Fri. Jan 31st, 2020



Stellar’s Founding Partner Charged With 80,000 BTC Losses

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Stellar’s Founding Partner Charged With 80,000 BTC Losses

Besides being one of the founders of Ripple and Stellar, Mt. Jed McCaleb, the founder of Gox, faces a lawsuit filed by two former users of the stock market. These two users hold McCaleb responsible for 80,000 Bitcoin losses.

According to the news at TheNextWeb, once the largest Bitcoin exchange Mt. Jed McCaleb, the founder of Gox and Stellar, is now facing a lawsuit on the closing stock exchange.

The former traders of Mt Gox, Joseph Jones and Peter Steinmetz, who accused McCaleb of fraud and negligence, claimed that McCaleb was particularly responsible for losing the Bitcoins in the 2014 major hack attack.

In the complaint filed on May 19, Mt. It is claimed that Gox already had various security issues from January 2011 and that thousands of users of the stock market lost Bitcoins due to two vulnerabilities. McCaleb was again aware of the incident at first but failed to take action or publicize it.

Here is a section of the complaint:

McCaleb and Karpeles went into secret business about the 80,000 missing Bitcoins. Mt. Considering that Gox made quite a profit in early 2011, Mt. Gox could easily get away with it or account for the lost 80,000 Bitcoins. These Bitcoins and thousands of more Bitcoins have been stolen, disappeared or something else. Mt. Gox never saved them.

Founded in July 2010, Mt. Gox lost 850,000 BTC as a result of a hacking attack in 2014. The value of these BTCs at the time was more than $ 400 million.

In 2011, Mt. McCaleb, who sold Gox to Mark Karpeles, who was suspended for 33 months in prison, didn’t forget to buy 12% of the company’s shares.

Stellar, Ripple, Mt. The famous name JedMcCaleb, who has worked on many platforms such as Gox and e-Donkey, has recently uploaded to the Tron network and cryptocurrency.

In a telephone interview, McCaleb said he was very excited to monitor the investment in crypto money projects and said that 90% of the projects were “nonsense”.

“90% of these projects are nonsense. I’m looking forward to that change. Things like Tron, just garbage. But people put tons of money into them, and they’re technically useless.”

People Don’t Know Stellar

McCaleb later made statements about Stellar and admitted that they were doing a ‘bad job in advertising and marketing the project. Answering the question of whether people, in general, know what Stellar is, McCaleb said:

”I don’t think they know. We did a pretty bad job marketing it and telling the world what Stellar was. I think people vaguely think this is about payments, but I don’t think they know the true power of Stellar. We hope this will change in 2019, but this is a process. ”

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