CoinLab has allegedly filed a $16 billion claim against the non-functioning crypto exchange Mt. Gox. The document that shows the filing is posted on Reddit and we are trying to find out more today in our blockchain news segment.
Back in 2013, CoinLab who was a business partner to the crypto exchange sued the company for $75 million because of a contract breach. According to the contract, CoinLab should have taken over the American customers of Mt. Gox but that apparently never happened.
People in the crypto community have noticed the increase in CoinLab’s claim and see it as unjustified. Peter Vessenes, CoinLab’s co-founder was tagged in a Twitter post earlier where he was asked:
“Did you submit a $16bn claim in the Mt Gox Civil Rehabilitation? Looks like this was done pruposefully [sic] just to block any creditor pay outs? [sic] Care to clarify how this claim is justified?”
According to multiple sources, the lawsuit could lead to delayed payouts to users that have lost the funds when the exchange crashed. The CEO of Kraken Jesse Powel declared last year that he is extremely disappointed to hear that the lawsuit can leave the users without their payments by adding:
“I think people are having a hard time getting their heads around the $75m+ claim given that common perception is that CoinLab never performed and owes $5m+ back to MtGox. If the deal had been carried out, it might be CoinLab on the hook for the shortfall of client deposits.”
The former CEO of the now not functioning Mt. Gox pleaded not guilty in the final argument in his trial.
Guangdong Province In China To Use Blockchain-Based Tax Payment Platform
“Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”Back in December 2018, one of the bigger cities in the Guangdong province-Shenzhen announced its success story of how blockchain technology helped with the tax invoices via the messaging app WEChat payment platform. Also, last year in November, the capital of the Guangdong and one of the most developed economic zones in China, Guangzhou, was chosen as a headquarters city for the new blockchain alliance. The alliance involves 54 different companies and is promoting blockchain technology in finances and trading. Countries around the world are opting for blockchain-based tax solutions because of the higher efficiency and transparency.
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