Topic: Bitcoinica MtGox account compromised - page 13. (Read 155957 times)

This.

The rats are leaving the sinking ship. Go to the police now. Of course they will treat you as prime suspect because of the long delay, but if you don't, it might get much worse in the end.

IANAL

Seems like everyone walked away and left you holding the bag :/

No.

this is ridiculous. i just want to know when i am getting my money.

can we get one simple thread that is for just disclosing payments?

 i dont care about who is responsible for what. i just want my money and some proof people are still getting paid out.

has anyone been paid out after the latest mtgox theft?

Unless there are secured assets, you'd be looking at liquidation rather than receivership.


http://www.business.govt.nz/exiting/dealing-with-becoming-insolvent/receiverships-faqs/

I cannot stress how important it is for you to get professional guidance from a NZ based firm (most accountancy firms handle liquidations) as well as solid legal advice.  If you need suggestions for reputable legal and accounting firms in NZ, Patrick Hartnett would be a good person to contact.  Whether or not the Official Assignee (government liquidator) must be the initial liquidator depends on how the company enters liquidation.

http://www.business.govt.nz/exiting/dealing-with-becoming-insolvent/how-does-a-company-get-placed-into-liquidation

Any deadlines or aprox. dates for all this to happen?

This fiasco is monopolising the news about Bitcoin.

Hi,

Sorry for the hiatus, but I had to take a break to preserve my mental sanity. Here's the update (also in the OP):

They would have lost 5-10% of their personal money, but bitcoinica's reputation was salvageable within the first month of the incident. Now even though they lost 30% of their customer's funds, they have lost their capital that was invested into bitconica. I do not believe the majority of the bitcoin population would ever deal with bitcoinica again. I don't even want to touch intersango because of this incident.  

You don't give 2 flying fucks, just keep waving in your Ferrari! 

Looks like Genjix has some more important stuff to do at the moment...

That's what really gets at me with this whole process. If they would have just let Zhou handle the payouts with his imperfect methods, we'd all have had more money in the end, and the Intersango guys would not have wasted entire months manually processing the claims.

difference is that 5-10% would have been from their money. 30% I'm not so sure will be lost from their money, more likely from users' money

At this point I am hoping they at least finish paying out the 50%. This hacking incident could have been avoided if they decided to pay everyone earlier in the game. They basically sat on thousands of bitcoins for 2 months telling everyone they did not want any mistakes to occur during the claim process. Evidently now they have lost 30% of their money. This is completely retarded. If they weren't so overly paranoid during the claim process they might have lost 5%-10% through overpaying. Even if they were overpaying, I consider it interest with them holding on to so many customers funds for so long. Now they lost 30% to some random hacker.     

Then... where is the 66% of my claim?


Genjix it's time for an update ...

There are two NZ entities Bitcoinica Consultancy Limited and Bitcoinica Limited Partnership (which is wholly operated by Bitcoinica Consultancy Ltd).


https://bitcointalksearch.org/topic/m.1022206

Intersango Ltd and Bitcoin (without the "ica") Consultancy Ltd are both UK limited companies.

Significantly, the partnership agreement must be signed before the limited partnership can be registered - the agreement itself establishes the limited partnership prior to registration.

http://www.business.govt.nz/companies/learn-about/other-entities/limited-partnerships/faqs/copy4_of_introduction

It's not a structure that's really used much in Australia but NZ has set it up in a way which encourages overseas investment with favourable tax treatment.

My confusion was not taking the relevant jurisdiction to the different entities as I thought you were talking about the NZ one.  The LP is in the UK (as a working assumption).

The problem is them giving any preferential treatment to unsecured creditors.  Insolvent companies are generally wound up by third parties to ensure that all payments are made in accordance with the formula laid down by law, that assets are liquidated for the benefit of all creditors, and that transactions in the look-back period are reversed where appropriate.  

While I suspect that some form of formal insolvency is now inevitable, I would expect both the limited and general partners to be taking legal advice on the most appropriate type of insolvency, and I would expect that advice to include "don't touch the assets for any reason" until the next legal step has been determined (for all we know, the initial steps towards insolvency may already have been taken - there's some paperwork involved before creditors are formally notified and asked to lodge claims).  They should never have attempted a DIY claims process after the Rackspace compromise - at the very least, it should have been handled by their accountant - and they most definitely shouldn't attempt it now.  


Bitcoinica LP is a limited partnership, with a general partner (Bitcoinica Consultancy LTD) and a limited partner (Tihan's fund plus a minority limited partner from what we can tell).  The partnership agreement matters because it determines the date on which Bitcoinica Consultancy LTD became the general partner of Bitcoinica LP, assuming all liability.  The issue isn't the general duties of the directors of Bitcoinica Consultancy LTD, it's whether Bitcionica Consultancy LTD was acting as the general partner of Bitcoinica LP when the events happened - if the partnership agreement had already been signed (and we've been told it had), then they're legally liable whether or not the formation of Bitcoinica LP itself was complete (ie, the director's consents had been signed and lodged).

The issue of whether the directors of Bitcoinica Consultancy LTD have acted in a manner which gives rise to personal liability is yet another matter.