So whatever happened with Mt. Gox? - page 2.

Este Nuno

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amarha

Quote from: Harley997 on June 08, 2014, 08:51:45 PM

Quote from: trashymonkey on May 22, 2014, 10:33:26 PM

Been away from the computer for a while. I was wandering what was the final fate of Mt. Gox? Last time I checked, it had crashed, and no one thought they would get their money back. But there was rumors that people might get back a percentage back or something.

So any updates? Anyone get arrested or sued? And do we know for sure now that it was hackers? A lot of people were speculating that the exec's over there just took the money and ran.

There have been no arrests (not that there shouldn't have been).

Gox filed for bk in Japan, as well as in the US.

The last I saw they are liquidating, however a number of groups have made offers to continue running the company.

Long story short, they lost 650k of 850k of their coins and around 25% of their fiat. They originally lost all of their BTC, but subsequently found 200K BTC.

Has there been any more information on how they 'lost' all that btc? I remember Karpeles was spewing some bullshit about transaction malleability but that sounds like complete bullshit.

Harley997

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Quote from: trashymonkey on May 22, 2014, 10:33:26 PM

Been away from the computer for a while. I was wandering what was the final fate of Mt. Gox? Last time I checked, it had crashed, and no one thought they would get their money back. But there was rumors that people might get back a percentage back or something.

So any updates? Anyone get arrested or sued? And do we know for sure now that it was hackers? A lot of people were speculating that the exec's over there just took the money and ran.

There have been no arrests (not that there shouldn't have been).

Gox filed for bk in Japan, as well as in the US.

The last I saw they are liquidating, however a number of groups have made offers to continue running the company.

Long story short, they lost 650k of 850k of their coins and around 25% of their fiat. They originally lost all of their BTC, but subsequently found 200K BTC.

bitgeek

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Quote from: Gimmelfarb on June 08, 2014, 07:55:03 PM

Quote from: CEG5952 on June 08, 2014, 06:35:55 PM

Quote from: okthen on June 08, 2014, 04:17:12 PM

Anyhow - if they have 200000 btc they HAVE to give them to the customers.
Maybe give each one around 1/3 of what they had?

That's not how bankruptcy works. First, 200k is 1/4 of the BTC liability. Tongue

But it is a long process, and the court administrator/trustee may opt to liquidate the bitcoin and pay out fiat. Then there could be other creditors that come before traders.

yikes. i hope they don't liquidate. how would they sell 200k without suppressing the price at all? that sounds like a pretty dark scenario. anyone want to shed more light on the Japanese bk process?

I'd also expect the investors will do whatever they can to get their money before the clients. The clients don't have much to say as they aren't (in most cases) represented in court by expensive lawyers.

They should go after Karpeles, seize and auction all his accounts and personal belongings, sell Gox domain, site, bots, add it all to the pool and pay back the debts. I'm sure this fat bastard has more cash than he claims.

Gimmelfarb

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Quote from: CEG5952 on June 08, 2014, 06:35:55 PM

Quote from: okthen on June 08, 2014, 04:17:12 PM

Anyhow - if they have 200000 btc they HAVE to give them to the customers.
Maybe give each one around 1/3 of what they had?

That's not how bankruptcy works. First, 200k is 1/4 of the BTC liability. Tongue

But it is a long process, and the court administrator/trustee may opt to liquidate the bitcoin and pay out fiat. Then there could be other creditors that come before traders.

yikes. i hope they don't liquidate. how would they sell 200k without suppressing the price at all? that sounds like a pretty dark scenario. anyone want to shed more light on the Japanese bk process?

CEG5952

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Buy and sell bitcoins,

Quote from: okthen on June 08, 2014, 04:17:12 PM

Anyhow - if they have 200000 btc they HAVE to give them to the customers.
Maybe give each one around 1/3 of what they had?

That's not how bankruptcy works. First, 200k is 1/4 of the BTC liability. Tongue

But it is a long process, and the court administrator/trustee may opt to liquidate the bitcoin and pay out fiat. Then there could be other creditors that come before traders.

okthen

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Anyhow - if they have 200000 btc they HAVE to give them to the customers.
Maybe give each one around 1/3 of what they had?

CEG5952

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Quote from: TwinWinNerD on June 06, 2014, 03:57:23 PM

They likely ran a ponzi scheme with fractional reserve that got busted when the price collapsed.

Yes, but how did the fractional reserve come to exist in the first place? I'd love to get the down and dirty on all the hack attempts on Gox. My money is on some major hacks from years ago. That summer 2011 hack, maybe...

waldox

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dont expect any money from mt gox

TwinWinNerD

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They likely ran a ponzi scheme with fractional reserve that got busted when the price collapsed.

