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CoinLab's $ 16 billion claim slows civil rehabilitation process
Mt. Gox victims may not have their cryptographic funds lost for years. | Source: Shutterstock
It could be years before creditors see money. The cryptocurrency available for the dispersion was already partially liquidated, but the crypto-exchange still contains thousands of BTCs, Bitcoin Cash and Bitcoin SV, all of which represent a substantial sum.
CoinLab filed a $ 16 billion claim on Mt. The Gox estate, claiming that it deserves to be fully consolidated under a profit sharing agreement. $ 16 billion far exceeds the amount that existed in the coffers of the failed stock market at the time of its failure. Brock Pierce, who argues a legitimate claim to Mt. Exchange badets are currently estimated at approximately $ 1 billion. CoinLab's $ 16 billion claim is interesting because it had previously only required $ 75 million – the amount of a lawsuit filed against Mt. Gox in 2013, alleging that the exchange had not gone through until the end of his partnership.
The CoinLab claim introduces difficulties in the process of paying creditors due to the right-to-vote aspect of civil rehabilitation. CoinLab would actually have more voting rights than anyone if its claim was approved, but its application was not approved. Mount Gox's attorney rejected the request as soon as it was received, but CoinLab is fighting against it. The creditors on Reddit are furious about it.
Last June, when Mt. Gox has returned to civil rehabilitation. Many thought that payments would be disbursed – in cryptocurrency or a combination of crypto and fiat – by the end of 2019. It now seems like years will add to the process, and many blame themselves squarely at the feet of CoinLab.
Andy Pag abandons his claim of Bitcoin to a mbadive discount
Mark Karpeles was recently exempted from most criminal charges related to the failure of Mount. Gox, and he seeks to overturn his singular conviction. | Source: Quentin TYBERGHIEN / AFP
According to Pag, all the others who had a claim during the bankruptcy segment of Mt. The saga Gox simply reaffirmed this claim when it entered the civil rehabilitation. Essentially, all that needs to be done is that all the legitimate creditors need to receive approval, and then the court has to approve – with all the creditors audited – the plan to pay everyone.
Pag told CoinDesk that Mt. Gox is not even in civil rehabilitation until creditors have approved a plan.
"We have started this process, but it is not finished and it is not confirmed.It is not confirmed that we are in civil rehabilitation until the creditors have voted for a civil rehabilitation plan. "
Mark Karpeles believes that CoinLab's tactics will be quickly addressed by the Tokyo District Court. He also says that, despite CoinLab's claims to the contrary, CoinLab has never really done anything for Mt. Gox. CoinLab argues that the courts would have rejected the original lawsuit if it was totally invalid.
"The courts are likely to look into the case of CoinLab with some urgency today and will probably try to fix things quickly, but CoinLab probably has no interest in carrying forward a battle lost in advance and will probably try to extend the process as much as possible. possible."
Andy Pag sells his claim in Mt. The Gox case, getting rid of migraine at only $ 600 per BTC during the exchange. He posted a letter on a private forum that elucidated his reasoning.
Pag recuses himself after deciding to sell his claim on Bitcoin
Pag believes that selling his claim on Bitcoin prevents him from leading a large group of victims. Gox Legal represents approximately 1,000 claimants and approximately 15% of all BTCs available to creditors. Pag writes in his private message on the forum:
"Without owning a claim, I do not think I would benefit from support to lead the group."
Some expressed dissatisfaction with Mt. Gox Legal, funded by donations from creditors.
"[T]hey did not [achieve] nothing but spend 200k, half of that went to Andy and his [sockpuppets]. "
The resignation of Pag may have the merit of maintaining confidence in the fact that the repatriation process will continue much longer than expected recently. Pag also says "Mark is plotting again."
He elucidates that Karpeles wants to get Tibanne, his company that ran the mountain. Gox, out of bankruptcy to fight against CoinLab.
"What really pisses me off is that after all the shenanigans and compliments he made in 2011-2014 that led to this mess, he's right again, trying to convince the conspirators to rob Peter and pay Paul. I do not think he's malevolent, but I got a glimpse of our meeting with someone who's ruthless, and I guess he's only interested in helping the creditors if that helps himself. "
For his part, Karpeles has recently been exonerated from most charges related to the failure of Mount. Gox and seeks to overturn his singular conviction.
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