Mt Gox Opens Online Rehabilitation Claim Filing System for Corporate Clients

  • The now-defunct crypto exchange Mt Gox has opened a civil rehabilitation claim filing system to corporate clients.
  • A system for non-corporate clients was announced on August. 23.

The now-defunct cryptocurrency exchange Mt Gox has recently opened an online rehabilitation claim filing system for corporate clients, so these can file their proofs of claim connected to the civil rehabilitation proceedings.

This, according to a recently published noted from the exchange’s trustee Nobuaki Kobayashi. The claiming system is available on Mt Gox’s website and comes after a system for individual (non-corporate) clients was released on August 23.

As CryptoGlobe covered, the firm’s creditors have until October 22 to file their claims, and can do so online or offline to a Tokyo address. The note for non-corporate users read

The deadline for filing proofs of rehabilitation claim set by the Tokyo District Court is October 22, 2018 (Japan time), so please make sure that you file a proof of rehabilitation claim by that deadline.

Failing to file the proofs of claim by the deadline can reportedly lead do disenfranchisement, which means creditors will lose the right to claim their funds. The cryptocurrency exchange’s case, as covered, was recently moved from criminal bankruptcy to civil rehabilitation, which lets the creditors get paid back in BTC and not fiat.

Had the case stayed in criminal bankruptcy, creditors would be paid back according to bitcoin’s exchange rate at the time, of about $500 per coin. Since then, the flagship cryptocurrency appreciated to over $6,400 at press time.

Mt Gox was a once dominant cryptocurrency exchange that collapsed in 2014 amid claims of insolvency and security breaches. At the time, hundreds of millions of dollars worth of BTC were stolen, which saw the cryptocurrency’s price crash. Recovery efforts managed to recover 200,000 BTC, which were then held by a trustee.

As CryptoGglobe covered a Mt Gox-related whale could be behind a recent slump in bitcoin’s price. The whale, which had been inactive since 2014, moved over $100 million worth of BTC to cryptocurrency exchanges, presumably to sell.

Decentralized Exchange Radar Unveils Bitcoin Lightning Network Developer Tools

Francisco Memoria

The team behind Radar, a startup that raised $10 million last year and operates a decentralized cryptocurrency exchange on the Ethereum network, has recently unveiled a suite of tools for developers working on Bitcoin’s layer-two scaling solution, the lightning network.

According to CoinDesk, the tools are going to be released at the Boltathon hackathon, and will include a configuration helper to set up a lightning network node, an invoice ‘playground’ in which users can test if their nodes can connect to others, and a liquidity tool to help them send and receive payments.

The tools, the news outlet reports, are part of Radar ION, a site operated by the startup that helps onboard users onto the Lightning Network. This was notably the team’s first move branching out into the BTC realm, as Radar is known for creating a decentralized ether and ERC-20 token exchange called Radar Relay.

Speaking to CoinDesk Brandon Curtis, Radar’s product lead, stated:

We’re constantly scanning the horizon for groundbreaking technologies, last year our R&D team identified lightning as promising technology, with the potential for more than just payments. While an ethereum [decentralized application (dapp)] was our first product, our parent brand Radar is focused on building products for our next financial system.

Radar is reportedly planning to keep on focusing on the flagship cryptocurrency’s layer-two scaling solution, as it’s reportedly eyeing making it easier for developers to make apps for the Lightning Network.

Bitcoin’s layer-two scaling solution, as CryptoGlobe has been covering, is growing rapidly. Last month it reached a $3 million capacity, and at press time according to 1ML data it’s capacity is already over the $5 million mark. The network has over 7,800 nodes, and over 39,000 open payment channels.