MAY 4 DIGEST: Melotic Exchange Shuts Down, CNET Founder Wants to Bring Bitcoin to India
Melotic exchange has announced it is closing down , Kim DotCom has been awarded US$96,000 monthly living expenses, CNET founder Halsey Minor wants to bring Bitcoin to India, and more news.
Melotic exchange has announced it is closing down due to low demand and slow growth, Kim DotCom has been awarded US$96,000 monthly living expenses by a court room judge, CNET founder Halsey Minor wants to bring Bitcoin to India in a big way, and more top stories from May 4.
Melotic exchange closing down
Saying that it had not seen the growth and development of the exchange that it had hoped for, the team behind the Melotic exchange has announced it will be closing the platform down. The withdrawal function will remain on until May 15, after which any funds left on the exchange will be sent back to the wallet address they came from.
“After much deliberation, we at Melotic have decided to take the unfortunate step of winding down the digital asset exchange. Simply put, we did not experience enough growth in this product to justify the ongoing costs of development, maintenance, and support. However, we have exciting new products in development, and we will be focusing our resources on that.”
Kim Dotcom awarded US$96,000 monthly allowance
Facing giant legal bills and big rental costs for his New Zealand mansion, a judge in Kim Dotcom's extradition legal case has given the entrepreneur up to US$96,000 monthly living expenses from a large pot of Dotcom's money held by the government. Judge Patricia Courtney explained that:
“I have concluded that Mr Dotcom does not have the ability to meet his legal and reasonable living expenses from trust assets because, on the evidence, those assets are not sufficiently liquid.”
Lebanon launches techhub incubator
Seeking to boost their tech scene, Lebanon has been working with the UK to create a tech incubator and accelerator program in the Middle Eastern state. The “UK Lebanon Tech Hub” will be looking to help out new tech firms in the