Topic: How to recover your money as a small time investor with funds in mtgox (Read 6365 times)

Good for you Keeminakar. Hopefully whatever exchange you use stays up and running forever. Perhaps you could suggest some ways we could recover our lost bitcoins. Or maybe suggest a way to prevent this from happening in future? Mtgox, Flexcoin, now cryptorush. Making off with peoples bitcoins seems all the rage these days. Hope you stay lucky

It is so nice to realize that you are not one of lot's of people who had any bitcoin there

AFAIK, you don't actually need a solicitor to make a claim in the bankruptcy court. You just have to contact them and register an interest.

Does anybody here know how to do this? If not then I will try and find out myself and post the results here.

Mtgox does let you see your balance now but when I checked I only saw my BTC/USD balances and NOT the thousand euro's I was part way through withdrawing.

the mtgox is died! fuck mtgox!!!!iIt made my money disappear~！！！！！！！！！！！！！！now i don't how to recover my money...........................I think it can recover soon,,,,,,,,,,,,,,,,,,,,

I agree with you.
Which kinda puts us back where we started.
Now that mtgox.com "confirms" your account. Anyone knows what that means? Is there any hope we - tiny creditors - might get our BTCs back some day? Anyone has any info?

Selachi have confirmed that they want 2 btc upfront and they advise that they will need another 7btc to pursue the matter.  I think this is extortionate.

I think Selachi acted very dishonourably by posting in this thread. I made it clear in my OP that this was a thread to help people that had only lost a small amount. Less than $10000. Selachi want a minimum of 9 x $500 or $4500. Almost half of $10000. That's what I would have expected from any high street solicitor. If I had that kind of money spare I would have gone to a high street solicitor and wouldn't have bothered making this thread OBVIOUSLY.

By posting here they shamelessly exploited my thread to promote their own business and hijacked all the enthusiasm to get a few extra clients. They were perfectly aware what their price would be when they first posted and knew that only a few people reading this would be able to sign up with them.  Of course that hasn't stopped them from claiming they represent large numbers of clients. They deliberately avoided quoting a price in their original post and I had to send several emails before they informed me how unreasonably expensive they were.

I sent an email to Richard (bitcoinsolicitor aka Selachii) asking if we could negotiate something and he hasn't even bothered to send me a reply. Selachii only seem interested in exploiting the situation.

I think it is a good idea to share email addresses as suggested earlier. My email is [email protected]. You can post your address here or send it me in a private message. I will kepp everyone updated as to what I have learned and what action is being taken.

I sent the following email to mtgoxrecovery but I have not received a reply as yet......

Hello,

I lost funds in mtgox and I signed up on your site to try and recover the losses. I still haven't heard from you and I'm wondering if there is anything I should be doing. The email address I signed up with was [email protected].

Can you update me on what I need to do next?

Kindest regards,

Me.

Exactly - they are CREDITORS and for such a reason they will be first in line to get money back. We are nothing to them even though they pretend to be different.

Mtgoxrecovery does a good job keeping us informed on the legal situation, but are they even representing anyone but themselves? I keep hearing it both ways, but nothing absolute yet. If not, they are really side tracking a lot of people who think they are.

I have registered at http://www.mtgoxrecovery.com and so I am obviously interested in joining any effort to try to recover small investors' fund.
I do not know how bankruptcy cases are handled in Japan, but - obviously - as a group of small investors - we need the help of a Japanese law firm.
The goal of filing bankruptcy is to protect the filer from debtors to either:
- give him time to recover from his losses without paying his debts for a while, or
- liquidate assets and distribute proceeds between debtors (each gets a percentage of his losses).

Again, I do not know how bankruptcy is handled in Japan, but in the USA, bankruptcy is handled by a Federal court, which has a higher authority than local smaller courts. So if a group of debtors sues the bankrupt person/firm in a small court, the judge will not be able to do anything, because the bankruptcy filer is protected by whatever order was issued by the higher court, So if the higher court ordered certain debts to be forfeited, no action in a lower court can reverse that.

Unless there was criminal intent on the part of Karpeles... that's a whole different story.

How about we compile a list of our email addresses, so that when a collective decision has been made of what to do (what law firm in Japan to represent all of us for example), we can all proceed as one (in USA, that would be a class action suit).

If http://www.mtgoxrecovery.com/ is legitimate, serious and will agree to represent us on the basis of getting paid only by a percentage of money recovered, then how about we go with them, to represent us all?

Is there any other suggestions beside Selachii?

That's ridiculous. It's almost more than I lost. Where did you get that information from?

2BTC for initial fact-finding

Has anyone heard anything from selachii/bitcoinsolicitor yet?

They claim to be representing various clients but so far they haven't even told me how much their services cost.

AW

This is great news, finally somebody also getting to the criminal part of Mr. Karpeles behaviour.

A theft might explain BTC at MtGox vanishing, but not the missing EUR, GBP and USD balances, no matter what kind of accounting you do! Person A deposits 1 BTC, Person B 1000$, they trade on Mt Gox and then 1 BTC gets stolen. Mt Gox still has 1000$ - their bank account has not been robbed. I find it outrageous that Karpeles even dares to pretend he is a poor victim. What he did is fraud and he should be in prison for that.

