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Topic: Class action Litigation vs. Bitcoinica Consultancy LTD & Intersango LTD - page 4. (Read 27023 times)

hero member
Activity: 686
Merit: 500
Wat
Was Patrick handling the claims process by himself ?

legendary
Activity: 1288
Merit: 1227
Away on an extended break
Hi,

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

Quote
Update: here's the facts from my point of view:

- Patrick quit.
- Zhou quit.
- Tihan was fired, and no longer acting on behalf of Bitcoinica LP.
- Bitcoinica Consultancy were the new operators coming onboard, and the company was formed after the compromise to facilitate payments out.
- Bitcoinica LP is the owner.

The payments process is at a deadlock. Technically when a company is in debt, and cannot pay off its debtors in full, it hands the process to the government (called receivership). Bitcoinica LP would have to make a police report, and hand over the payments process as the owners.

That's it basically. Just a standstill.

Let me know if you have any suggestions.
Sane question before the trolls come in: Is Bitcoinica LP is heading for a receivership?
legendary
Activity: 1372
Merit: 1008
1davout
Let me know if you have any suggestions.
I suggest making sure you're not solvent Smiley
legendary
Activity: 1232
Merit: 1076
Hi,

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

Quote
Update: here's the facts from my point of view:

- Patrick quit.
- Zhou quit.
- Tihan was fired, and no longer acting on behalf of Bitcoinica LP.
- Bitcoinica Consultancy were the new operators coming onboard, and the company was formed after the compromise to facilitate payments out.
- Bitcoinica LP is the owner.

The payments process is at a deadlock. Technically when a company is in debt, and cannot pay off its debtors in full, it hands the process to the government (called receivership). Bitcoinica LP would have to make a police report, and hand over the payments process as the owners.

That's it basically. Just a standstill.

Let me know if you have any suggestions.
newbie
Activity: 23
Merit: 0
My balance was 450 BTC, no open positions. All deposits made by mtgox codes. I'm interested in joining the process too.
newbie
Activity: 56
Merit: 0
My balance there was a little more than 150 BTC. I'll help if I can.
hero member
Activity: 616
Merit: 502
I wrote here a few times that "to buy" for all clients' money. Maybe later, but they did. Just speculate. This is bad from an ethical point of view, but it could well solve the problem (and is still in force)
member
Activity: 81
Merit: 10
well i had $1205 and 205BTC in there and no payout, i am no longer hopeful that it will progress any further either.

I cannot contribute any money to this effort just though i should share
legendary
Activity: 980
Merit: 1020
As for the proof, it is coming together.  For example, they had two factor authentication turned on for their MTGox account, then for some reason they turned it off before the "theft" occurred.  

Doesn't matter. Grand epic stupidity is still the default scenario here, unless you got the smoking gun that there is an inside job.
donator
Activity: 980
Merit: 1000
Lawyers are going to be very expensive and what if the "investors" don't have any money to make you whole?

Thats what I plan to find out, and to find who can be considered criminally liable for the latest hack.

The tragedy of this route is that on the one hand it's the only active route that bitcoinica users can pursue at this point, but on the other hand I think it reduces the odds of anyone getting anything back.

its quite unfortunate and you're correct, but at this point I have absolutely 0 faith in the bitcoinica consultancy, I hate lawyers too but I at least respect that they can sometimes get things done.
Genjix stated multiple times, that Patrick and/or Donald where the one that did constantly delay the payout. Maybe this process can now be faster, since at least Patrick is gone. So hopefully genjix assumes that he is now authorized to do the actual payouts and does it without further delay.

Tihan and Zhou both specifically told Patrick and Donald to refund my 24,841 bitcoins,  but Donald and Patrick both refused.
One day after legal action was threatened,  they announced this hack.
Cause,  or coincidence?

Mate... 24,841. My thoughts are with you.
hero member
Activity: 616
Merit: 502
naima53: I put you on the list ...
Thank you, I sincerely hope to still get my money back. Owners have left too many traces. I think their place is better now to think about the consequences. And to return all lost.
donator
Activity: 544
Merit: 500
naima53: I put you on the list and send you the details later today
DrFred: Your claim is probably too low to be included in the process, but I'll ask the others

Anyone: If you have a significant claim and are interested in resolving the issue, please contact me. We represent a significant proportion of the deposits owed by Bitcoinica and are attempting to pool our resources for a single action.
Vod
legendary
Activity: 3668
Merit: 3010
Licking my boob since 1970
We want to make it clear we won't stand for the business owners to steal from us, directly or indirectly?

