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  • CoinLab Cuts Deal With Mt. Gox Trustee Over Bitcoin Claims

    CoinLab Cuts Deal With Mt. Gox Trustee Over Bitcoin Claims

    (Bloomberg) -- Creditors seeking to regain Bitcoin lost on the Japanese exchange Mt. Gox in 2014 have a chance to get their digital assets back before legal claims are settled.CoinLab Inc. said an agreement with Nobuaki Kobayashi, the trustee to the Mt. Gox bankruptcy, and MGIFLP, a unit of Fortress Investment Group LLC, will allow creditors to consider an offer of as much as 90% of the remaining Bitcoin tied up in the bankruptcy.The plan must be approved by creditors and investors aren’t obligated to take the early payment and can wait for the lawsuits to settle, CoinLab said in a statement Friday.Based in Japan, Mt. Gox was once the world’s biggest Bitcoin exchange, until it closed in early 2014 after losing about 850,000 Bitcoin belonging to thousands of customers. Many of those digital coins have since been found, and the trustee is working to reimburse creditors. The process has been bogged down in lawsuits for the past seven years.While Fortress has tried to buy claims from Mt. Gox creditors in the past, the current deal would be paid to investors from the trust. Not all the Bitcoin held by Mt. Gox when it went bankrupt is available for recovery, according to the statement. For each Bitcoin that was locked up in the bankruptcy that has a claim on it, the estate has only 0.23 coin to give out, according to a CoinLab spokesman. There are many more claims on Mt. Gox Bitcoin than Bitcoin held by the trust.CoinLab has a $16 billion claim against Mt. Gox in the bankruptcy.CoinLab was co-founded in 2012 by Peter Vessenes, who also co-founded the Bitcoin Foundation and has provided security auditing for blockchain networks since about 2015, including on Ethereum. Venture capitalist Tim Draper was an original investor in CoinLab. CoinLab is not part of the settlement and will continue its litigation, according to the statement.“I am thrilled that people are finally getting paid by Mt. Gox,” Draper said in the statement. “As Mt. Gox’s creditors are some of the earliest believers in cryptocurrency, I look forward to getting my Bitcoin as do the tens of thousands of people that have claims.”Bitcoin, which traded at $489 the day Mt. Gox filed for bankruptcy, hit an all time high earlier this year at $41,982. It fell 6.5% to $36,261 as of 5 p.m. Friday in New York, according to a composite of prices compiled by Bloomberg.(Adds details of the plan in fifth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Reuters

    Higher-yielding U.S. muni bonds cheer Biden's state, city budget relief

    A big burst of federal aid for U.S. states and local governments in Democratic President-elect Joe Biden's massive fiscal stimulus plan helped higher-yielding debt from lower-rated issuers in the U.S. municipal bond market on Friday. While Municipal Market Data's (MMD) benchmark triple-A yield scale was unchanged in the wake of the Thursday evening unveiling of Biden's $1.9 trillion proposal, the prospect for $350 billion in new federal funding enhanced the attractiveness of debt from financially troubled issuers, according to Greg Saulnier, MMD managing analyst. "(A stimulus plan from Biden has) pretty much been priced in.

  • Why This IBD Stock Of The Day Is On A Run As Covid Vaccine Demand Surges
    Investor's Business Daily

    Why This IBD Stock Of The Day Is On A Run As Covid Vaccine Demand Surges

    Repligen is the IBD Stock Of The Day. Shares of RGEN stock are lingering in a chase zone after busting out of a cup base on Thursday. The company is a leader in bioprocessing.