MtGox's $318M Worth BTC to be Sold at BitPoint

Creditors gained access to the data of the Mt.Gox case and confirmed BitPoint relation
05 February 2019   811

The trustee of the bankrupt Mt.Gox cryptocurrency exchange Nobuaki Kobayashi sold Bitcoins and Bitcoin Cash for a total amount of 35 billion yen ($ 318 million) through the BitPoint trading platform, Cointelegraph reports.

According to the publication, a group of creditors gained access to the data of the Tokyo District Court in the Mt.Gox case, which confirmed the connection of huge BitPoint transactions with the board of trustees of the once legendary stock exchange.

So, billions of yen were transferred to Kobayashi’s bank account with BitPoint. It is likely that this trading platform was chosen for the sale of Mt.Gox reserves for the purpose of subsequent payments to creditors, despite the fact that the trustees have already been heavily criticized for using exchange platforms instead of OTC.

Recall that as part of the civil rehabilitation process, creditors can recover up to $ 1 billion.

It is noteworthy that CoinLab CEO Peter Vincennes recently demanded that trustees Mt.Gox refund $ 16 billion for the failed agreement of 2012.

Bithumb Filed Appeal Against Korean Tax Office

Looks like the korean exchange doesn't really want to pay an additional tax worth $67 000 000
16 January 2020   119

The South Korean cryptocurrency exchange Bithumb has filed a complaint against the National Tax Service (NTS) because of the requirement to pay additional taxes for the transactions of its foreign customers.

The company claims that cryptocurrencies do not have an official status in the territory of South Korea, which is why the authorities cannot have sufficient reasons to levy any taxes.

The tax court will have to decide within 90 days whether to retain or withdraw from Bithumb the obligation to pay the $ 69.1 million tax that was assigned to it by NTS in November. The Office declares that the withdrawal of income from accounts in Korean won by foreign residents is a taxable event. It is assumed that the exchange itself had to withhold tax from its foreign customers.

We paid the full amount and have since been preparing for arguments. We believe we will be given a chance to clarify our stance in court.



 The ministry has its own position on this issue.

Bitcoin under the current law is not an asset. It is clear and simple. The Ministry of Economy and Finance already made that clear. The NTS pushing ahead with the tax imposition is baseless and groundless, especially since it is still awaiting the ministry opinion on the same matter it sought again.


Choi Hwoa-in

Adviser to Financial Supervisory Service

According to the expert, the NTS maneuver is well thought out and aimed at starting to levy a tax on income that is currently not taxable.

We cannot comment on the ongoing matter. We will await the judgment from the Tax Tribunal.



Earlier, Bithumb was ordered to pay an additional $ 67 million in tax.