$2 Billion Lost in Mt. Gox Bitcoin Hack Can Be Recovered, Lawyer Claims - page 2.

yoseph

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Quote from: ?? on ??

if its can solve the MT.Gox mystery and proof at the trial I really appreciate their hard work in tracking down the hackers.
During this time the cryptocurrencies Hack is very difficult to track, because the cryptocurrency itself is anonymous.
bitcoin owners who have been stolen really hope that this mystery will soon be solved and can be immediately returned to its original owner.

I at least hope that the people who's lost their money will be able to get some of the money they lost when the exchange was hacked. If indeed about $2 billion worth of Bitcoins hs been recovered, it means most of them will be getting some profits since the stolen bitcoins were worth around $450 million at the time of the hack.

oleg681010

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MT Gox still ruins people's lives...

Wexnident

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Quote from: elsniper on September 14, 2019, 04:27:36 PM

Moscow-based law firm ZP Legal claims to have identified Russian nationals who received bitcoin stolen in the 2014 hack of Mt Gox. Local law enforcement is investigating Alexander Vinnik, the alleged operator of the defunct exchange BTC-e. ZP Legal says Mt Gox creditors who come forward as potential BTC-e victims may help Russian authorities establish a connection between the exchanges. To cut a deal with law enforcement, those who benefited from the Mt Gox hack might offer to return funds to the exchange’s creditors, the law firm reckons.

https://www.coindesk.com/2-billion-lost-in-mt-gox-bitcoin-hack-can-be-recovered-lawyer-claims

Ouch. That's a huge cut out of them if their claims could ever become true. 50-75 percent cut on the coins retrieved, and the coins that could be retrieved would only amount to a quarter of the original amount. Though if it ever was returned, at least the owners would have something to have by the end of it. Although reduced by a huge amount. Sadly though, the returned amount would not be on bitcoin but rather a flat currency instead. I'd rather receive bitcoin to be perfectly honest. Much more worth it imo.

7788bitcoin

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Quote from: AmoreJaz on October 02, 2019, 09:21:14 PM

in a nutshell, theres more than meets the eye in this situation! crypto users who lost money from this hack should not expect anything from this news. sounds great but lets look at the reality!
wonder how far these lawyers will go out their way to follow through this case. or this is just another media propaganda?

There are people who lost a lot of bitcoin in that hack and the amount of profit that the Mt Gox trust made selling the coins they had in their wallet is really huge and they were selling their coins when ever the price touched all time high valuation and these coins belong to the users and they must be properly compensated rather than shorting them and if a team of lawyers could get that for them taking without spending much money, then it is a good option.
Not entire sure how they can recover but there is a possibility because the Mt Gox trust is a registered entity.

justagox

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Quote from: Sithara007 on October 02, 2019, 09:47:32 PM

I heard that Nobuaki Kobayashi (Mt Gox bankruptcy trustee) is getting interested in the Alexander Vinnik case. He has requested for details from the United States Department of Justice (DOJ). But at the same time, Kobayashi hasn't made his opinion clear on the proposal by ZP Legal, to recover up to BTC200,000 from the Mt Gox hackers. However, Mr. Kobayashi admitted yesterday that his team had contacted Alexander Zheleznikov, who is heading ZP Legal. I think it may be possible to do some bargain and get the commission reduced from 50%-75% to around 20%-25%.

BTW, I heard that CoinLab is now claiming $16 billion from Mt Gox (which sounds ludicrous, considering the fact that Kobayashi has less than $650 million in his hand from the sale of the recovered coins). Will this amount (in the unlikely event of the trustee approving their claims), be paid from the bankruptcy fund?

ZP contacted trustee with the help of the Russian embassy as far as I understand. He's stated numerous times they are uncooperative, whatever that means. Coinlab was awarded about $10 million during assessment phase (details still sparse) and they are going into litigation now, with a lawsuit filed a few days ago.

