according to a document posted on the mt. gox website, the #tokyo district court on friday approved a petition to move the company out of #criminal bankruptcy and into civil rehabilitation.
the #exchange, as #ccn reported, was hacked for more than $473 million in 2014, and the theft remained the largest in the industry’s history until the coincheck hack in jan. 2018. the theft left mt. gox #insolvent, and it was forced into criminal bankruptcy in japan, where it was headquartered.
had mt. gox remained in criminal bankruptcy, creditors would likely have been paid in fiat #currency at the #exchange rate in 2014 — approximately $480/btc.
however, bitcoin has appreciated considerably in the interim, meaning that the former owner of mt. gox, mark karpeles, would likely have received the bulk of the remaining proceeds, which would have numbered in the hundreds of millions of dollars.
creditors petitioned the court to allow mt. gox to enter civil rehabilitation, a legal process that provides more leeway in how creditors can be compensated. karpeles, who served prison time for embezzling money from the company, has said that he does not want the funds and would do his best to support the creditors in their petition.
now that the court has approved this petition, creditors may be refunded directly in cryptocurrency, though the exact specifics of their compensation will depend on the rehabilitation plan established during subsequent legal proceedings.
importantly, creditors must file proof of claim forms by oct. 22, 2018. this applies to all creditors, even those who previously filed claims during the criminal bankruptcy proceedings. creditors who missed out on the earlier deadline are eligible to participate in these new proceedings.
the trustee of the mt. gox estate has already sold off thousands of #btc and #bch, proceeds from which were used t
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rally of the century? there's no room for pride in this kind of self-analysis. the best investment strategy can turn into the worst if you don't have the stomach to see it through.
Bbva bank signs partnership with repsol to use blockchain technology 🏦🌐💯🚀
the spanish bank bbva has decided to sign a partnership with the energy company repsol in order to develop financial solutions using blockchain technology. the information has been revealed on june the 20th by bbva on its official site.
bbva and repsol sign partnership
both companies, repsol and bbva, have signed a partnership in which they will be using blockchain technology in corporative finance. the companies negotiated a long-term credit line worth €325 million and that has been performed using blockchain technology.
with the agreement, it was possible to make the transaction in just a few hours. before, the agreement could last several days. moreover, it was possible to increase the transparency of the operation being able to track and follow the necessary documents and approvals.
alicia pertusa, head of strategy and blockchain at bbva, explained that this partnership between repsol and the bank is the beginning of an alliance to explore the potential of blockchain in corporative finance.
alicia pertusa commented about that: “this operation is the fruit of bbva’s pursuit of integrating innovative and disruptive financial products for corporate clients and to offer them the best solutions that meet their needs.” the comments made by pertusa have been made during the third day of the conference sponsored by spanish association of economic news journalists, also known as apie. it was organized at the international menéndez pelayo university (uimp) en santander.
these last agreements are part of a natural evolution of the platform developed by the bbva that taken corporative credits to the next level. moreover, this agreement with repsol and bbva shows how these two companies are at the forefront of development and adoption of new technologies.