Investors and Creditors Unite in Push for Mt. Gox Revival
A group of former Mt. Gox customers have not given up on a bold plan to revive the defunct bitcoin exchange. The claimants are already involved in two proposed class-action lawsuits against Mt. Gox and their lawyers claim to have reached a deal with US-based investors to prop up the exchange. Details of the proposed settlement were filed with a District Court in Chicago on Monday. Under the proposed agreement the former exchange users would get a 16.5% stake in the 'new' Mt. Gox, while the investor group, Sunlot Holdings, would take over the company. Notably, the documents also call for....
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One of Mt. Gox's creditors and former operations manager both in the United States and Canada has filed an objection to a bold plan from Sunlot Holdings that would see the company reviving the disgraced exchange and promising to pay back investors who lost money. They're Seattle-based CoinLab, and they got themselves into an agreement with Mt. Gox in late 2012. Their role? Handle the sale and exchange of bitcoin for Mt. Gox investors in North America (Mexico excluded). As pointed out by CoinDesk, the company later filed a lawsuit against Mt. Gox with the complaint the the Tokyo-based....
Amid the Celsius bankruptcy plan in which creditors are to decide the next step, creditors of the crypto lender have voted in favor of a reimbursement plan – a vote that involves the sale of Celsius assets to a consortium. Creditors Decide Next Steps For The Crypto Firm On Monday, September 25, 2023, creditors of […]
A committee of unsecured creditors stemming from the Celsius bankruptcy case has filed a motion with the court to stop the now-defunct crypto lender from selling the company’s stablecoin holdings. The written protest by the group of creditors against the sale follows objections from a slew of securities regulators filed on Sept. 29. Creditors Object to Celsius Selling $23 Million in Stablecoins On Sept. 15, the embattled cryptocurrency lending firm Celsius filed a motion with the bankruptcy court to get permission to sell $23 million in stablecoins. The court filing attempting to gain....
Mt Gox creditors have been issued new information concerning their claims and it seems they now have until January 10, 2023 (Japan time) to register for a repayment method. The latest notice says that any creditors that wish to receive payment, must finish the “selection and registration” section on the system platform by the deadline. Furthermore, the crypto exchange Bitstamp has revealed it is one of the selected exchanges chosen by the court trustee Nobuaki Kobayashi. Mt Gox Creditors Have Been Given a Deadline to Register With a Selected Exchange Roughly 38 days ago, the....
Just a few days ago, it was reported that American investors were hoping to acquire and revive disgraced bitcoin exchange Mt. Gox for one bitcoin (saying they would later relaunch and repay investors). This morning, we're getting some more information on the topic via the Wall Street Journal. According to John Betts from Sunlot Holdings (one of the investors involved with the proposed acquisition), creditors who owned over 70 percent of the bitcoins stored on the Tokyo-based exchange are in support of the idea to revive the operation. That, of course, must first be approved by a bankruptcy....