Advocate for Mt. Gox Creditors to Quit

Andy Pag believes litigation with CoinLab has delayed the civil rehabilitation process for years
10 April 2019   225

Coordinator of the group called Mt.Gox Legal, the largest association of creditors of the once main world Bitcoin exchange, will stop its activities, because, in his opinion, litigation with CoinLab has delayed the civil rehabilitation process for years. This was reported by CoinDesk.

Mt.Gox Legal was created in the fall of 2017 to achieve a transition from bankruptcy to civilian rehabilitation, which would allow lenders to receive payments in bitcoins, rather than in fiat equivalent, at the time of the procedure.

According to Pag, the group represents the interests of more than 1000 lenders who claim 150 thousand BTC (15% of the total debt of Mt.Gox). All of them pooled resources to pay for leading lawyers in Japan.

It started around 18 months ago when it became clear that the price of bitcoin was rising and the assets of the Mt Gox trustee was going to be more than the liabilities. Top Japanese lawyers are very expensive so [we pooled together].
 

Andy Pag

Founder and coordinator, Mt. Gox Legal

He added that he could no longer spend time on the Mt.Gox case and therefore sold his rights to pay in Bitcoins to an unnamed New York investment firm at $ 600 for 1 BTC.

Note, the former chairman of the Bitcoin Foundation and the head of CoinLab, Peter Vincennes, demands from Mt.Gox about 1.6 trillion yen ($ 16 billion) for breach of the contract of 2012, according to which his company was allegedly appointed by the American representative of the exchange.

The court must now consider the expediency of Vincennes’s claims, which, in any outcome, can take up to two years.

Earlier it became known that the trustee of Mt.Gox Nobuaki Kobayashi completed the consideration of applications of creditors.

Bibox Exchange to Conduct 4 IEO Simultaneously

The allocation of tokens will be perfomed in the order of the lottery among holders of BIX tokens and the IEO to be perfomed at Bibox's Orbit platform
19 April 2019   99

Bibox cryptocurrency exchange presented four projects that will conduct the initial exchange offering of their tokens as part of the first wave of IEO on April 22 on the Bibox Orbit platform.

  1. The Force Protocol (FOR) is a distributed protocol of crypto-financial services based on a public blockchain system, providing opportunities for cross-platform asset transaction and communication, use of crypto assets from several blockchains to provide steybcocoins, issue tokenized bonds, etc.
  2. Ludos (LUD) is a solution for a distributed gaming ecosystem designed to bring large-scale blockchain games and economic incentives to life.
  3. Staking (SKR) is a decentralized asset management platform that allows investors to safely stack tokens.
  4. X-Block (IX) is a computing system based on the blockchain architecture.

The allocation of tokens will be perfomed in the order of the lottery among holders of BIX tokens. Potential investors will be able to declare how many tokens of a project they want to purchase based on their BIX, after which a separate rally will be held for each of the projects.