Kim Dotcom Teases Bitcoin Cash’s Killer App as Bitcache Heads for Liquidation

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Bitcache, a crypto project founded by political activist and founder of now-defunct file hosting service MegaUpload, Kim Dotcom, has begun a liquidation process in New Zealand due to unpaid legal fees by the company.

The company formerly known as Bitcache was liquidated because a law firm that offered to work for stock in the company decided years later to charge the company for past legal fees, Kim tweeted. Thursday evening. He pointed out that he was the company’s evangelist and that he supported the company’s liquidation.

Despite news of the liquidation, Kim Dotcom tweeted Thursday that the project will continue under a new name, Fileshop. He added that it was developed from scratch with a completely new codebase and without any Bitcache IPs. He said he was also working with former investors and friendly partners.

The new project, says Dotcom, aims to become a Bitcoin Cash killer app.

The Bitcache blockchain was touted by Kim as a disruption to how online content creators will be able to monetize their content. It was designed as a subscription-as-a-service that would allow Bitcoin to be used for micro-payments receiving substantial funding through well-known investment company, BnkToTheFuture.

According to a report by Newsroom, a New Zealand news outlet, the platform couldn’t launch in early 2017, due to unexpected setbacks, Kim Dotcom said at the time. Dotcom, Newsroom says, was named an evangelist because of its ongoing disputes with the US government over the now-defunct MegaUpload website.

Although Kim Dotcom took to Twitter extensively throughout 2017-2018, claiming his company would introduce Bitcoin to millions of new users, the plan never materialized. In late 2022, after years of silence, Dotcom announced that the project never got the right software.

Newsroom reported that Auckland lawyer and former Bitcache director Phil Creagh filed for liquidation last month.

It’s quite simple, there are fees due and not paid. The company has so far taken no steps to avoid going into liquidation, Creagh told the outlet. Well, put it into liquidation and see what, if anything, can be salvaged.

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