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MtGox: Announcement of Commencement of Civil Rehabilitation Proceedings [pdf]
- deleted 8y ago[deleted]
- jerf 8y agoWhat's the current value of BitCoin against USD relative to the price Mt Gox went under? (I do not know where to go to conveniently answer that question and I'm sure there are many who will read this who will.)
- throwawaylolx 8y ago$6,000 today, $450 back then
- pkkp 8y agoBTC was priced at ~$825 on 2/1/2014 when Mt Gox disabled transactions, and is around $6,150 now. Provided they're able to pay out ~13% of each claim, claimants will at least be able to "break even" on the freeze (ignoring, of course, BTC's astronomical gains in the last 4 years).
- Proven 8y agoNo it wasn't - it was around $425 as the other comment says
- pontifier 8y agoYou forget that on Mt Gox, the price dropped to something like $125 before they shut off trading... I know because I bought some at that price just before they went dark
- MertsA 8y agoSame here. Everyone was fleeing from BTC like rats from a ship. Luckily I managed to sell everything I had when it was close to $1000 and buy all the BTC I could when the price dropped to two hundred something.
- flyingfences 8y agoOne Bitcoin is currently worth about $6000. The spike that killed MtGox topped out around $1200 before falling back down below $400 a month later and then as low as $150 over the following year. On the day that they officially filed for bankruptcy in Japan, it was somewhere around $600.
- isostatic 8y agoxe.com tracks bitcoin vs other currencies, https://xe.com/currencycharts/?from=XBT&to=USD&view=5Y https://xe.com/currencycharts/?from=XBT&to=USD&view=5Y
- Tepix 8y agoInteresting claim: Q15) How was the Bitcoin and Bitcoin Cash sold? A15) As in sales from December 2017 to February 2018, upon consultation with cryptocurrency transaction experts, Bitcoin and Bitcoin Cash were sold in a manner that had no effect on market price and not by ordinary sale on an exchange Wasn't there a paper that showed a strong correlation between a the time of the bitcoin transfers from MtGox and subsequent strong decreases in BTC prices?
- koolba 8y agoEven if it wasn't sold directly on an exchange the recipient of the bitcoin could have transferred and dumped the coins on an exchange. They could also have sold an existing position to net their new exposure to zero.
- artursapek 8y agoAlso, people were watching those addresses. So when it was sold off-exchange, people still could see it and react.
- judofyr 8y agoIf the market assumes "coins are moving" to be equivalent with "coins are being sold", then the market is stupid. The coins could have been moved around for other reasons than to sell them. The coins could also have been sold at certain price at a certain time, but with a contract that says it won't be moved until a time in the future. The market did not react to coins being sold. It reacted to coins being moved and it made certain assumptions. As far as I can see, the trustee has done everything correct regarding the sale (not flooding the market). It's just the market that is so volatile that it reacts to every tiny thing that happens.
- rellui 8y agoI don't remember if the post mentioned the specific receiving addresses but it's actually possible to look at where the coins were sent to to figure out if they belong to an exchange.
- chadbennett 8y ago(Question from the FAQ) Although I have not filed a proof of claim by the filing deadline for the bankruptcy proceedings, can I file a proof of claim in the civil rehabilitation proceedings? (Answer) Those who have not filed proof of claims in the bankruptcy proceedings or who have filed proof of claims after the filing period had passed (i.e., the date of the investigation of claims, May 25, 2016), may file proof of claims in the civil rehabilitation proceedings. We plan to post further details on this website.
- deltateam 8y agoyay cheap bitcoin this is the largest and last Sword of Damocles hanging over bitcoin for now
- virtuexru 8y agoGreat news for people who were affected by the whole Mt. Gox incident. It took a very long time but it's nice to see that there will be people getting their Bitcoins back. I'd assumed most people had given up hope or were at best thinking they would get the original fiat value. Bravo to the trustee and those involved.
- garmaine 8y agoThe trustee deserves no thanks. He has actively fought against this for years while drawing down a hefty fee for his office. This action was forced by the court.
- h1d 8y agoIf you hadn't realized, it was the trustee who held the BTC all these years despite the bankruptcy law saying all assets need to be liquidated for distribution which could've happened years ago at 10th of the price but no one seem to appreciate that part but complain on every move he makes. Besides he has a lot of liabilities to cover going the unprecedented route that is cryptocurrency civil rehabilitation case, can't just blame him for not giving us BTC back sooner.
- garmaine 8y agoI would have been fine with liquidation and distribution years ago. That would have been financially better than the plan prior to civil rehabilitation.
- danepowell 8y agoIf I'm pretty sure I had money in Mt Gox but I'm not sure how much, how could I ever file a "proof of claim"? It's not like Mt Gox was sending depositors balance statements every month or something.
- iblaine 8y agoI had money in mtgox. I tried checking for proof of claim a few months ago and their website was broken.
- donovanh 8y agoSame here. I have no way to find out how much I lost, so I can't claim :(
- massaman_yams 8y agoThe MtGox database was hacked and leaked in 2014, including balance info. It's available here: https://archive.org/details/MtGox2014Leak https://archive.org/details/MtGox2014Leak DO NOT USE THE EXECUTABLE IN /backoffice/Bin/TibanneBackOffice.zip - IT IS MALWARE Unzip /backoffice/Exports/mtgox_balances.zip. Your user ID is a UUID, and can be obtained from your Mt.Gox account creation email, from the account confirmation link (example, sanitized) ht_ps://mtgox.com/signup/validate?ID=1111aaaa-bbbb-cccc-dddd-eeeeeeffffff&Code=1234567890123456 Search or grep for this UUID in the unzipped mtgox_balances file and you should have values for BTC and your primary currency. Divide these values by 100000000 to get actual amounts. The 'stamp' column appears to be a timestamp of last update of these values, and the last date in this leak with significant activity is 2014-02-25.
