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Bitcoin refund claims enabled for Mt.Gox corporate creditors now

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MT.GOX Bitcoin Refund Claims
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We’ve come a long way in the crypto world regarding safeness and trustworthiness when it comes to exchanges. In this sense, it is not that scammy exchanges or hacking activities no longer exist, but if we consider the actual probabilities of this happening compared to 5 years ago, the difference is more than notorious.

And that is for sure, a thing for which we all should be happy about. Let’s recall it was back in 2014 when the largest Bitcoin exchange by trading volume, Mt.Gox, was hacked, and 744,000 Bitcoin (BTC) were stolen from the accounts of several users, both corporate and individuals.

The event marked without a doubt a significant milestone in the industry, and even for a period, it seemed impossible to believe that users would regain trust in crypto. However, the story is different now.

A few years later of what happened still there are many of which are fighting to get their funds back, and apparently, their prayers have been heard as recently (on Wednesday) an online method for corporate creditors of the extinct exchange to claim their Bitcoin refunds got enabled. Let’s see all of the details behind this.

Online filing system for corporate creditors

Ever since the unfortunate event that saw the loss of 744,000 BTC, both corporate and individual users have been trying hard to get back the funds they had before the robbery.

Nonetheless, this has definitely not been an easy task. In fact, Mt.Gox declared in bankruptcy to a court in Tokyo after the scandal that took place in 2014, and this left all of the holders with their hands tied up.

With respect to this, last year a group of creditors got together to fill and sign a petition in which they requested the Tokyo court to dismiss the bankruptcy status of the Mt.Gox, and label the case as a civil rehabilitation. The court decided to approve the request and back in June it was declared as such.

From that moment on, creditors have been waiting for a dictamen of the company, and this actually happened a few days ago but only for individual creditors, and not for the corporate ones. Mt.Gox opened a filling system on August 23 in which individual creditors could request their refund by attaching the appropriate proofs required, a fact that has all of the corporate creditors feeling concerned.

However, the wait is finally over as MT.Gox trustee has declared that the corporate creditors have the chance now to request their Bitcoin refunds by using the filling the system.

The announcement was in charge of Nobuaki Kobayashi, who is the rehabilitation trustee and attorney-at-law for the case, he said on the release:

“We have released an online rehabilitation claim filing system … which allows corporate users to file their proofs of claim by online methods in connection with the civil rehabilitation proceedings.”

With relation to this, it was known that the trustee would publish an approval or refusal statement that will be sent to a court in Tokyo for a final decision as soon as the imposed deadline ends; this decision would tentatively be taken at the beginning of the next year.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Photo by Jake Ingle on Unsplash

Bitcoin

What Caused So Many Investors to Turn to Bitcoin in 2017?

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Bitcoin
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Bitcoin (BTC) has been growing increasingly popular in recent years, especially in the last two. About five weeks ago, the coin celebrated its 10th birthday, however, while it has been an entire decade of its existence, it was basically unknown to anyone who is not a particularly interested in new technologies. This all changed in 2017, when Bitcoin’s price skyrocketed from $1,000 to $20,000, making it the biggest trend of the year.

Suddenly, the entire world heard of its name, and cryptocurrencies finally got their place under the spotlight. Investors continued to arrive at the crypto space, cash was flowing, hundreds of new coins emerged, and more optimistic analysts predicted Bitcoin’s price going even higher, potentially reaching $50,000, $100,000, and more.

However, as we know today, it was not to last. 2018 was barely a few weeks in when the market crashed, the prices started dropping, and investors started selling. The profits were quickly lost for anyone who did not cash out in time, and these days, Bitcoin’s price sits at around $3,812. The crash reminded everyone that cryptocurrencies remain as volatile as ever and that they still pose a risk for investors. But, people already knew this, so why did they invest in the first place?

Chart courtesy of TradingView

Bitcoin is alluring

The first thing…

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Bitcoin

Top 5 Presidential Candidates Thoughts About Bitcoin

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Presidential candidates
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The cryptocurrency space is growing larger and has more impact on our everyday life with each new year. Despite the low prices and market crashes in 2018, the situation on the market seems to be taking a turn for the better, especially after a new surge that started on February 8th. However, as we progress through another year of cryptos’ fight for survival and adoption, the 2020 US Presidential Elections continue to approach.

With that in mind, it might be worth knowing what the current major Presidential candidates think about the crypto space, and Bitcoin (BTC), in particular. Of course, no one can know who will get elected and whether the next US President will be a crypto investor or someone who will have no problems with imposing even stricter regulations that might limit the market’s potentials.

Even so, we can at least see what they had to say about the crypto industry, and form some sort of expectations regarding the future based on that. It should be noted that the list does not include every candidate, only the major ones, and those who decided to take a notable stance towards Bitcoin.

1) Cory Booker

Let’s start with the Democratic candidates, the first of which on our list is Senator Cory Booker. Unfortunately, Sen. Booker did not reveal what his thoughts are on Bitcoin and the crypto industry,…

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Bitcoin

Why Chinese New Year Affects Bitcoin (BTC)

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Bitcoin
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Bitcoin (BTC) lost about $100 in value in the last week, and, while reasons behind the drop in crypto prices can often be hidden and unclear — this time, that is not the case. The reason for this drop is believed to be the celebration of the Chinese New Year.

The New Year celebration was over more than a month ago for most of the modern world. However, things are a bit different in China. This is a country which is considered to be one of the oldest ones in the world, with a long and complex history. The country’s traditions are fascinating to many around the world, as so many of them are different from western culture. One of these traditions is the Chinese New Year.

The New Year celebrations in China start on January 28th, which was a week ago. The New Year itself is today, February 5th, although the celebrations and festivities are going to last until February 19th. For the people of China, and all those around the world who follow the country’s tradition, this is the time to relax, take a break, and perhaps travel and visit friends and family. But, what does it have to do with Bitcoin?

China and Bitcoin

Those who are new to the world of cryptocurrencies have likely already heard many stories about China banning Bitcoin trading and…

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