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Topic: [Payout Updates] Bitcoinica site is taken offline for security investigation - page 58. (Read 156711 times)

sr. member
Activity: 832
Merit: 250
A few things should be made very clear to everybody.

One of the first things we considered was having a court appointed liquidator.

It was decided that this was not the correct course of action for several reasons, first and foremost it would be significantly expensive and would be a significant delay.

Additionally we couldn't answer how they would treat bitcoin deposits.

If anybody decides to file a criminal complaint you will effectively guarantee that it will be months or even years before anybody sees their funds.

Seriously doing that is not the best way to get you funds back, indeed it is far from it.

As for isis100 there isn't even a record of your being a registered user and you have completely failed to forward any information you have to [email protected]

Again we are working on making this entire process be as fair as possible but the constant pressure from people who as far as i can tell are either just bored and entertaining themselves or attempting to scam funds is making the process take much longer than it should.

Since you seem to have more voice than Zhoutong, I am of the FIRST users of bitcoinica with a big balance. Why  has my refund not been processed yet?  I don't care if it delays the process a decade, if I do not see some of my money today, I will heavily invest in legal resources until I make sure that all of you pay for my troubles.

Again, my account is probably in the top TEN users with a big balance. Zhou knows exactly who I am. Pay me NOW.

Maria.
rjk
sr. member
Activity: 448
Merit: 250
1ngldh
So now he suddenly doesn't exist. Gimme some of what you are smoking, Gage, cause I would like to imagine that quite a few people no longer exist, especially Mr. President and all his cronies.

Okay, rjk! Quick beating around the bush. Tell me exactly why you currently have the red-ass for me. No need to hold anything back, for this 52-year-old-fart will be able to handle it. I promise not to attack your answer, but simply accept it, then move on.

Thanks, bud.

~Bruno~

I think you are barking up the wrong tree.
legendary
Activity: 1918
Merit: 1570
Bitcoin: An Idea Worth Spending
So now he suddenly doesn't exist. Gimme some of what you are smoking, Gage, cause I would like to imagine that quite a few people no longer exist, especially Mr. President and all his cronies.

Okay, rjk! Quit (edited spelling) beating around the bush. Tell me exactly why you currently have the red-ass for me. No need to hold anything back, for this 52-year-old-fart will be able to handle it. I promise not to attack your answer, but simply accept it, then move on.

Thanks, bud.

~Bruno~
rjk
sr. member
Activity: 448
Merit: 250
1ngldh
So now he suddenly doesn't exist. Gimme some of what you are smoking, Gage, cause I would like to imagine that quite a few people no longer exist, especially Mr. President and all his cronies.
legendary
Activity: 1918
Merit: 1570
Bitcoin: An Idea Worth Spending
Quote
I don't like this witch-hunt for Zhou Tong. Please stop it. He is still young and it is unfair to be too harsh. When I was young, I also did many stupid and seemingly unforgivable things I wish I didn't do. Is it really worth ruining the life of a child as retribution? That's so petty.

This child you speak of, genjix, is in no way of having his future image tarnished due to this so-called witch-hunt, for I have serious reservations that this Zhou Tong even exist, at least in the form we're led to believe he does. Besides, if at the end of this episode Zhou Tong doesn't shine in a favorable light, he can always revert back to a host of other monikers to continue his life ambitions.

I do find it odd that it wasn't until I started posting about Tong Zhou, I mean Zhou Tong, that a couple members on this forum came out of the woodwork only now, this after having repeated request for them to do so and address important questions and concerns, ones of which asked of them repeatedly. Perhaps it was in part to get my posts below the fold. Then again, I did mention that I had plenty of tinfoil in stock.

That said, I will no longer bring up the Zhou Tong issue on this thread, although I do feel that it is quite relevant as to having the Bitcoiners know exactly who he is.

I would appreciate it if the admins of this forum don't remove my most recent posts from this thread either, for as I've already stated, in no uncertain terms, they'll prove quite relevant in the not too distant future.

I will start a thread in Off-topic to continue what I've already started here.

