Russian Lawyers Claim 200,000 BTC Lost in Mt. Gox Can Be Recovered
Russian law firm Zheleznikov and Partners proposed legal action in Russia that should enable its lawyers to recover up to 200,000 Bitcoin (BTC) lost in the Mt. Gox fiasco.
Recover losses on behalf of Mt. Gox victims
On Sept. 12 in a Q&A with Andy Pag, a former BBC journalist, the Moscow law firm outlined its proposal to recover close to $2 billion in BTC on behalf of the victims of the hack of the now-defunct Mt. Gox exchange, which according to its lawyers has the promise of making the Mt. Gox victims whole.
Lawyers of Zheleznikov and Partners believe that thanks to the close cooperation with law enforcement they can recover up to 200,000 BTC by taking legal action against Russian nationals who got the stolen money. The Russian legal team pointed out that some of these individuals have already been identified, but added:
“We want to make clear that we do not yet know the identities of all persons. We have strong reasons to believe that their identities will be revealed by the police investigation bringing existing information together, but we hope that once the criminal case starts they will come forward quickly and offer to give compensation to victims.”
Law firm will charge creditors up to 75% percent of recovered sum
This proposed recovery of the stolen BTC coins doesn’t come cheap, as the law firm wants to charge creditors up to 75% of the recovered sum. The Russian legal team does add that the company will only accept payment in the event of a successful recovery.
The mess that was Mt. Gox
Cointelegraph previously reported that Mt. Gox holds its infamous part of Bitcoin’s history as the once biggest cryptocurrency exchange that went under in a cloud of confusion and anger. In February 2014 the exchange slowly started to capitulate, ending in the company filing for bankruptcy. Mt. Gox stated at the time that almost 750,000 of its customers’ Bitcoins, as well as 100,000 of its own Bitcoins, had been stolen. The total loss constituted around 7% of all Bitcoins available, worth around $473 million at the time.
If reproduced, please indicate the source: http://www.uucj.net/russian-lawyers-claim-200000-btc-lost-in-mt-gox-can-be-recovered/
The new coronavirus strain which originated in China has spurred a few related developments. Here are some updates we’ve compiled. Coinspeaker has a few updates sparked by the undesired effects of the coronavirus as it continues its fatal spread in China. The government in China, is currently taking several measures to control the spread. Similarly, other countries are doing the same. However, the Chinese government is unhappy with the restrictions. China Decries Coronavirus Travel Restrictions Many countries have placed compulsory restrictions on people traveling from China. This decision has seriously upset authorities in China who feel that there is no need for such restrictions. Also, the World Health Organization (WHO) has declared the new coronavirus strain as a worldwide health emergency. However, WHO, along with the International Civil Aviation Organization (ICAO), has publicly said that there is no need for travel restrictions. Regardless, countries are not taking any chances. Speaking recently, China’s foreign ministry spokeswoman Hua Chunying said: “We deplore and oppose those countries who went against WHO’s professional recommendations and ICAO’s bulletins. Their actions, which sowed panic among the…Feb 6, 2020
Many doubted the Lakers after their loss to the Mavericks on Sunday. But with a dominant back-to-back, Los Angeles made a statement to the rest of the NBA. Even so, more tests await the league’s best team. Skeptics of the Los Angeles Lakers’ dominant start were rewarded on Sunday at Staples Center, when Luka Doncic and the Dallas Mavericks ended the purple-and-gold’s 10-game winning streak in strikingly-casual fashion. The Mavericks beat the Lakers 114-100, giving Los Angeles its worst loss the of the season as a previously toothless schedule was finally becoming far more difficult. Was the Lakers’ 15-2 binge to begin the season a true reflection of their standing at the top of the league? Or a win-loss total inflated by the league’s easiest schedule over the first six weeks of 2019-20? Lakers Unleash a Debate-Ending 48-Hour Statement The answer came quickly, as two days after losing its first game since Nov. 10, Los Angeles embarked on arguably the toughest road back-to-back in the NBA. First came a matchup with the Denver Nuggets on Tuesday in the high altitude…Dec 5, 2019
BitMEX saw an incredible amount of Bitcoin longs being liquidated as the price fell to 7,350 dollars. BitMEX sees $180M worth of Bitcoin longs liquidated Nearly 180 million dollars worth of longs were liquidated on BitMEX exchange. The exchange is one of the most popular derivatives exchange with one of the highest trade volume average. As the price of Bitcoin plunged, spot exchanges saw a drop to 7,500 dollars while BitMEX saw the price drop to 7,350 dollars. The average leverage ratio was 25 times, which would result in a collective loss of nearly 6.5 million dollars. A few days ago, one of the top traders at BitMEX had proudly declared his long position on Bitcoin. He had stated that “true chads” were looking long but came to regret it after a few days when the asset’s price fell below 7,500 dollars. Other long traders showed similar regret. This drop has created an opportunity for the bulls to take over the market. The price may fall below the 7,000 dollars mark, which has been the target of bears since it…Nov 22, 2019
A major code update for the cryptocurrency bitcoin SV (for Satoshi’s vision) will render some features of BitGo’s wallets useless, the crypto custodian says. ,Dec 20, 2019
Bitcoin trends and controversy sometimes seem to be synonyms and this time it is the New York Post (NYP). NYP released an informal list of the most annoying trends in 2019 and with no surprise Bitcoin has made it onto it for all the wrong reasons. For those unaware of the situation, Bitcoin and cryptocurrency world has been bashed by various national and international authorities including the Financial Action Task Force (FATF) and the G-7. While Facebook stable coin Libra fueled the process Bitcoin and cryptocurrency gained massive negative popularity owing to various insignificant yet highly exposed incidents. The author of the NYP list Paula Froelich talking about the criminal use of cryptocurrency and frauds state: Used by the drug smugglers, arms dealers and mafia around the world… …millions of people took note and wanted in on the action – only to be left holding the bag in several instances. While the truth is far from it when you take a good look at the larger picture in comparison to the few ill-famed incidents that include several Bitcoin ransom demands,…Dec 30, 2019
