Mt. Gox Was Sued for Bitcoin Loss Worth $133M

9500 Bitcoins were withdrawn by someone from Donald Raggio's Mt Gox account in January 2011
16 January 2018   1506

Two former users of the closed bitcoin exchange Mt. Gox sued the company because of the loss of 9,500 bitcoins, which at the current exchange rate are estimated at $ 133 million. This is reported by CoinDesk.

Initially, Donald Raggio, along with his son Chris, sued several organizations and people, including Jed McCaleb and Mark Karpeles, the former owners of Mt. Gox, March 5, 2014. Defendants filed a petition to review the case in a simplified manner, but on November 16, 2017 it was rejected. Later, an appeal was sent to the court demanding a review of the decision.

According to the court document, Donald Raggio registered at the Mt. Gox in December 2010, when bitcoin cost less than $ 1.

As electronic correspondence between Donald Raggio and McCaleb shows, shortly thereafter, in January 2011, someone withdrew 9,500 bitcoins from Donald's account.

Although it is not clear how exactly access was obtained to Donald's account, McCaleb appears to have contributed to the investigation in the future. According to the court document, the investigation led to the suspect under the nickname "Baron", who denied his guilt.

In 2011, McCaleb sold the stock exchange Mt. Gox to Carpeles, who later stated that he received from the predecessor the assets of Mt. Gox, but not its obligations.

In this order, the proceedings continued until 2014, when Mt. Gox announced its bankruptcy, and Donald and Chris Raggio put forward their suit against the company.

The defendants continue to insist that the Raggio lawsuit must be redeemed under the statute of limitations of the Mississippi State, since it was filed 3 years and 54 days after the loss of the bitcoins.

tZERO to Launch Bitcoin Trading App

Application itself is being developed by Bitsy; it may also begin to support Ethereum in the future
22 March 2019   141

The security tokens platform tZERO announced plans to launch a mobile application for buying and selling bitcoin. In the future, the application may also begin to support Ethereum,  CoinDesk reports.

According to Saum Noursalehi, CEO of tZERO, applications for iOS and Android devices should be launched in June. Bitsy is developing it, a cryptocurrency start-up that is part of the portfolio of the Overstock venture division of Medici Ventures.

That’s part of the reason we acquired Bitsy — to accelerate time to market for our mobile app. They have an app for trading crypto, primarily bitcoin, in a beta-phase, they built a wallet and key recovery mechanism, and this will be the foundation of the mobile app for tZERO. They are also working on some cool stuff like biometric login. 

Saum Noursalehi

CEO, tZero

According to him, the application will allow you to store cryptocurrency without the need to trust third parties and it will be connected to the network of exchanges through the API. The implementation of this plan will occur through partner tZERO, the institutional trading platform SFox.

In the future, the head of tZERO added, the platform also intends to create its own cryptocurrency vault to meet the demand from users.

The public beta testing of Bitsy wallet started in November 2018. With his help, the Overstock retailer plans to launch Bitcoin sales on its website.