Old Mutual Gold & Silver Fund buys bitcoin

The organizations has big plans for cryptocurrency
24 November 2017   795

Representatives of Old Mutual Gold & Silver Fund reported that the company had spent 11 million dollars to buy bitcoin. Experts consider that it’s another victory of decentralized digital money. The Fund possesses monetary resources of 220 million dollars in gold equivalent and now the organization is planning to replace 5% of the whole fund money with cryptocurrency.

Mr Naylor-Leyland doesn’t see any threat from digital money. On the contrary, he supports the idea of using bitcoin by investors. The value of this type of cryptocurrency has been rapidly increasing: from 1000$ to the present 8000$.

Blockchain technology and digital money are the way to solve problems of the trust among business partners and the process of transferring money. The perspective of the interrelationship between stable currency and blockchain is very tempting. It’s not clear yet, if the cryptocurrency will be able to replace sound money but the growing influence of blockchain cannot be minimized.

Karpeles to Face Another 10 Years in Jail

Japanese enforcements agencies blamed Mt. Gox CEO in stilling $3M
12 December 2018   94

Japanese prosecutors blamed the head of the already inactive exchange Mt. Gox Mark Carpeles in embezzling 341 million yen ($ 3 million) from a bank account trading platform. The prosecutors made the corresponding statement in the Tokyo District Court, demanding 10 years of imprisonment for Karpeles, reports The Mainichi.

[Mark Karpeles] diverted company funds to such uses as investing in a software development business for personal interest" and "played a great role in totally destroying the confidence of bitcoin users.
 

Japanese prosecutors

It is noted that in September-December 2013, the head of MtGox allegedly transferred funds to personal bank accounts, and then invested in the software development business.

Carpeles is also accused of faking the data of the trading system of the exchange for the fabrication of balance sheets.

The deadline for accepting applications from affected investors as part of the civil rehabilitation of Mt. Gox has been extended until the end of December.