The Tokyo District Court recently rejected a lawsuit by a Kyoto resident seeking reimbursement for Bitcoin he lost during the last year’s Mt. Gox hack.
As reported by a Japanese daily, the court made the said judgements after considering virtual currencies as the assets that cannot be owned by anyone. In spite of sounding ridiculous, this new definition of Bitcoin robbed the aforementioned petitioner — and other Mt. Gox plaintiffs — of their rights to recover their lost funds from the bankrupt exchange.
Presiding Judge Masumi Kurachi explained the reason behind putting Bitcoin in a self-ruling category, saying that it lacks the properties that could have made it an intangible property. He acknowledged that, unlike properties that take space and allow one to have an exclusive control, Bitcoin is more like a slippery asset because “transactions between users are structured in such a way that calls for the involvement of a third party”.
It also explains the loopholes made by the side of the petitioner, who was found representing himself without a lawyer. The plaintiff first had to