Mt Gox Bitcoin exchange sued by customer for "misappropriation."

[pnwmom]

http://www.bloomberg.com/news/2014-02-28/mt-gox-bitcoin-exchange-sued-in-u-s-for-misappropriation-1-.html

Bankrupt Mt. Gox, once the world’s biggest Bitcoin exchange, was sued by a customer in federal court in Chicago in a proposed class-action lawsuit representing all U.S. users who lost money.

The Mt. Gox exchange announced Feb. 24 it had lost 750,000 Bitcoins belonging to users and 100,000 more of its own. The exchange filed for bankruptcy today in Tokyo, saying in a statement that its debt exceeded its assets by 2.7 billion yen ($26.4 million).

“This catastrophic loss has not only revealed the instability of a burgeoning new industry, it has also uncovered a massive scheme to defraud millions of consumers into providing a private company with real, paper money in exchange for virtual currency,” Illinois resident Gregory Greene said in a complaint filed yesterday in federal court in Chicago.

A digital currency, Bitcoin was introduced in 2008 by one or more programmers under the name Satoshi Nakamoto and has since gained traction with merchants around the world. The virtual coin has no central issuing authority and uses a public ledger to verify transactions while preserving users’ anonymity.

SNIP

[donco]

1. I wonder if

the plaintiff wins the suit the award will be in Bitcoins?

[cheyanne]

2. How can a citizen sue?

I thought bitcoin was unregulated. Also, are they even an incorporated company in US?

Can someone explain


thanks.

[pnwmom]

3. Anyone can sue for anything, basically. The question is whether they can win. nt