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The Mt Gox. Story – Explained

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Understand the state of affairs of Mt. Gox.

The cryptocurrency space has experienced a widespread adoption by the citizens of various countries around the world. This has got the attention of a number of hackers and fraudsters around the world which have taken advantage of the people’s interest in the cryptocurrencies. A number of centralized cryptocurrency exchanges are hacked. Scams and Ponzi schemes are run in the name of cryptocurrencies.

 

  1. The Japan-based cryptocurrency exchange Mt. Gox which was hacked in the year 2014, was forced to file for a bankruptcy due to its inability to reimburse their creditors back.

 

  1. Anyhow on November 27, 2014, a number of creditors jointly filed a petition in the Tokyo district court for the Civil rehabilitation proceedings of the exchange as it increases the probability of reimbursing back their Investments. For this petition, the hearing was held on 22nd June 2018.

 

  1. During the hack in the year 2014, the cryptocurrency exchange was inevitably compelled to undergo bankruptcy as over $473 million worth of Bitcoins were stolen from the exchange.

 

  1. According to some reports the cryptocurrency exchange at that point of time handled almost 70% of the total cryptocurrency transactions.
  2. The hack resulted in the loss of 850,000 Bitcoins, but surprisingly the exchange was able to recuperate 200,000 Bitcoins.

 

  1. Nobuaki Kobayashi was later appointed by the exchange in order to giveaway the investor’s investments by selling these Bitcoins.

 

  1. Each time he sold a huge amount of Bitcoin in the cryptocurrency market, it would push the price of Bitcoin down which was disregarded by many of the enthusiasts.

 

  1. Currently, the main point of interest of the creditors is the rate of Bitcoin. During the time of the cryptocurrency exchange hack, the price of Bitcoin was around $480 per bitcoin.

 

  1. But due to the criminal bankruptcy of the exchange, it is mostly estimated that the creditors would be paid back according to the price of Bitcoin at the time of hack but not according to the current Bitcoin price which is around $6,097. There is a significant amount of difference here which is a very crucial factor to be kept in mind.

 

  1. Kobayashi once again is appointed as a Civil rehabilitation Trustee for the company. A virtual cryptocurrency exchange, Cryptoground monitors each and every movement of the exchange by keeping a constant track of its billion-dollar worth cryptocurrency wallets.

 

  1. But according to the orders of the Tokyo district court, the representatives of Mt Gox had lost the authority to dispose of the assets of the cryptocurrency exchange.

 

  1. Any further proceedings in this matter are likely to begin from February 2019.

 

  1. The deadline to file proof of claim by the creditors is up to October 22, 2018.  This is applicable even to those creditors who had filed for claims during the criminal bankruptcy of the exchange.

 

  1. This opportunity can be made use of by the creditors who had failed to file a claim during the criminal bankruptcy. Elaborate details are mentioned in this document from the exchange’s website.

 

Almost everyone in the Cryptocurrency community believes that the cryptocurrencies have the potential to overthrow Fiat currencies in all the financial fields, but the fact can be denied that the cryptocurrencies after all or nothing but products. It is a unique product which is used to store or transfer value between people. It is our human tendency to assume that any new product that is launched in the market is better than the previous one. Redemption of billions of coins by the creditors, in this case, is highly difficult. The moral hazards of the cryptocurrency space are effectively portrayed due to this cryptocurrency exchange hack.

Sometimes we boast about the decentralized nature of the cryptocurrencies but when it comes to such issues, the enthusiast wishes the cryptocurrency space should have been regulated.

The actual financial sector becomes a preferred option when it comes to claiming any losses since assets in this field are backed up by something, but this is really not the case for cryptocurrencies. When such security breaches occur at any cryptocurrency exchange, it is the customers who have to suffer losses most of the time.

 

#Investment

Serena Williams: Olympic star invests in Coinbase

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Serena Williams posted about the launch of her own venture firm called Serena Ventures. The firm has invested in more than 30 companies including Coinbase.

