

September 17, 2018 |

Mary Kay Letourneau’s husband is being forced to cut back on the partying … ’cause the plea deal in his DUI case calls for him to tone down his alcohol and cannabis consumption. Vili Fualaau pled guilty to reckless driving and, as…

TMZ.com

Mt. Gox Victims Must Take Claims to Tokyo, Not US, Judge Rules

September 13, 2018 |

Mt. Gox Victims Must Take Claims to Tokyo, Not US, Judge Rules

Since its implosion back in 2014, the Mt. Gox exchange hacks continue to loom large within the cryptocurrency ecosystem. The U.S. District Court for the Eastern District of Pennsylvania determined recently it does not have jurisdiction in a case involving Gox victims and a bank closely associated, in effect condemning victims to redress their grievances at the scene of the crime, Tokyo, Japan.

Also read: Philippines Okays PDAX Crypto Exchange

Gox Victims Must Take Up Claims in Japanese Courts

Gregory Pearce, according to court documents, picked the perfectly worst time to attempt withdrawing $ 5,900 through Mizuho Bank Ltd of Tokyo, Japan. The bank had the sole US market for Gox withdrawals and deposits at the time. Mizuho and Gox were both under suspicion for crimes, with the bank allegedly thought to be funding organized crime in various aspects. Gox, then processing something like 70% of the world’s bitcoin, was equally under investigation for suspected money laundering.

Mt. Gox Victims Must Take Claims to Tokyo, Not US, Judge Rules

According to the court decision, “Mizuho facilitated international cash wire transfers from Mt. Gox users into the exchange and processed user requests to withdraw fiat currency from the exchange to their outside bank accounts,” the judge wrote. “When a user wished to deposit money in their Mt. Gox account, Mizuho would accept the payment that had been wired through the user’s outside banks and deposit the funds into Mt. Gox’s Mizuho account. Such wire transfers not only designated Mt. Gox as the beneficiary of the wire and Mizuho as the beneficiary’s bank, but also included the Mt. Gox user’s account number to which the funds were to be directed.” He continued:

Likewise, when a user wished to withdraw fiat currency from their Mt. Gox account, Mt. Gox would provide the request to Mizuho for processing. Such requests included the user’s banking information and the amount to be transferred. Mizuho would then transfer out the requested amount to the user’s outside bank.

Right around this exact time, exchange clients began agitating about not being able to withdraw from accounts. Either unknowingly or willingly, the bank continued to take deposits and collecting requisite fees up until Gox, and not the bank, blocked users. Mr. Pearce was among them. He received notice of a “delay” for international withdrawals.

Mizuho Off the Hook in US

The rest is cryptocurrency history, and the broader community has been fighting Gox and its creditors and receivers to get at funds owed. Mr. Pearce brought a class action against Mizuho, claiming it had balked on its contract. Mr. Pearce also brought claims of fraud and negligence against disgraced exchange CEO and president Mark Karpeles. Unfortunately for Mr. Pearce, he brought his suit in the wrong jurisdiction, Philadelphia.

Mt. Gox Victims Must Take Claims to Tokyo, Not US, Judge Rules
Judge Robert F. Kelly

Mizuho quickly moved to have the claims dismissed on the grounds the bank is a Japanese company operating under Japanese law, and therefore a US court was clearly out of bounds. The bank doesn’t have a single employee in Philadelphia, much less a branch. Other than Mr. Pearce being a resident, the bank’s ties are exactly zero. Judge Robert F. Kelly agreed, granting the dismissal.

The court affirmed not having general jurisdiction in this matter, arguing Mr. Pearce did not establish “a prima facie case for specific jurisdiction over Mizuho.” Beyond even that, it wasn’t clear to Judge Kelly the bank had any idea Mr. Pearce was requesting withdrawal (the spark of the whole matter). What this might mean for US victims in the Gox case as a whole is unclear, going forward. At the very least, the US judicial system is of little use. It appears that for US victims they’ll have to either file in Tokyo proper or hitch their claims to a larger class action suit filed in Japan. 

Should US courts assist its citizens in their Gox claims? Let us know in the comments section below.


Images courtesy of Shutterstock.


Need to calculate your bitcoin holdings? Check our tools section.

The post Mt. Gox Victims Must Take Claims to Tokyo, Not US, Judge Rules appeared first on Bitcoin News.

Bitcoin News

Iran FM says ‘terrorists must be purged’ from Syria’s Idlib

September 3, 2018 |

Iran’s foreign minister said at the start of a visit to Damascus on Monday that “terrorists must be purged” from Syria’s Idlib and the entire northwestern province returned to government control.
FOX News

Labor Day 2018: To drain the swamp, you must be able to fire the swamp

September 3, 2018 |

President Trump, Congress and public employee unions (the defenders of the swamp) all know this. You need to know this because this Labor Day the battle over public funding of public employee union expenses and the ability to fire incompetent federal employees should matter to everyone.
FOX News

CNN

Ireland abuse survivors say Pope must face up to Church’s past sins

August 25, 2018 |

The last time a Pope came to Ireland was 1979, and Colm O’Gorman remembers tuning into live television coverage of the visit from his family’s home in County Wexford.
CNN.com – RSS Channel – World

Newt Gingrich: Why THIS must happen next in Trump’s economic revolution

August 8, 2018 |

President Trump’s economic policies – cutting regulations and taxes, fighting for better trade deals, pushing the sale of American products abroad, giving small business owners and entrepreneurs confidence – have begun to drive growth beyond the expectations of establishment economists and commentators.
FOX News