It is clear that Karpeles must have used client currency deposits either to pay for running his business or to buy and pay out missing bitcoins. No matter what, he has fraudulently delayed the filing of bankruptcy by months if not a year (there were irregularities at Mt Gox in summer 2013) and he probably has even misappropriated client funds.

I just received this in my inboxI think it's from http://www.mtgoxrecovery.com/

AW



Mtgox Recovery
   
   

Update #1

Hi Everyone,

This is our first update since we started the website.  The response has been overwhelming.  Our site http://www.mtgoxrecovery.com now represents over 20% of all MtGox claims and is still growing rapidly.  This is great for several reasons, but  first I would like to share some more information about who is behind this site.

My name is Olivier Janssens, I recently received some press by taking the first flight paid for with bitcoins(*)  I have been an early miner since 2010, and (still) believe Bitcoin is the greatest invention since the Internet.  This is the currency of the People, and will allow us to regain much freedom, and enhance our way of doing business together in ways that we have never seen before.  Unfortunately, as part of the growth process, some of the rotten apples have to be weeded out.  In this case the apple was quite big.
   
I personally lost over $5 million USD in this debacle, due to Mark Karpeles stating to me personally that large amounts of Bitcoins could be sold on his exchange without any issues. After 3 months of trying to (unsuccessfully) extract my money, I started preparing a lawsuit.  This was about three weeks ago, and around the time the first protestor arrived at their office because MtGox had stopped sending Bitcoins under the excuse of the malleability bug.

Mark knew I was a major stake holder in the Bitcoin community, and we discussed solutions for 3 hours to try to resolve this.  At that time he kept telling me he could only send me a very limited amount per month, due to anti money laundering issues.  Obviously, this was a lie.

MtGox was already insolvent at that time and likely was long before then.  Mark had lured me (and many others) into sending over millions worth of Bitcoins so he could continue whatever scam or scheme he was running.  However, I decided that I would not take MtGox down with my lawsuit (I was ready to have their bank account blocked and start criminal charges against Karpeles personally).

The reason why I didn’t proceed with that course of action was because I wanted to protect the community from being harmed by taking down its oldest exchange.  So I decided to take Mark’s word that he really had anti money laundering issues, and bought back in.  In the end I walked away with a mere 20% of my original investment (bitcoinbuilder).
   
This was a huge loss, but I still have Bitcoins left.  There are many people who have lost their entire life savings due to Mark Karpeles’s criminal behaviour.  Personally, I do not believe that the coins were leaked through a bug.  I believe this scheme has been going for much longer.  Mark will be investigated for his potential crimes.  He is in Japan and the legal team I have on this case have assured me that he is unable to leave the country due the chapter 11 filing.

This brings us to our progress so far.  In the last days we have been working hard on assembling evidence from people who have been ripped-off by Mark in one way or another.  Not just by depositing coins on the exchange, but by false promises made by him personally.  If you have any such story where you communicated to him personally and where he gave you guarantees, please forward it to [email protected].  Any additional evidence which might help prove that Mark is behind this is very welcome.  If you have other evidence that would show something different, please send it to us also.  We are making a timeline of events, and a very clear document, and will be communicating this together with any other info we gather to the police.

Meanwhile, we have also started some initiatives like http://www.projectgox.com - an idea that will start a community based bitcoin exchange, where all the people that lost money in MtGox become shareholders and take part in the profits.  We think that the Bitcoin community is extremely strong and resilient, and that we look out for each other.  This is what makes us strong.

So far I have been funding this whole lawsuit personally, and I do not want to take donations because I think everyone has lost enough.  I believe Bitcoin is too important to have something like MtGox kill this valuable community.

We will grow from this and become much stronger than before.  Together, we will try to make right what was done wrong, and start initiatives to make people whole again.  We will soon reach over 50% of the Plaintiffs, and this will allow us to take control of the former MtGox.

I welcome any ideas on how to monetize this again so we can start making back what we lost.  In the next days I will bring forward the best ideas we have received, and then we can all vote on how we wish to move ahead.  I do not have much hope on recovering any ‘stolen’ bitcoins, but we will do our very best to investigate this to the fullest extent of the law, to find out exactly what happened, and to bring those responsible to justice.

Regards,
Olivier Janssens

http://www.telegraph.co.uk/finance/currency/10676691/Hundreds-want-to-join-Mt-Gox-lawsuit-says-UK-law-firm.html

I'm also interested on. I also think if we cooperate together may be we can achieve something, but of course the wait will be long.
Maybe one of the good things in this case is the justice will happen in Japan and Asian people are serously than other cultures in this kind of issues.

I read this article. It's very reassuring to see that bitcoinsolicitor is acting on our behalf.

I would say though that (in contradiction to the article) I am personally more interested in getting my bitcoin back than my fiat. Whilst I have lost a significant sum in both, I resisted the temptation to sell at a loss during the final days of mtgox's operation and kept hold of my bitcoin instead.

It would of course be nice to get both.

AW