Mt Gox creditors petition to get full reimbursement

Mt Gox creditors plead with the Tokyo court to change case from bankruptcy to civil rehabilitation
14 December 2017   264

The case of Mt Gox bankruptcy has been dragged for four years and now it receives a new spin, which will probably allow the creditors to get their money in full.

A petition was filed with Tokyo court that asks Japanese bankruptcy officials to move the case to different type of legal action – civil rehabilitation. If the motion passes, then creditors will receive their money in full, which isn't possible with the current state and type of case.

A little recap is in order. The Mt Gox trading platform was declared bankrupt after losing over 800,000 BTC. The creditors sued the company and the legal proceeding are still underway, with a little twist of Mt Gox's CEO Mark Karpelès being under investigation for embezzlement. And the current case of bankruptcy calls for liquidation sale of company's assets to refund the creditors. The trustee appointed by the court to the Mt Gox right now has control of leftover funds of 200,000 BTC, uncovered during the investigation.

The only downside being the sum of return - $450 per BTC, according to the exchange rate on the time of case being taken to the court.

And it means that not only the creditors will receive only fraction of their money, but also Mt Gox shareholders and CEO will get over $2Bn in the end, after losing all of the clients' money. But the court and the trustee consider moving the case to civil rehabilitation format, because the current trading platform's assets possibly far outweigh the current liabilities.

The petition by the claimants that also supports this assumption was filed by the newly-founded creditor group directed by Kolin Burges, owner of Mtgoxprotest.com website, who explained multiple times in the past, that he's not satisfied with the direction the bankruptcy case was going.

Genesis Conference to be Held in London

Genesis Conference will cover research and development, regulation, economics and applications issues, taking place in London on February 22
22 February 2018   73

Genesis London Conference will take place on February 22, tackling the most pertinent issues in blockchain space: research and development, regulation, economics and applications.

Genesis London is a platform for researchers, developers and generally anyone interested in blockchain, and its priority is to share knowledge, facilitate productive discourse and filter out the hype.

Location: The CityPoint building, 1 Ropemaker St, London, EC2, UK
Date and time: 9:30AM - 8PM, February 22, 2018

The agenda of the conference includes Privacy and Confidentiality Techniques for Blockchains; Permissioned Business Blockchain Applications and Use-cases; Scalable, Transparent and Post-quantum Secure Computational Integrity, with Applications to Cryptocurrencies; A Rational Protocol Design Treatment of Bitcoin, and more.

The headline speakers include Patrick de Laive, co-founder of TNW; Margarita Khartanovich, head of insight at Binary District; Jack Gavigan, chief operating officer at ZCash; Jeremy Kahn, technology writer for Bloomberg, and many more.