Topic: Mt. GOX Hacked a Blessing in Disguise for Victims? (Read 403 times)

It's been a hot topic these days that the collapsed exchange Mt. Gox will begin paying back thousands of users in a few days.  I am in no way saying that getting hacked is good but considering the current situation of the victims who are supposed to receive the refund, they would be gaining more than 10,000x% profit[1].  The fund being hacked, recovered and locked for about 10 years made these victims unable to move their funds, and the recovery and refund resulted in a huge profit.  If the exchange was not hacked, many of these people could have sold their BTC at worth less than $1000 and they should not have gained this huge amount of profit when they received their refund.

Bitcoin was around $600 when the exchange shuttered.  And now the price soar for more than 100x as the refund is about to be executed.  I am happy for these people, all their stress, worries and patience had been fully rewarded.  I hope the refund process will not put too much stress on the Bitcoin market since $9B worth of coins will be unloaded to the market and this is not a small amount.

With this thing happening, I believe the Mt. Gox hack after the authority recovered the fund became a blessing in disguise for victims who exercise patience. Your thought?

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Btw, I read that the disbursement is a mixture of Bitcoin and Bitcoin Cash, Does the victim have a claim on the Bitcoin cash equivalent of their Bitcoin when Bitcoin was forked?

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[1] https://www.cnbc.com/2024/07/01/mt-gox-about-to-unload-9-billion-of-bitcoin-what-it-means-for-btc.html

So in case the bitcoin is not returned to creditors, I think the government will confiscate it and possibly put it in a government fund.

I guess this is just another delaying tactics and maybe they don't really have a plan to refund those people

You're not the only one who thinks that they're doing something wrong, most of us know that but this time I think they might do some refunds and allow at least some people to get their funds back. If they somehow postpone it this time then I'm sure they aren't going to refund anyone but keep promising about refunding.

What I'd like to know is what happens to the crypto funds that can't be refunded back to original holders? For example, people that can't be located, have passed away or are just missing. Who gets that? Other creditors or does the state get it?

What I'd like to know is what happens to the crypto funds that can't be refunded back to original holders? For example, people that can't be located, have passed away or are just missing. Who gets that? Other creditors or does the state get it?

OgNasty isn't the only one still left - many other users still exist as well as the users mentioned above. I don't think all users need to admit that they are one of Mtgox's creditors and will receive compensation - they have privacy or something that might make them uncomfortable. So the correct conclusion about that is - OgNasty is just one of the many users who will receive compensation from Mtgox, others are still on the forums and are not willing to tell us how much they will receive.

I sometimes think that this Mt.gox of a thing has involves foul play, they are always quick to make announcements about the distribution and then the next day, they are quick to postponed it to another year or month.

I guess OgNasty is the only person left on the forum who is a victim of Mt.gox and he is the only one with the most accurate answer to this topic, none of us have ever had to go through what Mt .gox caused him.

It's a great news and I'm happy to hear that all those victims or their families if they aren't alive can get 100x profits by not being able to sell their locked Bitcoin for 10 years. It was a quite sad news for the victims when they heard that all their Bitcoin holdings were hacked and they won't be able to sell their holdings.

Many of them might regretted that why they have deposited their Bitcoin at Mt. GOX at first place and a few of those might gave up on it. The talks about Mt. GOX return plan have been going for a long time now but finally the ones who were eagerly waiting for it will get their money back. It's surely a blessing in disguise but I fear it may be the cause of huge dump if Mt. GOX allow all users to withdraw their Bitcoin.

There are many who were working at the time and trying out Investments.  Imagine you worked for years on a low Salary, put Money on the side and then into Bitcoin and all of a sudden it is gone thanks to a hack.  I believe there are way more people in this situation.  Then think about it even deeper, there are people who put dozens of thousands of Dollars into Bitcoin and all of a sudden it was all gone.

As vapourminer above, there are more that are still lurkign around and there are some who have stopped talking about it in public.

People should be happy because they got their money back, wtf.

Those guys must have gained back the most money if they held their coins from the account sale all this time.