Peter Vessenes has got to be one of the worst bitcoiners

hahahafr

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MT.Gox hack has always been a big mystery which never got solved so it would be great to see the culprits brought to book. However, I doubt whether this can really be resolved and funds returned to their rightful owner.

judeafante

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Quote from: elsniper on September 14, 2019, 04:27:36 PM

Moscow-based law firm ZP Legal claims to have identified Russian nationals who received bitcoin stolen in the 2014 hack of Mt Gox. Local law enforcement is investigating Alexander Vinnik, the alleged operator of the defunct exchange BTC-e. ZP Legal says Mt Gox creditors who come forward as potential BTC-e victims may help Russian authorities establish a connection between the exchanges. To cut a deal with law enforcement, those who benefited from the Mt Gox hack might offer to return funds to the exchange’s creditors, the law firm reckons.

https://www.coindesk.com/2-billion-lost-in-mt-gox-bitcoin-hack-can-be-recovered-lawyer-claims

This should have been resolved a long time ago, but authorities should do everything that all the last of Bitcoin will be given back to the claimants, Mt Gox hacking continues to haunts us with it's bad memory and only if we can resolve and have a good ending for those claimants, then we can close this bad chapter, it's always been a battle between security and hacking attempts ever since, our computer becomes our own bank.

lobat999

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This news development about Mt. Gox hack seems a wishful thinking to me for the fact that various efforts were exerted over the past several years but nothing concrete had happened to recover those lost Bitcoins. Assuming they were indeed able to track those Bitcoins in the hands of few who benefited from it, I think those Bitcoins may have been long gone or has been exchanged with different hands through other mixing services making it more difficult to recover.

Aside from that, I think that the law firm, even with outstanding track records, may have decided to pursue it maybe just for publicity stunt and does want to obtain handsome hourly payment for their services aside from charging 50 to 75 percent if ever they succeeded in recovering it. Also, as per information published on that article, that law firm states that "their assumptions about connections are correct" which may give false hope to its stakeholders once proven they are wrong.

Sithara007

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I heard that Nobuaki Kobayashi (Mt Gox bankruptcy trustee) is getting interested in the Alexander Vinnik case. He has requested for details from the United States Department of Justice (DOJ). But at the same time, Kobayashi hasn't made his opinion clear on the proposal by ZP Legal, to recover up to BTC200,000 from the Mt Gox hackers. However, Mr. Kobayashi admitted yesterday that his team had contacted Alexander Zheleznikov, who is heading ZP Legal. I think it may be possible to do some bargain and get the commission reduced from 50%-75% to around 20%-25%.

BTW, I heard that CoinLab is now claiming $16 billion from Mt Gox (which sounds ludicrous, considering the fact that Kobayashi has less than $650 million in his hand from the sale of the recovered coins). Will this amount (in the unlikely event of the trustee approving their claims), be paid from the bankruptcy fund?

AmoreJaz

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Quote from: timerland on October 02, 2019, 08:05:57 PM

This sounds a lot easier then it actually is, they know very little information about those hackers, and if they do decide to persue this, it'll take a lot of manpower, co-operation between countries, and probably a lot of money for them to recover funds that they will 99 percent end up pocketing...

This is just an attempt for the law firm to get a lot of money, publicity, and then the governments want a cut of the pie, no actual people will benefit from this, which is definitely quite sad considering how much money was lost during the hack.

I'm grateful for the bump, I've actually never seen the article or this thread before.

in a nutshell, theres more than meets the eye in this situation! crypto users who lost money from this hack should not expect anything from this news. sounds great but lets look at the reality!

wonder how far these lawyers will go out their way to follow through this case. or this is just another media propaganda?

timerland

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This sounds a lot easier then it actually is, they know very little information about those hackers, and if they do decide to persue this, it'll take a lot of manpower, co-operation between countries, and probably a lot of money for them to recover funds that they will 99 percent end up pocketing...

This is just an attempt for the law firm to get a lot of money, publicity, and then the governments want a cut of the pie, no actual people will benefit from this, which is definitely quite sad considering how much money was lost during the hack.

I'm grateful for the bump, I've actually never seen the article or this thread before.

justagox

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https://www.coindesk.com/mt-gox-trustee-asked-doj-to-share-info-on-jailed-btc-e-owner-alexander-vinnik

justagox

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I am glad there is some interest and discussion on this topic.
There are talks with other law firms and the trustee is aware of the news.
I posted seeking help about this issue

https://bitcointalksearch.org/topic/mtgox-please-5179121
https://bitcointalksearch.org/topic/urgent-mtgox-creditors-need-assistance-looking-for-russian-speakers-5179372

Creditors are looking for second opinions, anyone with knowledge about Russian laws, or anyone who wants to assist to help us figure this out!

