Mt. Gox Who? bitFlyer Wipes The Slate Clean In Japan

Mt. Gox Who? bitFlyer Wipes The Slate Clean In Japan

Deepak Bharadwaz is a Market Data Analyst for IHB’s Bitcoin Trading Intelligence platform.

Japan Is Over Its Bitcoin Woes

Eighteen months have passed since Mt Gox, the infamous bitcoin exchange based in Tokyo, filed for Bankruptcy. This is overwhelmingly considered to be the prime factor to herald the onset of a bearish trend in Japanese bitcoin sentiment for over a year.

Recently, this sentiment only got worse for Bitcoin in Japan when Mark Karpeles, former CEO of Mt Gox was arrested for allegedly stealing funds and adding them to his personal account from one of the many Mt Gox exchange bitcoin wallets.

This was followed by another painful stroke as the Tokyo District court ruled against a bitcoin compensation plea, stating that “Bitcoin is not subject to ownership” and thus all outstanding claims are moot. However, amidst all the turmoil within the Japanese bitcoin ecosystem, another Japanese bitcoin exchange, bitFlyer, has managed to overshadow the disgraced Mt Gox, by announcing they had raised $4 million in a recent round of funding, potentially setting bitcoin in a positive course in Japan.

Initially founded as the Japanese bitcoin exchange that was going to recapture the vacuum created by Mt. Gox, bitFlyer was launched by Yuzo Kano, a derivatives and convertible bonds trader at

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