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.

Waves Developers to Focus on Improving Trading Tools for Its DEX

The developers of Waves (WAVES), a leading platform for building decentralized applications (dApps) and creating and issuing crypto tokens, have revealed that the Waves decentralized exchange (DEX) will now be “a standalone, trading-focused product.”

As noted in a Medium blog post by the Waves team (published on May 30, 2019), the platform’s developers have decided to “prioritize trading” as the primary focus for the ongoing development of the Waves DEX Client app.

“Changing the Product in the Interest of Users”

According to Waves’ management, the upcoming upgrades will “affect the desktop Client in the first place.” The blockchain development firm also mentioned that up to this point, they’ve been developing the DEX Client as “a universal application” that aims to offer “broad functionality.”

However, after obtaining user feedback and conducting extensive research, the developers at Waves are now planning to “change the product in the interest of users.”

Per the platform’s development team, analysis of the software Client’s activity indicates that most users “spend their time using the Waves DEX.” Because most users are mainly interested in using the digital asset exchange, the Waves team will primarily be focusing on improving trading tools. However, Waves’ flagship products and features including leasing and wallet functionality will “remain an integral part” of the app, the platform’s developers noted.

Scripting Function Moved From DEX to Waves IDE

Moreover, the Waves team pointed out that the cryptocurrency network’s Client allows users to “install scripts on their account.” However, these functions are primarily used by blockchain developers, and not so much by regular users, the Waves team acknowledged. Given that mostly software architects use the scripts, Waves’ management has decided to not support the “set script” function on the Waves DEX itself.

Instead, the scripting feature will be added to the Wave integrated development environment (IDE), because it contains the tools required for programming and debugging such scripts. However, the Waves development team will be “leaving functionality for setting a script on an asset” - which includes the the ability to convert it into a Smart Asset.

The Smart Asset creation feature is mainly intended for users who are interested in issuing their own token on the Waves blockchain and also in applying business logic to them, the Waves team noted.

Dedicated Twitter Account for Waves DEX

Notably, Waves’ management has created a dedicated communication channel (new Twitter account) specifically for traders who use the platform’s DEX. The Waves team mentioned that discussions about trading strategies will occur through the new account.

Waves DEX will also be moved to a new website that will be accessible on its own domain. However, the Waves team noted that users will be redirected to client.wavesplatform.com when they visit the new domain. This approach will ensure that users’ saved login credentials continue to work, Waves’ management stated.

The main features Waves’ developers are working on include:

  • “Multiple Accounts. Users will have the ability to switch easily between multiple accounts within the DEX.”
  • 2FA. Two-factor authentication
  • “ERC-20 Gateway. Addition of an ERC20 token gateway to the Waves ecosystem, meaning that popular Ethereum tokens can be traded on the platform.”
  • “Market orders. Traders will be able to sell tokens quickly at market price.”
  • “DEX optimization. Improvements in DEX speed and memory requirements will be implemented.”