Home / Sharemarket News /Mt Gox Saga Nears End Of The Road — Creditors Required To Register With Exchanges, Bitstamp Selected By Trustee

Mt Gox Saga Nears End Of The Road — Creditors Required To Register With Exchanges, Bitstamp Selected By Trustee

08 Oct 2022

After the rap star Snoop Dogg acquired Death Row Records in February, the hip-hop legend explained that he would transform Death Row into a non-fungible token (NFT) label backed by blockchain technology. On Thursday, Snoop’s brand partnership manager Nick Adler joined a newly-created Gala Music advisory board, alongside the record label executive DJ EFN, Grammy-nominated musician BT, and Tupac Shakur’s former manager Leila Steinberg.

Snoop Dogg’s blockchain ambitions are gaining headway as the legendary rapper’s brand partnership manager Nick Adler joined Gala Music as an advisory board member. Snoop has been a fan of cryptocurrencies for close to a decade, and even accepted bitcoin (BTC) for his album back in 2013.

In more recent times, Snoop has been an avid fan and promoter of non-fungible token (NFT) technology. Over a year ago, Snoop revealed he was a crypto whale with millions of dollars worth of NFTs. At the time, he told the public he was “Cozomo de’ Medici,” a character on Twitter and known on NFT marketplaces like Opensea, that holds a massive stash of blue-chip NFTs.

At the beginning of 2022, headlines detailed that Snoop acquired the record label that helped catapult his music career — Death Row Records. The rapper purchased the label from MNRK Music Group and he released his 19th album called BODR. After the purchase, Snoop told the media that blockchain technology and NFTs would be an important element in Death Row’s ecosystem.

“Picture me taking one of my classic records that you love to death, and you’ve always cherished it and it means so much to you,” Snoop explained to the media publication Complex in April 2022. “Now you have the right to buy it and own it, and to trade it and to make money off of it. Now you actually own a piece of Snoop Dogg’s legacy as opposed to, I have a copy of his CD that I lost.”

During his interview Snoop added:

Now you actually own something that’s actually yours that you can profit off of. I just feel like that’s where the industry is headed. Being in it for so many years, 30 years strong. My fans coming to show up for me, me charging them for everything. T-shirts, concerts, this, that, but not giving them shit back. Don’t sit right.

On Thursday, the blockchain music company Gala Music revealed that Snoop’s brand manager Nick Adler has joined a newly launched Gala Music advisory board. In the tweet, Gala shares a video of all the board members including the DJ and composer BT, Tupac Shakur’s former manager Leila Steinberg, and record producer DJ EFN. Speaking with Billboard.com contributor Benjamin James, the vice president and global head of music business at Gala Music, Brandon Tatum, spoke about the new advisory board.

“The creation of our advisory board is an exciting next step in Gala Music’s growth,” Tatum detailed. “We look forward to leveraging the knowledge and industry-specific wisdom of these entertainment industry experts to help guide the Gala team on its high-level vision and initiatives to increase our chances of sustainable success,” the Gala Music executive added.

In April 2022, Snoop appeared on the podcast “Drink Champs” and the rapper detailed that he was removing the Death Row Records catalog from streaming sites like Spotify. Snoop explained at the time that the streaming platforms don’t pay and the only people getting paid are the record labels and streaming platforms. Snoop told the “Drink Champs” hosts that soon enough there will be a Death Row application and music streamed in the metaverse.

“First thing I did was snatch all the music off those platforms traditionally known to people, because those platforms don’t pay,” Snoop stressed during the podcast. “Those platforms get millions of millions of streams, and nobody gets paid other than the record labels. So what I wanted to do is snatch my music off, create a platform similar to Amazon, Netflix, or Hulu. It’ll be a Death Row app, and the music will live in the metaverse in the meantime.”

What do you think about Snoop Dogg’s blockchain ambitions and Nick Adler joining the newly-created Gala Music advisory board? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Today's Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits

As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.

After the rap star Snoop Dogg acquired Death Row Records in February, the hip-hop legend explained that he would transform Death Row into a non-fungible token (NFT) label backed by blockchain technology. On Thursday, Snoop’s brand partnership manager Nick Adler joined a newly-created Gala Music advisory board, alongside the record label executive DJ EFN, Grammy-nominated musician BT, and Tupac Shakur’s former manager Leila Steinberg.

Snoop Dogg’s blockchain ambitions are gaining headway as the legendary rapper’s brand partnership manager Nick Adler joined Gala Music as an advisory board member. Snoop has been a fan of cryptocurrencies for close to a decade, and even accepted bitcoin (BTC) for his album back in 2013.

In more recent times, Snoop has been an avid fan and promoter of non-fungible token (NFT) technology. Over a year ago, Snoop revealed he was a crypto whale with millions of dollars worth of NFTs. At the time, he told the public he was “Cozomo de’ Medici,” a character on Twitter and known on NFT marketplaces like Opensea, that holds a massive stash of blue-chip NFTs.

At the beginning of 2022, headlines detailed that Snoop acquired the record label that helped catapult his music career — Death Row Records. The rapper purchased the label from MNRK Music Group and he released his 19th album called BODR. After the purchase, Snoop told the media that blockchain technology and NFTs would be an important element in Death Row’s ecosystem.

