Topic: Mt. GOX Hacked a Blessing in Disguise for Victims? (Read 621 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

Why are you so agitated?

Really? How will that even work lawfully?

Why are you so agitated? 10 years have passed and surely some people are dead or some people don't know about the news of mtgox refunding BTC

No offense but the first half of your Reply to him was irrelevant to what he was asking, please tell me what this part of the Reply had to do with what he asked,

Why are you so agitated? 10 years have passed and surely some people are dead or some people don't know about the news of mtgox refunding BTC...and he asked about those people's bitcoins and what will happen to those bitcoins.

As far as I know, the CEO of Mt.gox was arrested shortly after the exchange went bankrupt in 2015 and they later recovered a fair amount of assets and they could have returned the amount that money to creditors. But due to long and complicated litigation, everything has been delayed until now.

Something I haven't seen mentioned here is the 1Feex account, https://mempool.space/address/1FeexV6bAHb8ybZjqQMjJrcCrHGW9sb6uF which holds nearly 80k Bitcoin.  Now there is a good chance that the keys to that address are lost forever but if they do ever turn up would these coins be distributed to creditors as well? As far as I can remember these coins were stolen very early on, but they should still belong to the assets of the exchange.  Would be very interesting if these coins ever did move again.

That was essentially a "fixed deposit" kind of situation.

Really? How will that even work lawfully?

Can't you people never accept that good things happen and people get paid back?
Does it always have to be darkness doom, gloom, everyone is dying, the government is killing our babies stuff?
People are getting paid back, the same crypto users who are scared of a possible dump are screaming that the coins not redistributed faster, what in the name of god logic is in that?

Everyone was cheering for coins to be distributed, now let's not give them back cause it will crash the market!
Everyone was angry at the FTX collapse now that they recovered 8 billion, no, don't sell it!

Feels like the whole forum is full of masochists!

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].

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?

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?

---

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?

---

[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.