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   582

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.

DFINITY to Postpone Internet Computer Launch

The project is currently assessing the time frame for the completion of the MVP
14 December 2018   88

The blockchain project Dfinity reported in its blog postponing the launch of its main product.

Previously, Dfinity chief scientist Dominic Williams said that his company intends to create an “Internet computer that will become cloud 3.0”, compete with Google Cloud and Microsoft Azure, and also change the face of the blockchain industry.

According to him, the project team is developing a technology that has 150 higher performance than Ethereum blockchain and 900 times - Bitcoin. In essence, the project creates a “giant Internet computer”, whose work will be supported not by one company, but by all participants of the Dfinity protocol.

Initially, the release of a minimum viable product (MVP) was planned for the first quarter of 2019. However, according to company representatives, working on a trimmed version may slow down progress in creating a complete product.

The project is currently assessing the time frame for the completion of the MVP. Also, noted in Dfinity, before the end of the first quarter a new set of development tools (SDK) will be released, which will shed light on the future plans of the company.

In August, the Dfinity Foundation attracted $ 102 million of investments in the framework of a closed tokensale. Prior to this, at the beginning of the year, the Dfinity Foundation raised $ 61 million from Andreessen Horowitz and Polychain Capital.