The Mt.Gox 150,000 Bitcoin Return Deadline: Here is What You Need to Know
October 15th is approaching, and that’s the latest deadline for submitting a rehabilitation plan for reimbursing the Mt. Gox creditors. With them claiming over 150,000 bitcoins, which is about 15% of the total value owed to creditors, the community speculates on the potential market impact.
The Mt. Gox case has been going on for years, and it’s arguably one of the biggest, if not the biggest hacks against a cryptocurrency exchange.
In a document released on June 30th, the Tokyo District Court issued an order to extend the submission deadline for the rehabilitation plan to reimburse creditors for their losses to October 15th. In other words, if the court doesn’t delay this deadline again, on October 15th, we will have more clarity on how and when creditors will begin to receive the BTC they lost during the attack.
So far, over 1,000 creditors have claimed more than 150,000 bitcoins, representing around 15% of the BTC lost during the hack.
In a recent Twitter thread, well-known cryptocurrency proponent and investor Mr. Whale discussed the potential impact on the market should 150,000 bitcoins be returned to creditors on October 15th.
On October 15th 2020, almost 150,000 #Bitcoin‘s are set to be sent back to customers that fell victim to the Mt. Gox exchange “hack’ in 2013.
While this deadline has been moved back numerous times, it’s important to consider the catastrophic impact it could have on the markets. pic.twitter.com/nbWR3sSOgX
— Mr. Whale (@CryptoWhale) October 4, 2020
As an essential point of clarity, he noted that “… this deadline has been moved back numerous times,” but, still, it’s “important to consider the catastrophic impact it could have on the markets.”
The user clarifies that Mt. Gox used to be the largest BTC exchange back then, and it was responsible for more than 70% of Bitcoin transactions at its peaks. At the time of the attack, one bitcoin was worth roughly around $400, whereas currently, it trades at above $10,000, representing an increase of more than 2400%.
“I’m assuming once returned, many will begin taking profits on the over ROI from 2014.” – He concluded.
Indeed, this is something to be considered. However, it’s also worth noting that it’s highly unlikely that any creditor will receive any bitcoin. The deadline is for the submission of a rehabilitation plan.
150,000 bitcoins are currently worth upwards of $1.6 billion. Chances are that the rehabilitation process will take some time and will likely be spread out in time. And still, it’s important to keep in mind that, indeed, a lot of the creditors are likely to want to take profit.
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Japanese Crypto Exchange Sues Binance • PaulCrypto.com
Originally reported by-Altcoin Buzz
In 2018, Fisco suffered from a hack of $60 million and have now sued Binance in a U.S. court for “aiding and abetting” the process of the laundering scheme. Fisco alleges the laundering led to a loss of over $9 million worth of stolen cryptocurrency.
On September 14, Fisco filed a complaint in the Northern California District Court. The exchange alleges that after nearly 6,000 bitcoins was lost in the 2018 hack, the hackers reportedly sent 1,451 bitcoins to a Binance-owned address. At that time, that amount of Bitcoin was worth $9.4 million.
The 33-page complaint revealed that the cybercriminals were able to convert the stolen cryptocurrency from the Zaif exchange to other crypto or cash due to Binance’s “lax” know-your-customer (KYC) policies. Fisco also alleges that Binance’s anti-money laundering (AML) protocols “do not measure up to industry standards.”
It was alleged that the cybercriminals took advantage of Binance’s policy to carry out their dastardly acts. The policy permits the account opening and transaction of new users on the platform with less than two bitcoins and without providing a concrete ID.
“The thieves broke the stolen bitcoin into thousands of separate transactions and accounts, all valued below the 2-bitcoin threshold. In this way, the thieves converted the stolen bitcoin into other cryptocurrencies and transmitted the value from the Binance platform,” the plaintiff stated.
The complaint reads further that Binance served as both a receptacle and transmitter of criminal funds. After the hack, Binance staff were contacted by Zaif, who requested Binance to block the transactions and accounts having the stolen Bitcoin. According to Fisco, Binance either intentionally or negligently failed to interrupt the money laundering process when they could have done so.
The complaint reveals that Fisco is demanding a jury trial. They have reportedly asked Binance for more than $9 million, including interest from the date of the hack. Fisco also seeks “fair compensation for the time and money spent in pursuit of the property,” as revealed in the complaint.
In addition, Fisco demands that Binance pay back the laundered funds, together with other charges for punitive damages. It is pertinent to note that the then-parent entity, Tech Bureau, sold Zaif to Fisco not long after the occurrence. This helped to compensate some users whose funds were lost in the hack. The complain reveals that crypto assets worth about $41 million from the hack belonged to Zaif customers. This includes customers based within the U.S. and California.
In the court filing, Fisco further argued that the case should be tried in the California court. This is because there were victims who were based in the region. In addition, there is the fact that “critical components” of Binance’s business are located in California.
According to Fisco, Binance makes use of Amazon Web Services (AWS) to host its servers. Through this, Binance is able to decide which AWS data center it wants to use for operations. However, Binance has repeatedly stated that it has no traditional physical headquarters globally.
However, Fisco argues for another California connection for Binance. The complaint states, “Upon information and belief, a significant portion if not all of the AWS servers Binance relies on for operations are located in the State of California. Upon information and belief, the AWS Region and AWS Availability Zones housing Binance’s digital data used to run its technical platform are located in California.”
Recently, Binance revealed plans of going into the decentralized finance (DeFi) space with the launch of its liquidity swap trading platform.
The post Japanese Crypto Exchange Sues Binance appeared first on Altcoin Buzz.
Crypto Sports Price Tops $0.0677 on Exchanges (CSPN)
Crypto Sports (CURRENCY:CSPN) traded 2.9% higher against the U.S. dollar during the twenty-four hour period ending at 20:00 PM ET on October 4th. Crypto Sports has a market capitalization of $185,344.73 and approximately $564.00 worth of Crypto Sports was traded on exchanges in the last day. One Crypto Sports coin can now be bought for about $0.0677 or 0.00000632 BTC on major cryptocurrency exchanges including Crex24 and CryptoBridge. Over the last week, Crypto Sports has traded 11.9% lower against the U.S. dollar.
Here’s how other cryptocurrencies have performed over the last day:
Crypto Sports Profile
Crypto Sports (CSPN) is a proof-of-stake (PoS) coin that uses the
Crypto Sports Coin Trading
Crypto Sports can be bought or sold on the following cryptocurrency exchanges: Crex24 and CryptoBridge. It is usually not currently possible to purchase alternative cryptocurrencies such as Crypto Sports directly using US dollars. Investors seeking to trade Crypto Sports should first purchase Bitcoin or Ethereum using an exchange that deals in US dollars such as GDAX, Gemini or Changelly. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase Crypto Sports using one of the aforementioned exchanges.
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Author: Ruben Stone