Many on here think that only the people who currently have money or bitcoin with gox will be directly affected by a gox bankruptcy. That may not be the case. According to Jesse Powell, the CEO of Kraken, 800,000 bitcoin were stolen in June 2011. Instead of informing the public, gox decided to essentially run a ponzi scheme from that date forward through which it attempted to reach solvency by generating fees through transactions and possible arbitrage.
The bankruptcy trustee could determine that everything that occurred since that June 2011 date should be unwound, and that anyone who withdrew money or bitcoin from that will need to return those net profits to bankruptcy estate.
Don't believe me? Do you think the people who were smart enough, or lucky enough, to pull money out of their Bernie Madoff accounts got to keep those profits? No, the bankruptcy trustee sued every single one of those people and required them to put back into the bankruptcy estate all of their net profits that they made. And it meant nothing that they were completely unaware of the fraud.
So if you are one of those people who had money or bitcoin on gox and made a profit on the transaction, which is now sitting in your wallet or your bank account, don't be too sure you want gox to die.
Yes, this is possible. The law allows going back as far as 3 years! The bankruptcy trustee could determine that everything that occurred since that June 2011 date should be unwound, and that anyone who withdrew money or bitcoin from that will need to return those net profits to bankruptcy estate.
Don't believe me? Do you think the people who were smart enough, or lucky enough, to pull money out of their Bernie Madoff accounts got to keep those profits? No, the bankruptcy trustee sued every single one of those people and required them to put back into the bankruptcy estate all of their net profits that they made. And it meant nothing that they were completely unaware of the fraud.
So if you are one of those people who had money or bitcoin on gox and made a profit on the transaction, which is now sitting in your wallet or your bank account, don't be too sure you want gox to die.
