Topic: [ANN] Bitcoinica Consultancy abandons customers. Bitcoinica to enter Liquidation - page 20. (Read 54936 times)
August 01, 2012, 02:39:03 PM
So what does this mean exactly? What about the funds transferred to the lawyer?
August 01, 2012, 02:38:47 PM
So you didn't get fired?
I hope this incident taught you not to store customers fund in a hot wallet and use 2 factor authentication.
I hope this incident taught you not to store customers fund in a hot wallet and use 2 factor authentication.
August 01, 2012, 02:33:36 PM
Time to rigorously boycott Intersango and the "Bitcoin Conference" then?
BB.
BB.
August 01, 2012, 02:32:22 PM
What is your position/job/role in this affair, Mr. Seale?
August 01, 2012, 02:30:08 PM
It is August 2012 and 80 days have passed since Bitcoinica was taken offline following the Rackspace hack. Many of you have followed developments since that time with interest and frustration. The company's investors and I have also been extremely disappointed.
Donald Norman, Patrick Strateman and Amir Taaki accepted responsibility for Bitcoinica on April 24 as Bitcoinica Consultancy and have retained the -only- legal authority to act on behalf of the company. At this time it appears they have abandoned their legal duty.
They now refuse to reply to communication, refuse to acknowledge their responsibility, refuse to resign voluntarily, and refuse to act. In particular they have refused to do anything to recover stolen funds, even where the required action is as simple as providing a payment address. This is now hindering the efforts of others to minimize loss to Bitcoinica's customers.
Clearly, this must end.
Acting in its capacity as creditor to Bitcoinica LP, the Wendon Group investment fund will appoint a receiver under New Zealand law. This has been an option of last resort which is now unavoidable. Under receivership, a licensed and insured specialist will replace the Consultancy as the designated authority. Upon satisfaction of secured creditor interests, the company will proceed to liquidation in which remaining funds are distributed. Without Consultancy cooperation, this is the only ready way forward.
Wendon Group intends to donate any funds it obtains via receivership in favor of Bitcoinica customers. Complete liquidation will likely take place over a matter of months.
While this is not the outcome any hoped for, it is certainly an improvement over the deadlock resulting from Donald, Patrick and Amir's untimely abandonment.
Many have suffered because of the Bitcoinica disaster. Everyone is right to be upset. Since no one in charge has seen fit to offer an apology, let it be me instead. To all those affected, I'm very sorry.
Tihan Seale
Donald Norman, Patrick Strateman and Amir Taaki accepted responsibility for Bitcoinica on April 24 as Bitcoinica Consultancy and have retained the -only- legal authority to act on behalf of the company. At this time it appears they have abandoned their legal duty.
They now refuse to reply to communication, refuse to acknowledge their responsibility, refuse to resign voluntarily, and refuse to act. In particular they have refused to do anything to recover stolen funds, even where the required action is as simple as providing a payment address. This is now hindering the efforts of others to minimize loss to Bitcoinica's customers.
Clearly, this must end.
Acting in its capacity as creditor to Bitcoinica LP, the Wendon Group investment fund will appoint a receiver under New Zealand law. This has been an option of last resort which is now unavoidable. Under receivership, a licensed and insured specialist will replace the Consultancy as the designated authority. Upon satisfaction of secured creditor interests, the company will proceed to liquidation in which remaining funds are distributed. Without Consultancy cooperation, this is the only ready way forward.
Wendon Group intends to donate any funds it obtains via receivership in favor of Bitcoinica customers. Complete liquidation will likely take place over a matter of months.
While this is not the outcome any hoped for, it is certainly an improvement over the deadlock resulting from Donald, Patrick and Amir's untimely abandonment.
Many have suffered because of the Bitcoinica disaster. Everyone is right to be upset. Since no one in charge has seen fit to offer an apology, let it be me instead. To all those affected, I'm very sorry.
Tihan Seale
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