Former New York mayor and present-day Presidential candidate Mike Bloomberg seems to be snuggling up to the crypto community. In a proposal for financial reform released Feb. 18, the Democratic candidate not only wrote about cryptocurrency as an asset class, but also offered a regulatory framework for cryptocurrency in the U.S. That framework remains vague, running some 100 words in total, but it does represent a solid chunk of attention aimed at the blockchain world. With Andrew Yang recently dropping out of the race, crypto enthusiasts lost their choice candidate. Yang was an outspoken proponent of new technologies during his campaign, openly hailing everything from artificial intelligence to blockchain databases as important developments that will help carry humanity forward. With that technophile voice gone from the race, it seems the billionaire Bloomberg is trying to win some of his own crypto attention. Here’s the proposed crypto regulation framework from his Financial Reform Policy: “Cryptocurrencies have become an asset class worth hundreds of billions of dollars, yet regulatory oversight remains fragmented and undeveloped. For all the promise of the blockchain, Bitcoin…Feb 18, 2020
The Ethereum move to upgrade its system is starting to have an impact on its ecosystem. The Istanbul hard fork got a lot of hype surrounding it, there’s no doubt about that. The difficulty of the Ethereum network is still increasing and is on its way up further. The Ethereum move to upgrade its system is starting to have an impact on its ecosystem. With different projects already to have complained of smart contracts not fully functioning however, this leaves many people concerned about the general idea of consistent hard forks is starting to become a worry. The Istanbul hard fork got a lot of hype surrounding it, there’s no doubt about that. The difficulty of the Ethereum network is still increasing and is on its way up further, which in turn makes the job of miners much more difficult. Ethereum’s image isn’t getting any better thanks to people on Twitter and other social networks either. 4/ Hilariously, on last week’s hard fork, they forgot to actually push the Ice Age forward as they usually do. Yep, forgot. They thought…Dec 18, 2019
Hedge funds containing bitcoin as a primary asset were more profitable in 2019 than those that didn’t feature the cryptocurrency, according to the latest survey by Eurekahedge. The hedge fund database found that dedicated cryptocurrency funds returned more than 16 percent profits to its investors last year. In comparison, traditional hedging strategies generated a dwarfed 10.4 percent return. The difference, albeit minor, helped push bitcoin in the eyes of more traditional investors, with Deutsche Bank stating in its January 2020 report that the cryptocurrency appears more attractive than traditional assets. The German financial giant added that more and more people would adopt bitcoin because of its technological advantages. Speed, for instance, is one feature that has attached itself to the bitcoin trading from the very beginning. Hedge funds involved in the crypto space sell and purchase bitcoin more quickly than they do with traditional assets. It gives them more opportunities to realize gains out of the cryptocurrency’s pricing inefficiencies. Institutions Returning to Bitcoin 2019 was the year of bitcoin’s rebirth. The cryptocurrency grew into investors’ risk-averse conscience after surging by more…Feb 3, 2020
Gaming company DAOGroup has announced that the long-awaited DAOBet mainnet has been launched by validators. 16th December 2019 – DAOBet (ex DAO.Casino) is a blockchain for the iGaming 3.0 industry, with the mainnet launched by validators on November 27th, 2019. The mainnet was launched by 21 leading block producers with eight more validators on standby. The development will further realise the full scope of DAOGroup’s decentralized iGaming products. DAOBet Mainnet: Launched by Validators Built by DAOBet and launched by validators, optimizing the EOS blockchain codebase, the DAOBet mainnet is set to bring about revolutionary changes to the gaming industry. It showcases an optimized blockchain with fast finality and the capacity to process 3,000 transactions per second. The mainnet features advanced governance with 1-second finality and top-rated provably fair random number generation algorithm (Signidice PRNG verification) – certified by GLI. The design of the DAOBet mainnet will enable game developers to utilise the flexible and robust creation opportunities and environments provided by the blockchain. In view of the mainnet launch, DAOGroup previously announced the preparatory phase for the migration of its…Dec 17, 2019
Blockchain’s potential to disrupt the financial landscape is evident. Even at this early point in the technology’s development, established institutions — including banks and governments — have been quick to note this potential for disruption, and equally quick to attempt to limit its impact. However, despite the obvious utility, and many current and fascinating applications of blockchain — from improving supply chain traceability to collecting adorable digital cats — the true potential of this incredible technology is often overlooked: the ability to upend existing power structures by undermining centralization. Ultimately, blockchain and cryptocurrencies look increasingly likely to bring about a shift in the balance and locus of power, moving it away from centralized entities like those aforementioned banks and governments and toward the people, fundamentally changing who wields power and what is done with it. The current centralized financial system functions in a way that does not directly benefit ordinary people. That is, those who actually use it to transact with their financial assets and data on a daily basis. On the contrary, having to rely on third parties to…Oct 28, 2019