Please forgive me, all, if you feel that I have somehow tried to derail this thread. That was never my intention, and to make sure that that's not the case, I'll proceed on the route that I just expressed.

Thank you, all, for understanding my position.

~Bruno~

legendary
Activity: 1526
Merit: 1001
I don't like this witch-hunt for Zhou Tong. Please stop it. He is still young and it is unfair to be too harsh. When I was young, I also did many stupid and seemingly unforgivable things I wish I didn't do. Is it really worth ruining the life of a child as retribution? That's so petty.

As for the funds. It is being worked on. Of course we want everyone paid back, but it isn't so easy. Consider that we have run an exchange for nearly 2 years now which has been operating with the utmost honesty and respect, having never been compromised dealing with comparable levels of funds as Bitcoinica. Although we are conservative and cautious in our actions, we acted slowly and deliberately to be sure there were no further disastrous mistakes. The legality of the payments had to be sorted out and checked first, and proper systems had to be developed to enable staff to collaborate and corroborate records to the most accurate possible.

Just under 10% of claims have been verified, and I'm waiting on those payments to be made out soon.

Why has any such information always to be torn out of your nose? Don't you realize that you are the one who needs to give at least daily updates to upset people out there? You complain about witchhunts but you yourself are responsible when people start shitstorms if you leave them with insuffcient information. Again, "Soon" is not enough. Is soon next month? Next year? Might as well repost your old entries.
hero member
Activity: 504
Merit: 502
Phantomcircuit, and Genjix:

Thanks for the replies.  Keep the communication at this sort of level, and suspicions will die down.

There are a great number of questions that get asked on these Bitcoinica threads; the reason people are getting more and more aggravated is that those questions are ignored.  Just chip away: answer them slowly and steadily and we'll understand.
hero member
Activity: 761
Merit: 500
Mine Silent, Mine Deep
Zhou is assisting on the claims process he remembers information about some of the accounts which we simply do not

I'll take that as a NO - Zhou is not a Bitcoinica employee, but rather a volunteer (or unpaid contractor).

If anybody decides to file a criminal complaint you will effectively guarantee that it will be months or even years before anybody sees their funds.

Point taken, Although I don't care about WHEN, I care about IF.

I'm still trying to figure out the best course of action. I don't want to feed the lawyers, nor destroy peoples reputation. But I also don't like to be taken for a ride. So far there has been a lot of talk but very little action. Until something meaningful happens or a concrete action plan complete with dates is provided I will certainly consider joining legal action. (note: I am not talking about a criminal complaint)
legendary
Activity: 1232
Merit: 1076
I don't like this witch-hunt for Zhou Tong. Please stop it. He is still young and it is unfair to be too harsh. When I was young, I also did many stupid and seemingly unforgivable things I wish I didn't do. Is it really worth ruining the life of a child as retribution? That's so petty.

As for the funds. It is being worked on. Of course we want everyone paid back, but it isn't so easy. Consider that we have run an exchange for nearly 2 years now which has been operating with the utmost honesty and respect, having never been compromised dealing with comparable levels of funds as Bitcoinica. Although we are conservative and cautious in our actions, we acted slowly and deliberately to be sure there were no further disastrous mistakes. The legality of the payments had to be sorted out and checked first, and proper systems had to be developed to enable staff to collaborate and corroborate records to the most accurate possible.

Just under 10% of claims have been verified, and I'm waiting on those payments to be made out soon.
legendary
Activity: 1526
Merit: 1001
There is simply no excuse for your total lack of communication up to this point. People are depending on the money, and you are too hesitant or ignorant to give any sort of useful information. Do you have a fucking calendar??? You are weeks late. Sorry, this is not enough for anyone not to sue you, and/or file criminal complaints. Don't threaten that users won't get their funds back. They already know how that feels. If you don't start to move your arse very soon you will be the one in trouble, we're already out of luck with your brilliant management. And spare us your excuses.
legendary
Activity: 2198
Merit: 1311
Again, though, help me understand why verifiable information from verified users can't be honored with at least a partial claim.  Are there any claims that you guys have actually verified?
sr. member
Activity: 463
Merit: 252
  • Is Zhou currently a Bitcoinica employee? Y/N
  • Is Donald Norman the CEO of Bitcoinica Consultancy? Y/N

Zhou is assisting on the claims process he remembers information about some of the accounts which we simply do not.