I’m not sure that I feel blessed by this mtgox nonsense for so long. Honestly I just want to get it behind me. It is a nice chunk of change though. I think I had around $7,500 on mtgox when they went under and now I’m getting around $150K back (supposedly) around 10 years later. Sure, it’s hard to complain about, but this has dragged on for a decade…

What matters is whether the $7.5k was just a portion of his assets and he was fine even without it or if it was all he had at the time. Why are many people still unhappy even though they have received compensation many times larger than the amount lost? Because the collapse of Mt.gox caused them a lot of trouble at that time, some people even committed suicide because of it. That's why I say that the amount of compensation that many of us dream of, but will not be enough to compensate the victims for what they have had to go through.

If he deposits 7.5k$ in the bank, he will not receive any profit and even purchasing power will decrease due to inflation. But at least he can withdraw that money at any time and can make ends meet.

I guess OgNasty is the only person left on the forum who is a victim of Mt.gox and he is the only one with the most accurate answer to this topic, none of us have ever had to go through what Mt .gox caused him.

Of course the term blessing in disguise is not applicable to all victim since many had already sold their rights, some had committed suicide but as I stated, for those who exercise patience, their supposed to be lost fund from hacking will be delivered to them although not in full but still brings much profit.

the btc i will keep but i will dump the bch.

I guess OgNasty is the only person left on the forum who is a victim of Mt.gox and he is the only one with the most accurate answer to this topic, none of us have ever had to go through what Mt .gox caused him.

Good calculation and as we see,  it is a profit for the many since I think most of these people could have sold their BTC for less than$1000 - $2000.

I guess OgNasty is the only person left on the forum who is a victim of Mt.gox and he is the only one with the most accurate answer to this topic, none of us have ever had to go through what Mt .gox caused him.

Take the lesson and this is truly worthy of being considered a blessing. You get your money back after being lost from you so long - but you get bigger rewards in return. $150K has never been a small thing for me - and neither have most people, but if you've earned it back then congratulations on that, OgNasty. If this $7,500 was kept in a bank account for 10 years - then I am sure today we would have lost a lot of things to buy due to inflation. But luckily - it's in bitcoin despite the Mtgox debacle.

I’m not sure that I feel blessed by this mtgox nonsense for so long. Honestly I just want to get it behind me. It is a nice chunk of change though. I think I had around $7,500 on mtgox when they went under and now I’m getting around $150K back (supposedly) around 10 years later. Sure, it’s hard to complain about, but this has dragged on for a decade…

It's 10,000% not 10,000x!
So if you had 100 you get 10 000, not 1 000 000!

Also, that's the price of BTC, since they will not be getting all their coins back, estimations are at 21%, so in fiat terms, it will be more like 2,000%,
so 20x, if you were to throw in a 33% inflation, that's final gains of 1500% or 15x.

I wouldn't consider this a blessing in disguise, it's more like torture. Because over the past 10 years, the victims have had to endure so many hardships and humiliations, some even lost their lives because of this, how can it be called a blessing?
I don't deny that Mt.gox has returned BTC and many people are making profits based on the current bitcoin price and maybe it is the profit that many people dream of. But is that worth it and enough to compensate those who have waited for the past 10 years? And in those 10 years, just because of the collapse of Mt.gox, many people lost their homes, many people lost their families, lost their futures and even lost their lives. Is the compensation now worth it and considered a blessing? If someone thinks this is a blessing, it means they agree and support the idea that exchanges should continue to collapse as Mt.gox did.

Not to mention I'm wondering, how many victims of that year's incident are still following the incident and know about this news, and how many people have received the bitcoins refunded by Mt.gox. Personally, I don't believe in the numbers they give in the near future.

I’m not sure that I feel blessed by this mtgox nonsense for so long. Honestly I just want to get it behind me. It is a nice chunk of change though. I think I had around $7,500 on mtgox when they went under and now I’m getting around $150K back (supposedly) around 10 years later. Sure, it’s hard to complain about, but this has dragged on for a decade…