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Mt. Gox: CoinLab’s $16 billion claim coincides with Bitcoin’s ATH price, multiplied by 800,000 BTC

Priya

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Mt. Gox: CoinLab's $16 billion claim coincides with Bitcoin's ATH price, multiplied by 800,000 BTC
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Andy Pag, the Founder and Administrator of Mt. Gox Legal, spoke about the claims made by CoinLab, in an interview with Peter McCormack on WhatBitcoinDid. During the interview, Pag was asked whether the claim was high because CoinLab wanted to block out the potential future value of the entire holding.

To this, Pag stated that the total Bitcoin assets’ value that was going to be given to the creditors was roughly $1.5 billion, considering the largest cryptocurrency’s volatile market. Taking this into consideration, he stated that CoinLab resubmitted a claim of $16 billion, clear of the fact that that their claim was not going to be approved. However, there was “some thought process” that went into that massive claim as they could not have “just stumbled across [that] number”, added Pag. He further said,

[…] the number $16 billion coincides with $20,000, the all-time high for Bitcoin price, multiplied by 800,000 Bitcoin, which is the total amount of Bitcoin being claimed by creditors [..] or they happen to have chosen a number that matches exactly the amount the best case claim that all creditors put together could have […]”

This was followed by Pag speaking about the impact this claim would have on proceedings. He stated that voting rights would be based on the size of claims. The party with the largest amount of claims had “more say in how things were done”, he added. Pag went on to state that when a creditor had “basically 16 times more” voting power compared to the rest, “then clearly [they] get to dictate”. In his words,

“[…] until the trustee is in a position where you can say this is actually what CoinLab’s claim is worth […] even if you give [CoinLab] 50% of the voting rights they still have eight times more voting power then everybody else combined. So, it makes a mockery of the process and its groundless to a halt”

Pag further stated that it was “frustrating” because the initial deadline was supposed to be towards the end of April, and now nobody knew how long the settlement would take. He stated,

“[…] I’ve got my views and they are my opinions and views and I want to make that clear to anyone that’s listening to this and thinking about what their options are that I’m offering this is a personal set of views […] but my view is that it’s going to take between at least 18 to 24 months there’s a good chance it will take longer than that.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Bitcoin continues to scale new heights after Wasabi Wallet records first ever 100-person CoinJoin

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Bitcoin [BTC] rises in the market as cryptocurrency continues to mark new milestones
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Bitcoin [BTC], the largest cryptocurrency in the market, has successfully breached the $9000 mark, boosting the market sentiment. Notably, the digital currency was not the only coin to rise in the market as other coins such as Ethereum [ETH] also registered a significant rise in the market.

According to CoinMarketCap, at press time, Bitcoin was trading at $9181, with a market cap of $163.101 billion. The 24 hour trading volume of the cryptocurrency was recorded to be nearly $22.778 billion, with the coin recording a significant rise of over 17 percent in the past week.

Keeping the price surge aside, the coin has constantly been in the headlines with news pertaining to its development and new milestones. The coin was placed in the limelight of the cryptocurrency space after report by researchers at the Technical University of Munich [TUM]  claimed that Bitcoin’s carbon footprint was between 22 and 22.9 megatonnes/year, almost the same as that of Vienna or Las Vegas.

Further, the coin recently marked a new milestone after Bitcoin surpassed a million daily active addresses, with the last record on the same dating back to November 2017. Weiss Ratings heralded the same, tweeting,

“Bitcoin passed an interesting milestone – there are now over a million daily active addresses – an important metric that shows actual, unique transfers separate from the various direct transfers to and from bigger exchanges.”

Additionally, the coin was in the news again after Wasabi Wallet, an open-source non-custodial Bitcoin wallet, completed the first ever 100 participants CoinJoin, the largest CoinJoin transaction in terms of participants. Aviv Milner reported the same on Twitter,

“Huge Congratulations – @wasabiwallet just did the first ever 100 person CoinJoin, likely the largest in Bitcoin History. (link) A monumental achievement in Bitcoin privacy. Credit to the team @lontivero @molnardavid84 @nopara73 @dwuk86 @NicolasDorier and others!”

Days after this achievement, a Redditor highlighted that the largest CoinJoin transactions, in terms of inputs, was completed on June 17, 2019, with a total of 125 inputs. Golden Wiki describes CoinJoin as,

“A digital currency platform that enables multiple users to combine all inputs and outputs from different transactions into a single transaction. Privacy is achieved in a way that when a transaction is broadcast, it will not be possible to determine which Bitcoins went where.”





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