“Picture me taking one of my classic records that you love to death, and you’ve always cherished it and it means so much to you,” Snoop explained to the media publication Complex in April 2022. “Now you have the right to buy it and own it, and to trade it and to make money off of it. Now you actually own a piece of Snoop Dogg’s legacy as opposed to, I have a copy of his CD that I lost.”

During his interview Snoop added:

Now you actually own something that’s actually yours that you can profit off of. I just feel like that’s where the industry is headed. Being in it for so many years, 30 years strong. My fans coming to show up for me, me charging them for everything. T-shirts, concerts, this, that, but not giving them shit back. Don’t sit right.

On Thursday, the blockchain music company Gala Music revealed that Snoop’s brand manager Nick Adler has joined a newly launched Gala Music advisory board. In the tweet, Gala shares a video of all the board members including the DJ and composer BT, Tupac Shakur’s former manager Leila Steinberg, and record producer DJ EFN. Speaking with Billboard.com contributor Benjamin James, the vice president and global head of music business at Gala Music, Brandon Tatum, spoke about the new advisory board.

“The creation of our advisory board is an exciting next step in Gala Music’s growth,” Tatum detailed. “We look forward to leveraging the knowledge and industry-specific wisdom of these entertainment industry experts to help guide the Gala team on its high-level vision and initiatives to increase our chances of sustainable success,” the Gala Music executive added.

In April 2022, Snoop appeared on the podcast “Drink Champs” and the rapper detailed that he was removing the Death Row Records catalog from streaming sites like Spotify. Snoop explained at the time that the streaming platforms don’t pay and the only people getting paid are the record labels and streaming platforms. Snoop told the “Drink Champs” hosts that soon enough there will be a Death Row application and music streamed in the metaverse.

“First thing I did was snatch all the music off those platforms traditionally known to people, because those platforms don’t pay,” Snoop stressed during the podcast. “Those platforms get millions of millions of streams, and nobody gets paid other than the record labels. So what I wanted to do is snatch my music off, create a platform similar to Amazon, Netflix, or Hulu. It’ll be a Death Row app, and the music will live in the metaverse in the meantime.”

What do you think about Snoop Dogg’s blockchain ambitions and Nick Adler joining the newly-created Gala Music advisory board? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Today's Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits

As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.

Mt Gox creditors have been issued new information concerning their claims and it seems they now have until January 10, 2023 (Japan time) to register for a repayment method. The latest notice says that any creditors that wish to receive payment, must finish the “selection and registration” section on the system platform by the deadline. Furthermore, the crypto exchange Bitstamp has revealed it is one of the selected exchanges chosen by the court trustee Nobuaki Kobayashi.

Roughly 38 days ago, the Mt Gox trustee Nobuaki Kobayashi, from the Tokyo-based bankruptcy court system, told creditors that the rehabilitation custodian is “currently preparing to make repayments.” Interestingly, the day before the trustee’s notice, 10,001 bitcoin associated with Mt Gox moved after sitting idle since December 19, 2013.

Furthermore, another 5,000 bitcoin associated with Mt Gox moved five days later, after the bitcoins sat for close to nine years of dormancy. Now Kobayashi has issued a deadline notice that explains creditors must finish the claims.mtgox.com platform’s “selection and registration” section by January 10, 2023.

The latest Mt Gox notice says:

The deadline for selection and registration is January 10, 2023 (Japan time); any creditor who wishes to receive repayment must complete selection and registration on the system by such deadline.

It has been known for quite some time now that creditors will have to register with a selected crypto exchange, and submit basic KYC/AML information. Mt Gox creditors need to register with the selected exchange and at the time of writing, the names of all the exchanges have not been disclosed. However, Bitstamp announced on Friday that the Luxembourg-based trading platform was one of the selected crypto exchanges.

“Bitstamp is pleased to announce that we are supporting the rehabilitation process for Mt. Gox creditors,” the exchange said in a blog post about the subject. “Rehabilitation creditors who choose Bitstamp as their cryptocurrency exchange will receive the rehabilitation assets via their Bitstamp account.”

According to a Mt Gox creditor, users need to log into the claims.mtgox.com system and perform the identity verification process, and then fully complete the “selection and registration” section. Then Mt Gox creditors have a choice to choose either fiat or a crypto and fiat combo.

It seems after the deadline commences next year on January 10, Mt Gox claimants will finally get funds distributed after years of waiting and a turbulent rehabilitation process. There’s no way to verify how many creditors will choose to get a full fiat payment, but it’s been said by a few creditors that choosing the BTC payment was a better option.

Bitstamp’s announcement notes that due to regulatory reasons it cannot support Mt Gox creditors who are residents of China, Iran, Macao SAR, Singapore, South Korea, Japan, North Korea, Syria, Cuba, or three Ukraine regions which include Crimea, Donetsk, and Luhansk.

What do you think about the latest from the Mt Gox saga? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals

A bitcoin ATM operator has been indicted in New York for running an illegal business "marketed towards individuals engaged in criminal activity." The district attorney in charge described: "Robert Taylor allegedly went to great lengths to keep his bitcoin kiosk ... read more.

Source From : News

© CoinJoker 2019 | All Rights Reserved.