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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

Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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Bitcoin

Behold The Cryptopreneurs – Overcoming The Obstacles Facing The Blockchain Industry

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Integrating blockchain technology is fast becoming a necessity for enterprise ventures and small or large businesses, but with a growing number of choices in the tech revolution, it’s difficult to pick a direction without feeling overwhelmed or taken advantage of. This is where BEHOLD THE CRYPTOPRENEURS comes in.

Private keys, the myth of anonymity, and the battle against anarchist ideology are only a few of the difficult challenges faced by businesses that want to incorporate blockchain into their culture. Author Dennis H. Lewis guides the reader through those challenges and helps them discover the true potential of investing in this new economic paradigm.

Every business has pain points that must be overcome in order to branch out and thrive in an ever-changing commercial environment. Blockchain has real world solutions and cryptopreneurs are not limited to the cryptocurrencies they invest in but rather how they seize economic and technological opportunities to make it work for them.

Innovation, trust, and solutions can differentiate your business from all the noise, but without a solid marketing plan, a cryptopreneur can have the best idea and never get far. Remember: a million great ideas times zero market presence equals zero success.

Investors want to know there is public interest and enthusiasm in a project before they commit any money to it. As a cryptopreneur, you are tasked with generating that interest from the…

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