No donald is not CEO of bitcoinica consultancy.

There was supposed to be additional fields added to a new claims form so users could provide more information

I think those were new fields for their internal claims database for metadata such as %verified, payment status etc. I could be wrong.

That's correct the additional fields are internal.  There is a lot more going on with the claims process than users can see.
hero member
Activity: 518
Merit: 500
Trying to buy time, I see ...

I think what people don't realise : the sooner you sue the greater the chance of getting something back.

Leave them and don't do anything and you will never see anything back with the heavy thick veil of corporate secrecy in place here.
hero member
Activity: 761
Merit: 500
Mine Silent, Mine Deep
Thanks Patrick for answering some of my earlier questions. There are 2 questions you skipped over though:

  • Is Zhou currently a Bitcoinica employee? Y/N
  • Is Donald Norman the CEO of Bitcoinica Consultancy? Y/N


There was supposed to be additional fields added to a new claims form so users could provide more information

I think those were new fields for their internal claims database for metadata such as %verified, payment status etc. I could be wrong.
legendary
Activity: 826
Merit: 1001
rippleFanatic
There are a substantial number of apparently fraudulent claims.

Indeed the total of claims submitted is more than was ever held at bitcoinica.

Hopefully that will put in perspective why this is taking so long.

Those of who filed claims haven't received a single e-mail follow-up. There was supposed to be additional fields added to a new claims form so users could provide more information, but haven't heard any follow-up on that either..

sr. member
Activity: 463
Merit: 252
If anybody decides to file a criminal complaint you will effectively guarantee that it will be months or even years before anybody sees their funds.
can't tell if threatening or sincere...

Totally and completely sincere.
legendary
Activity: 1022
Merit: 1000
Hey,

I just went to  http://www.bitcoinica.com/ and found some marketing stuff, the one you usually find on expired domains that someone registered for advertising purposes and quick gain on people, that came for the old site.

Does that mean that the domain expired?

Unfortunately the previous domain registrar put incorrect DNSSEC records into com. which is causing DNS to break in strange ways.

now seems to be fine, again pointing to Rackspace
sr. member
Activity: 463
Merit: 252
If you trust me personally, I can confirm that at the time of this post, at least 75% of total claimed value (even including the identified fake ones) is present in Bitcoinica's accounts.

You have previously said that only 20% of total holdings were stolen.  That was 20% of BTC.  That leaves 80%, which is bigger than 75%.

The USD holdings should have been untouched.  Let's assume a 50:50 split between USD and BTC deposits.  That means that 80% of the 50% BTC should be available and 100% of the 50% USD.  In other words: 50% + 40% = 90% of total deposits should be available.

Please someone explain how 90% has turned into 75%.

Further: claimed value should be less than deposited value, since not everyone will have claimed.  That makes it easier to have enough funds to match the claims and yet you've only 75% of that lower number?

Distinctly worrying.

There are a substantial number of apparently fraudulent claims.

Indeed the total of claims submitted is more than was ever held at bitcoinica.

Hopefully that will put in perspective why this is taking so long.
legendary
Activity: 1050
Merit: 1000
You are WRONG!
If anybody decides to file a criminal complaint you will effectively guarantee that it will be months or even years before anybody sees their funds.
can't tell if threatening or sincere...
sr. member
Activity: 463
Merit: 252
Hey,

I just went to  http://www.bitcoinica.com/ and found some marketing stuff, the one you usually find on expired domains that someone registered for advertising purposes and quick gain on people, that came for the old site.

Does that mean that the domain expired?

Unfortunately the previous domain registrar put incorrect DNSSEC records into com. which is causing DNS to break in strange ways.
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