Bitcoin Exchange MtGox to Spend $40 Million on Restart

Bitcoins are trading slightly up today. On BTC-E, buying one piece of the virtual currency will set you back $419.7, 2$ more than yesterday. On BitStamp, purchasing the same amount of btc costs $424.9.

According to an unconfirmed translation of Japanese court documents, failed bitcoin exchange MtGox is looking to spend an astounding $40 Million on restarting operations. It is unclear if the sum will come out of the 200,000 bitcoins that the firm ‘’found’’ back on March 20th, or if the funds will be infused by an outside investor. The eye-popping figure sparked criticism among MtGox clients and creditors.

Here are some interesting excerpts from the website GoxDox.org , where the translation is located:

‘’after expenses for restarting, only ten percent of the value of the company will be left in the form of assets. This must mean they believe it necessary to spend more than half the 200k bitcoins to get the company restarted as an initial matter. Someone else can clearly do better.’’

‘’Their security expert has no background in security.  They have not named a general counsel.  They want to take all the bitcoins, fund our accounts pro rata, but not let us have them for a year.  The most sensible thing they mention is that Mark K can’t be part of management and has to give up his shares, but we all saw this coming.’’