How many of these cons do you want the community to endure before we take a stand?  The money is already gone -make those responsible for losing it pay.

Do you have any proof of the fact that they're stealing from you? If not, the most you can do is "gross negligence" as to be practically criminal. Anything beyond that is just tinhattery.  Remember, stupidity on an epic scale is really indistinguishable from malice.

Every day they don't contact the police is gross negligence.  As officers of a corporation, they are required to protect the corporation.  Not calling the police is a derelict of duty, and they will be held responsible, civilly at least.

As for the proof, it is coming together.  For example, they had two factor authentication turned on for their MTGox account, then for some reason they turned it off before the "theft" occurred. 
newbie
Activity: 13
Merit: 0
My balance there was 98.19023272 BTC. No USD and no positions. Not really much money to contribute to this effort, but I'll help however I can.
hero member
Activity: 616
Merit: 502
I had a loss in this $ 4260.16 , BTC 562.93 , have open position, I am pleased to join the process, but unfortunately I`ll could`t personally present at the process. I can provide proof of information. And ready to provide any help what I can.
donator
Activity: 544
Merit: 500
What exactly shall be the goal to be reached by legal action?
Please clarify!
For people who do have deposits with Bitconica, to get their money back.

People who do not have deposits with Bitcoinica, yet are potential future victims of theft, fraud or contract violations related to Bitcoin, can still benefit indirectly, because it could help them avoid or ameliorate these.

EDIT: What I mean is that even people who do not have unrefunded deposits with Bitcoinica have a reason to support our effort.
sr. member
Activity: 476
Merit: 250
Keep it Simple. Every Bit Matters.
While I do not have anything invested or did not have anything invested in bitcoinica, I do have an interested in the outcome.
Two very big exchanges are wrapped up in this and it massively effects our community both the more business side as well as from the side of the miners.

The exchange was clearly run in a way that was negligent in how lax they took their security, their is multiple examples of this expressed in this thread.
From single point of authorisation, where double is becoming the norm. As well as passwords being found in source code available in the public domain and not changed for the live site.

Quiet frankly they made it as easy for the hacker, as hiding 1 key under the doormat and let him walk in unlocking the single lock on the door. Nothing stopping him afterwards from just going around and stealing anything he wanted after that.

I'm no expert in this, but in the insurance business I do know this, if the criminal managed to gain access because you left your doors open or left the keys available to him, they will blame you and you get no compensation. Very few small business have insurance for the same style of thing in the digital business, but the blame game works the same way.
Their lack of security were entirely at blame, the same applies here, the hacker was just a opportunist who did his act, with so little effort, the blame is entirely upon the person(s) responsible for placing passwords into the public domain and to a smaller (but still important) whom should of put in place double authorisation for accessing the sites "main vault".

The sounds like the both of these issues, can be laid upon the original guys.
But the "new" owners are also responsible for not fixing these glaring issues, if they had access and rights to do so.

I wish everyone the best of luck getting your bitcoin and/or fiat currency
legendary
Activity: 1050
Merit: 1000
I just want my bitcoins back, but if they plan on keeping them, then we have a problem

I havent heard anything that would say they intend to hand them back since the latest hack. None of them have posted anything wrt to doing that.

Tihan hinted at legal action, don't count on any updates and resuming refunds until dust settles internally within those involved/responsible. Bitcoinica Consultancy most likely is seeking legal advise/defense at this point
hero member
Activity: 868
Merit: 1000
I just want my bitcoins back, but if they plan on keeping them, then we have a problem

I havent heard anything that would say they intend to hand them back since the latest hack. None of them have posted anything wrt to doing that.

Their personal lawyers are probably horrified by the statements which have been made to date and and told them to STFU and not make any further comments without legal advice.
hero member
Activity: 686
Merit: 500
Wat
I just want my bitcoins back, but if they plan on keeping them, then we have a problem

I havent heard anything that would say they intend to hand them back since the latest hack. None of them have posted anything wrt to doing that.
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