Topic: MtGox withdrawal delays [Gathering] - page 11. (Read 908720 times)

even if he has to spend 10 years in prison, in 10 years he comes out a multi billionaire.

So if that's the case, then the heavy-handed stuff obviously didn't work with Mark. Cut him a deal to reopen MtGox so everyone can get on with their business. He's smart enough to realize he can't steal everyone's coins and still get off completely scot-free. Let him keep 10% and have a get-out-of-jail-free card in exchange for giving up the rest of the stash. 10% should be plenty to keep Mark in frappuccinos and Tibanne in kitty treats for the rest of their lives.

What I find really weird is that MAJOR parties are working on finding out what happenened, but still we don't get a good answer. Japanese Police, Kraken, Deloitte, Tohmatsu LLC, ReEx Accounting Firm. I mean come on WTF?

yup... no one ever came up with a good story of exactly what happened.  most likely Mark stole them all and it going to wait it out. 

even if he has to spend 10 years in prison, in 10 years he comes out a multi billionaire.

Blaming the disappearance of the MTGOX coins on an unknown hacker, or surmising that the private keys to the cold storage wallets have been lost or corrupted, or that some government has confiscated the coins without telling anyone about it stretches all credulity.

850,000 BTC supposed to be there
(minus)
202,000 BTC found in old format wallet
------------
648,000 BTC still missing

Using today's price in USD of approximately $625, the total value missing amounts to

648,000 * $625 equals    $405 million disappeard

Someone needs to provide a very good and believable explanation where these "missing funds" have gone.

After all of the investigation is said and done, and all this time that has past, it is unbelievable that those on the inside of this investigation don't already know exactly where the missing coins are; that is, if they ever existed in the first place. In case they never existed, then 202K is all that there ever were. That amount still yields 202,163 BTC (on hand) divided by 7,952 (approved claimants) which equals an average of 25.4 BTC per claimant that can be returned!

If some large bag holder has all the missing coins, and the trustee knows who it is, then maybe it would make sense to send whomsoever this person or entity may be an invoice, call this an account receivable or "asset", and simply open Mt. Gox back up. Sure it would be operating on a fractional reserve, but it would actually be more secure than most banks today since it would have a (202K / 850K) * 100 reserve ratio or 23.75% whereas most fiat banks like Citibank, Mizuho and Deutsche all operate on 10% or less reserve.

In other words, why make such a huge fuss about liquidating MTGOX. Nobody gives a second thought to liquidating the TBTF banks. We just keep using them and hoping for the best.

In other words, why make such a huge fuss about liquidating MTGOX. Nobody gives a second thought to liquidating the TBTF banks. We just keep using them and hoping for the best.

In the last bankruptcy meeting, the trustee indicated that he might distribute Bitcoin as Bitcoin. Japan recently passed a law that recognized Bitcoin as a currency, so I think it is more likely.

Also, they are still investigating whether or not Bitcoin is missing, how much is missing, and the whereabouts of any such missing Bitcoin. There are lots of rumors that only 20% will be found, but I have faith that with all those international safety and security agencies involved that we should see near 100% recovery. They've had lots of time to sort everything out.

If your claim is accepted, then you now know the amount in JPY you will be handed. For bitcoin there was a fixed price for it when this is officially announced (and the pdf was out); IIRC roughly 50500 JPY per bitcoin. So if we want to make the assumption that our claims will be delivered according to this, you will have to divide that amount with bitcoin's current value to come up with the bitcoins you will end up with.

So how much will we receive?
20% of the bitcoin lost?
Maybe less considering that the price of bitcoins has increased? (so the ones who had money will get more)

Yes, it's quoted as BTC as well in mine; and the amount I wanted was BTC - as the one I have lost. It says accepted, so I just wait for Kraken for the distribution (fingers crossed).

7. The amount of my/our bankruptcy claim will be converted into Japanese yen using the exchange rate designated by the bankruptcy trustee (the closing rate of the telegraphic transfer selling rate of the Tokyo Foreign Exchange Market (the rate published by Mitsubishi UFJ Research and Consulting Co., Ltd.) on April 23, 2014, Japan time) and the Bitcoin rate designated by the bankruptcy trustee (CoinDesk Bitcoin Price Index on 23:59 on April 23, 2014 Japan time) (1 Bitcoin = USD483 = JPY50,058.12. This calculation is made using the rate “USD1 = JPY103.64” (the closing rate of the telegraphic transfer selling rate of the Tokyo Foreign Exchange Market (the rate published by Mitsubishi UFJ Research and Consulting Co., Ltd.) on April 23, 2014, Japan time).
8. The distribution that may be made by the bankruptcy trustee to me/us will not violate any legal regulations, including the Japanese Foreign Exchange and Foreign Trade Control Law and the US Finance Ministry's financial restrictions (OFAC regulations).
9. If the bankruptcy trustee makes a distribution by transferring cash into accounts at Kraken or any financial institution, I/we will receive such distribution through an account at Kraken or a finacial institution which is in the same name as the name I/we entered for the filing of my/our bankruptcy claim.
10. If I/we file a bankruptcy claim through Kraken’s system or, if I/we choose to receive a distribution in Bitcoin or in cash through an account with Kraken’s exchange, the bankruptcy trustees will receive information on me/us that are held by Kraken and will disclose to or share with Kraken information on me/us that is necessary to make the distribution.
11. If I/we file a bankruptcy claim through Kraken’s system and suffer any loss due to any trouble, failure, etc. relating to Kraken’s system, I/we will not make any claim, including any claim for damages, against MTGOX and/or its bankruptcy trustee in relation to such loss.
12. If I/we choose to receive a distribution, either in Bitcoin or in cash, through an account with the Kraken’s exchange, such distribution will be completed and the bankruptcy trustee’s responsibility to make such distribution will extinguish when the bankruptcy trustee has transferred to Kraken the Bitcoins and/or cash to be used for the distribution. After the said transfer has been made, I/we will not make any claim including any claim for damages against MTGOX and/or its bankruptcy trustee even if I/we cannot appropriately receive the distribution from Kraken.