Current deadline to apply is Sept 22 with ZP. Creditors meeting with trustee is Oct 1st.
ZP refuses to push back deadline to be after the creditors meeting because, reasons?
Supposedly, according to them, people are already in custody in Russia regarding this. who?

xvids

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Quote from: serjent05 on September 14, 2019, 04:48:53 PM

It would be nice if what the lawyer claims is true and can be done. The thing is, lawyers tends to say things to console the victims for the sake of getting paid for their services. It had been several years passed and yet, the lost Bitcoin had not been recovered. Even if they pinpoint who the receivers are, it is quite impossible to get 100% of the lost funds of MT. Gox because they could had been sold already. Another thing is the accuracy of finding involved people. It is easier said than done IMHO.

Well all of the people who have been in crypto for years would provably know that this isn't really going to happen.
They are just giving a false hope for the victims Bitcoin transaction can't be reversed or unless the incident is actually an inside job,
And they would return the crypto back.

Darker45

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Quote from: bL4nkcode on September 15, 2019, 06:42:21 PM

I would partially believe if they will mention that they make the refund in $ equivalent in lost BTC. But if they will push people to believe that they will recover the lost BTC to make a refund? Nah, enough for this, its impossible.

The article has this

Quote

Zheleznikov stressed that his clients can expect to receive not bitcoins themselves but their fiat value now.

Quote

According to Mt Gox creditors, ZP Legal contacted them earlier this year, offering an opportunity to recover almost a quarter of the missing 850,000 bitcoins stolen in the 2014 hack of the exchange. (The coins were worth more than $450 million at the time of the theft and $8.5 billion today.)

If they could successfully recover a quarter of the stolen BTC, they could still make a refund which is a lot higher in value than when the theft happened. BTC owners would still gain. They're like forced to HODL because of the theft. A quarter of $8.5 billion is $2.125 billion. That's way larger than the $450 million value during the theft. However,

Quote

In return for its assistance, the law firm will charge creditors 50 to 75 percent of the recovered sum, as well as an hourly rate.

I mean, seriously? LOL! That's way too high a price! This law firm is seemingly trying to sell their capacity to contribute something to possibly help solve a crime. Too overpriced! They're making it a hostage!

bryant.coleman

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It is known to everyone that the funds stolen from Mt Gox were laundered using BTC-e between 2011 and 2013. By the time the theft was identified in 2014, the hackers were no longer actively stealing the coins from Mt Gox. The identity of the hackers is still in doubt. The FBI claims that Vinnik was involved, but as far as I know he was the owner of BTC-e and he wasn't directly involved in the robbery.

Now the issue is that during 2011-13, the exchange rate was around $4 per coin and most of the stolen BTC was sold in BTC-e at this exchange rate. Even if the hackers managed to sell all of the BTC650,000, they would have received no more than $3 million. Now I am not sure whether they have any coins remaining in their wallets (which will be a foolish step, as the stolen coins can be traced).

samcrypto

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Quote from: ?? on ??

When we think that the hack happened in 2014, it seems like there is no possibility for recovering the stolen money. If the lawyer is really serious about this claim, then it is very good news.

That lawyer must be good in technology or else, its just a dream for everyone. We know that its hard to recover money if there’s no identity at all, but if the lawyer is serious about this claim then the market will celebrate for sure and it can boost the trust on cryptocurrency. Hacked bitcoin is still unrecoverable, stay safe and protect your keys always.

bL4nkcode

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Limited in number. Limitless in potential.

I would partially believe if they will mention that they make the refund in $ equivalent in lost BTC. But if they will push people to believe that they will recover the lost BTC to make a refund? Nah, enough for this, its impossible.

But if they get refunded but

Quote from: Oceat on September 15, 2019, 04:24:00 PM

Isn't it cringey to feel that they want to take half of your Bitcoin if returned?

Must be better than nothing, but if it's me, ofc I want 60-70% of my lost funds will be refunded.

dimastegar

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How do they cover the lost Bitcoin? Of course it will be very difficult imho. I think they made the problem too easy. And again, 2 million dollars isn't a little money. So I'm not sure they can cover that.

TimeTeller

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Quote from: Oceat on September 15, 2019, 04:24:00 PM

Quote from: elsniper on September 15, 2019, 03:25:55 PM

Quote from: amyshek1979 on September 15, 2019, 03:16:05 PM

This Mt Gox's topic is becomming annoying. Relax, guys, none will refund you the money.

Why won't they refund?

Because none of it has been proven yet that they can actually return the funds and even if they managed to return the funds they will going to take 50 to 75 percent of the recovered Bitcoin.

So, how do you like their claim? Isn't it cringey to feel that they want to take half of your Bitcoin if returned?

The article is a good consolation to those who are still hoping that someday they will get their money back.
But we need a reality check here. Can they actually get the funds back or are they only giving positive hope to those people involved?

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