Four-time gold medalist, Olympic star and one of the most famous tennis player, Serena Williams recently posted on Instagram about the launch of her own venture firm called Serena Ventures. She also revealed that the firm has invested in more than thirty companies that include the Coinbase.

 

 

Serena Williams: Serena Ventures

The website of the venture firm reveals that the market capitalization of the list of financial assets held by the firm amounts to more than $12 billion and the diversity of the owners of the different firms that Serena Ventures has invested is around 60 percent. Serena Ventures especially focuses on companies that are still in the early stage and persuades partnership between the portfolio firms.

 

Serena Williams is a four-time gold medalist at the world Olympics and is ranked no.1 in singles according to the Women Tennis Association. The net worth of the Olympic star amounts to more than $180 million according to TheStreet.

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#Exchange

5th Largest Korean Cryptocurrency Exchange: Coinnest Shuts Down

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Coinnest which is one of the largest cryptocurrency exchanges in Korea made an announcement that it is going to shut down its operations in the midst of some financial, admin and legal problems.

 

Coinnest Shuts Down:

According to a recent publication by Coinnest, bitcoin exchange, the exchanges is shutting down its operations. Coinnest had earlier closed down its new account creation services on 16th April 2019.

 

According to the exchange, it is going to terminate the trading and deposit features at the end of this month. However, the users shall be able to withdraw their cryptocurrencies from the exchange until 30th June 2019.

 

coinnest-screenshot

website screenshot

 

Following the decision to shut down its operations, the exchange has made an announcement regarding the decrease of the minimum withdrawal amount as well the withdrawal fees. Coinnest warned the users that no user shall be able to withdraw their funds after 30th June 2019.

 

Last year, the CEO of the exchange, Kim Ik-hwan was arrested by the South Korean police for fraud and theft. Since then, the exchange had been facing a bad time. The CEO was found guilty by the court and was sentenced to prison along with a fine of $2.5 million.

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#Bitcoin Price Analysis

BTC to USD: Bitcoin Price Analysis, BTC going to rise?

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Bitcoin price is supported strongly around $5200. BTC is currently in a bullish momentum with the next aim of $5400 and $5500.

Technical Indicators:

Support Levels: $5200, $5150

Resistance Levels: $5350, $5400, $5500

 

Key Points:

  • Bitcoin price is currently trading well above $5200 support level.
  • BTC is gaining momentum and trying to move over the $5350 resistance zone.
  • A bullish pattern is being formed with support around $5200 on the hourly chart.
  • Bitcoin price is currently in a bullish momentum and might move towards $5400 and $5500 resistance levels soon.

 

Bitcoin Price Analysis:

Summary: Bitcoin price is supported strongly around $5200. BTC is currently in a bullish momentum with the next aim of $5400 and $5500.

 

This week, bitcoin price maintained a slow bullish pace after rising over $5100 level. BTC was able to maintain its position above $5100 and $5200 support levels after breaking through the major resistance around $5200. BTC was able to close over the 100 hourly SMA. After falling up to $5190, bitcoin price was able to recover sharply to over $5300.

 

Bitcoin price spiked up to $5365 before correcting downwards. The support around $5250 proved strong enough to stop further declines and BTC was able to maintain its position above the 100 hourly SMA. Also, a bullish pattern is being formed with support around $5200 on the hourly chart.

 

BTC will most probably experience some dips, however, it remains strong support around $5200. The current target for bitcoin is $5350 above which it might test $5400 and $5500 resistance levels.

 

BTCUSD Price Chart 20 April

BTCUSD Price Chart 20 April

 

The chart shows that bitcoin price is currently trading with a bullish force above the $5200 support level. Until BTC remains above this support, there are high chances of BTC testing the $5400 and $5500 resistance levels. However, if the support level is broken, Bitcoin might fall down to $5150 and $5100 supports.

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