Este Nuno

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amarha

Quote from: Gargulan on June 05, 2014, 01:52:21 PM

Depositors will most likely get back at least 50% of the bitcoin given the large amount of bitcoin Mtgox still hold.

That is an incredibly optimistic estimate I would say. 200k btc wasn't close to 50% and who knows how the bankruptcy is going to pan out.

ampere9765

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Quote from: Gargulan on June 05, 2014, 01:52:21 PM

Depositors will most likely get back at least 50% of the bitcoin given the large amount of bitcoin Mtgox still hold.

They only said they had 200k, right? Weren't they short 800k? That's only 25% right there, and there will be other creditors in line as well. Plus administrative/court expenses...

Gargulan

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Depositors will most likely get back at least 50% of the bitcoin given the large amount of bitcoin Mtgox still hold.

ReserviorHunt

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Quote from: Este Nuno on June 05, 2014, 05:35:04 AM

Quote from: ReserviorHunt on June 05, 2014, 02:23:55 AM

According to willy report and other sources......it is highly likely that mt.gox either 1) suffered a greater setback through hack attempts than they let on, 2) willingly manipulated their own markets and orders with bots to steal customer funds 3) both.

I have been doing extensive research on these matters and reading up on several well investigated articles. Karpales, or whatever the fatass's name, is truly fucked.

When you say that Karpeles is fucked, what do you mean by that? Like do you think he's legally fucked? Like he'll be actually charged with something by law enforcement(Japanese?). Or do you mean he's fucked like he's just fucked up in the head?

Death under suspisciou circumstances, or as they call it in US, 'by accident'. There may have been funds in that exchange that belonged to not so honest people, the nkind of people who many of my countrymen know not to mess with unless they ahve a death wish. Only a conjecture at this point, but possbilities are strong.

CryptoKilla

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Quote from: odolvlobo on June 04, 2014, 10:16:21 PM

Bankruptcies take years to process. This won't be resolved for a long time.

Not only this but even if it does get processed way down the road, I highly doubt anyone will see their coins back. It's better to just count it as a loss and rebuild what you may have lost.

Pierre11

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Quote from: CEG5952 on June 05, 2014, 02:11:14 AM

Quote from: Pobre on May 26, 2014, 12:51:45 AM

They officially claimed that they still have 200K btc left with them, and the gox is now preparing to return them back.

I doubt they will be returned. I think they will be liquidated by the bankruptcy trustee/administrator and after various creditors are paid, customers will get a slice. That's my story and I'm sticking to it.

Everything bitcoins still is going to allow to pay the creditors institutional and the employees thus the holders of bitcoins have little luck to see one day the color.

Este Nuno

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amarha

Quote from: ReserviorHunt on June 05, 2014, 02:23:55 AM

According to willy report and other sources......it is highly likely that mt.gox either 1) suffered a greater setback through hack attempts than they let on, 2) willingly manipulated their own markets and orders with bots to steal customer funds 3) both.

I have been doing extensive research on these matters and reading up on several well investigated articles. Karpales, or whatever the fatass's name, is truly fucked.

When you say that Karpeles is fucked, what do you mean by that? Like do you think he's legally fucked? Like he'll be actually charged with something by law enforcement(Japanese?). Or do you mean he's fucked like he's just fucked up in the head?

ReserviorHunt

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According to willy report and other sources......it is highly likely that mt.gox either 1) suffered a greater setback through hack attempts than they let on, 2) willingly manipulated their own markets and orders with bots to steal customer funds 3) both.

I have been doing extensive research on these matters and reading up on several well investigated articles. Karpales, or whatever the fatass's name, is truly fucked.

CEG5952

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Quote from: Pobre on May 26, 2014, 12:51:45 AM

They officially claimed that they still have 200K btc left with them, and the gox is now preparing to return them back.

I doubt they will be returned. I think they will be liquidated by the bankruptcy trustee/administrator and after various creditors are paid, customers will get a slice. That's my story and I'm sticking to it.

odolvlobo

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Bankruptcies take years to process. This won't be resolved for a long time.

Skycraft

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Simply... One of the guys felt super safe but was clearly Not... i heard some rumors about some polite suggestionato fix the ports and he sayd "I'm OP! None can take us down" and Boooom!!!

Ahahahaha Grin

They sayd they Will fix theirself.. No way, I say

Topic: So whatever happened with Mt. Gox? - page 2. (Read 2500 times)