OKPay ordered to forward over $6 million in client funds to MtGox

Coindesk reports that OKPay, a payment processor based in the British Virgin Islands (BVI) and payment partner with several Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term exchanges, has been ordered by a court to forward over $6 million in fiat to MtGox, which is currently going through bankruptcy proceedings.

The funds were sent though OKPay by MtGox customers for trade on the exchange, not long before it collapsed. At the time of collapse, the funds had not yet been forwarded from MtGox's OKPay client account to MtGox's own bank account.

This left them in legal limbo, but under the control of OKPay. The question boiled down to if they were then legal assets of MtGox under custodianship of OKPay. The BVI court that they were, and OKPay handed them over in August.

Customers were promised multiple times by OKPay that their funds will be returned in full. They are understandably upset with the move and have even called for legal action. From an emotional perspective as well, why should fully intact funds, seemingly unaffected by the bankruptcy, be funnelled to the lion's den of liquidation proceedings- to which many have expressed concern over how much will remain for creditors.

In May last year, Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term between the two companies were abruptly halted but were later resumed.