NFT News by Thebittimes.Com

When Mark Karpelès’ MtGox exchange went bankrupt in 2014, a decade-long saga began. Nowadays, it’s incredibly difficult to determine who owns MtGox bitcoin claims with many claimants having sold their claims to third-party speculators. In addition, customers have learned that Russian nationals Alexey Bilyuchenko, Aleksandr Verner, and their co-conspirators stole at least 647,000 bitcoin during MtGox’s lifetime — the vast majority of customers’ 850,000 bitcoin. Of those 647,000 bitcoin, 300,000 went to one exchange, BTC-e, whose operator was extradited to the US on money laundering charges. Despite those stolen bitcoin, as of September 2019, MtGox’s Japanese bankruptcy trustee disclosed holdings of 141,686 BTC plus 142,846 Bitcoin Cash (BCH). At today’s prices, its BTC and BCH is worth approximately $4.8 billion . The banktupcy trustee also held hundreds of millions of dollars worth of cash, which has slowly dwindled due to bankruptcy legal fees. As of September 2...

Core Scientific has rejected a multi-million-dollar administrative claim from Celsius Network, arguing it's owed an even higher amount from the crypto lender. Bankrupt Bitcoin (BTC) mining firm Core Scientific has objected to paying a $4.7 million administrative claim put forward by crypto lender Celsius Network, leading to a battle between the firms over contractual obligations. According to the objection, which was filed in Texas bankruptcy court on May 5, Core Scientific has asked that Celsius Network’s $4.7 million administrative claim s be rejected as the firm cannot prove it is entitled to one. “Celsius’ request for allowance and immediate payment of the Celsius alleged admin claim ignores that Core has substantial claim s against Celsius, which Core believes exceed the Celsius alleged admin claim ,” wrote the objection. For context, Core first signed a contract with Celsius in 2020 to host its cryptocurrency holdings in Core’s data centers. However, due to an increase in ...