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.

Coinbase Launching 1.25% APY Rewards Progam for USD Coins

  • Coinbase has launched its USDC Rewards Program
  • Eligible US customers can earn 1.25% APY on USD Coins held on Coinbase. 

U.S.-based crypto exchange Coinbase has announced the launch of their USDC Rewards program, allowing eligible customers to begin earning 1.25% APY on their USD Coin holdings. 

Coinbase USDC Rewards

According to the press release published Oct. 2, Coinbase is now allowing eligible US customers the opportunity to participate in their USDC Rewards program. The program pays users an annual percentage yield (APY) of 1.25% on the USD Coins held on Coinbase’s exchange. 

While USD Coin (USDC) is a stablecoin pegged to the U.S. dollar, traders will have the opportunity to generate earnings through Coinbase’s program. According to the release, 

USDC Rewards is a way for Coinbase customers to earn a return on USD Coin holdings without having to sell or transact any cryptocurrency. In line with Coinbase’s mission to make crypto accessible to everyone, USDC Rewards will enable more customers to take advantage of stablecoin rewards, simply and easily.

Reward earnings are calculated daily and investors will maintain full control over their USDC if they wish to transfer them to a different wallet or exchange. Coinbase does not charge a commission on the purchase USD Coin for customers using a supported bank account. 

Since launching in September 2018, more than 1 billion USD Coins have been issued to the marketplace. 

Featured Image Credit: Photo via Pixabay.com