- nodesocket 8y agoIt's a little absurd a leak itself is infected with malware and malicious intent. The current state of Bitcoin and cryto is litterally filled with pirates and thives. I've personally been burnt for a decent amount and I am very tech savvy. Can you imagine your parents trying to navigate the cryto environment?
- shalomhomes 8y ago"This is good news."
- swalsh 8y agoI left a small fraction of a bitcoin in my mtgox account years ago, because I couldn't be bothered to look up the exact decimal value when I transferred it out. I bought at I believe $8. At the time, it was worth a few cents. Today I think it's worth something like $3k.
- sgwae 8y agoThere is no obligation to return the current market value. To make you whole, you would get 8 back.
- genericone 8y agoHe used $8 to receive in exchange a certain amount of bitcoin. What he lost when Mtgox filed for bankruptcy was bitcoin, not USD. To make whole, shouldn't you receive what was lost?
- deleted 8y ago[deleted]
- felix_nagaand 8y agoIs there precedent to be repaid losses in line kind?
- bjl 8y agoThat's not how bankruptcy works. He effectively made an unsecured, interest-free loan to Mt Gox for $8. The only thing he's entitled to in the event of default is that $8, what the company used his loan for is irrelevant.
- hartator 8y agoI think OP meant he left $8 worth at the time of BTC in his account, not $8 USD.
- 8y ago
- Siecje 8y agoI thought the FBI seized the BTC and auctioned it all off?
- garmaine 8y agoYou are thinking of Silk Road.
- wmf 8y agoThe DHS seized a lot of USD from MtGox but not their BTC.
- tinco 8y agoThey seized a bunch of money, but the bankruptcy trustee settled with them to receive about half back. It's about the only thing of value the trustee has done for the MtGox creditors in the past 4 years.
- Obi_Juan_Kenobi 8y agoThe Japanese government is responsible for this Japanese company. The FBI has little involvement. You're likely thinking of the Silk Road.
- agorabinary 8y agoJust read it through and it seems that: a) any owed assets will be paid in Bitcoin, unlike the bankruptcy proceedings which gave you fiat at (I believe) the rate when mtgox went under b) a form will be posted to mtgox.com to fill out and send to them before October 22, 2018 Has anyone who filed in the bankruptcy proceedings got any money back? If so did you get it all back?
- HarveySpecter01 8y agoHad 2 BTC in there. My claim was approved and everything, but I haven't heard of anybody getting anything back yet.
- agorabinary 8y agoOk interesting. Maybe their plan is that once all the claims are in, if total valid claims amount < recovered coins, everyone (who filed) gets full amount back. Hopefully anyway
- stevehawk 8y agoHad cash in there. Haven't received anything.
- Findeton 8y agoI have no idea how much I had there when this happened, is there any way I can know?
- ta1234567890 8y agoAt least until a few months ago (haven't checked lately), on mtgox.com you could log in with your original credentials and check your balance to make a claim. Not sure how that's going to be handled now.
- Findeton 8y agoI don't see anywhere to login really.
- massaman_yams 8y agoinstructions: https://news.ycombinator.com/item?id=17377474 https://news.ycombinator.com/item?id=17377474
- viraptor 8y agoThere was also a document with everybody's makes and positions in fiat and btc. I'm not sure where to find it, but someone has to have a copy of that pdf.
- ta1234567890 8y agoHere: https://claims.mtgox.com https://claims.mtgox.com Also, more info here: https://www.reddit.com/r/mtgoxinsolvency/comments/8t0lbq/latest_update_22_june_2018_civil_rehabilitation/ https://www.reddit.com/r/mtgoxinsolvency/comments/8t0lbq/lat...
- ianferrel 8y agoI am a ~1BTC debtor of MtGox, and while I understand that this is a positive development for those with substantial assets, I kind of just want to get something and move on. The fact that I now have to dig through my paperwork and refile another claim, and maybe wait another year or five is annoying.
- tinco 8y agoYour claim was worth around $483 plus some interest. With this CR your claim will be worth that plus over 15% of what a BTC is worth in those N years. Your claim will likely be doubled, surely that's worth under an hour of your time scanning your passport again?
- ianferrel 8y agoIf I were actually sure to get that money, of course. I'm not as confident as you are. Let's put it this way. If I were to offer you my full stake of whatever I am due from MtGox in the next 5 years, would you pay me $450 right now? (Assume I can prove to you that my original claim of not quite a bitcoin was valid)
- tinco 8y agoYes. That's quite a good deal, the trustee has already secured cash backing for the cash value of your claim.
- ianferrel 8y agoCool. I'm in. What sort of proof do you want me to provide?
- tinco 8y agoShit, now I actually have to come up with the money ;) In July the trustee is going to announce how the claims are supposed to be made. I'll send you another message when that's clear so we can set something up. If I forget or try to chicken out you can contact me on mail at tinco dot nl.
- latchkey 8y agoThe creditors group: https://www.mtgoxlegal.com/ https://www.mtgoxlegal.com/
- oron 8y agoso I got this line ... what does it mean ? (I vaguely remember having about 2 BTC there ... ) 1384381780866513,"2013-11-13 22:29:40",716300,94b5ad4c-2a91-4e16-bb00-7c95a13a522b,456130f6a84dff2ee89fcb3d9a21c64a,NJP,sell,USD,1.99,875.6199,99.665,87268.639,5.25372,99.665,523.612,0,0,IL,02
- ruxmtl 8y agoI followed the instructions leading to https://archive.org/details/MtGox2014Leak https://archive.org/details/MtGox2014Leak but the mtgox_balances file when unzipped is an exe file.... where is the real file?