Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[jojo69]

any reports from the Gox call center yet?

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[1715022496]

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[ChartBuddy]

Explanation

[jl2012]

So they lost 2.8B JPY = 26M USD, PLUS 750000BTC. That's totally fucked up and completely hopeless

ANNOUNCEMENT REGARDING AN APPLICATION FOR COMMENCEMENT OF A PROCEDURE OF CIVIL REHABILITATION

MtGox Co., Ltd. made today an application for commencement of a procedure of civil rehabilitation (minji saisei) at the Tokyo District Court. This application was accepted on the same day. Further, MtGox Co., Ltd is under several orders issued by the Court : a preservative order prohibiting it from paying its debts, transferring its assets or establishing security over its assets, an order establishing a comprehensive prohibition of forced attachment of its assets by its creditors and a supervisory order ordering supervision by a supervisory committee. In consequence, MtGox hereby informs you as follows.
We first express our most sincere regrets and apologies for this situation and for causing so much inconvenience to all our users and other interested parties. We will fully respect the above orders and maintain our assets with all the necessary care.

    Financial situation, reasons and timeline leading to this application

        (1) As of now, the liabilities of MtGox Co., Ltd exceed its assets and its financial situation is as follows:
        Total amount of assets   3,841,866,163
        Total amount of current liabilities   6,501,119,371

        (2) The increase of current liabilities may be linked to a loss of bitcoins and customer funds. These are now investigated by an expert and all efforts are made to discover the truth. This application was prompted by the following troubles:

        At the start of February 2014, illegal access through the abuse of a bug in the bitcoin system resulted in an increase in incomplete bitcoin transfer transactions and we discovered that there was a possibility that bitcoins had been illicitly moved through the abuse of this bug.
        As a result of our internal investigation, we found that a large amount of bitcoins had disappeared. Although the complete extent is not yet known, we found that approximately 750,000 bitcoins deposited by users and approximately 100,000 bitcoins belonging to us had disappeared.
        We believe that there is a high probability that these bitcoins were stolen as a result of an abuse of this bug and we have asked an expert to look at the possibility of a criminal complaint and undertake proper procedures.
        On the same day (24th), we found out large discrepancies between the amount of cash held in financial institutions and the amount deposited from our users. The amounts are still under investigation and may vary but they approximate JPY 2.8 billion.
        We are investigating the causes of these problems. Since there are probably a variety of causes including hacking by third parties, we need to investigate a huge amount of transaction reports in order to establish the truth. As of this date, we cannot confirm the exact amount of missing deposit funds and the total amount of bitcoins which disappeared.
        Once we discovered that bitcoins had disappeared and the discrepancies between cash funds and deposit balances, we judged that it would be difficult to continue our activities normally and we therefore closed our site at noon on the 25th (Japan time).

        (3) Regarding the filing of a complaint or damages report, an expert has been mandated and investigations have started. We will make all efforts to ensure that crimes are punished and damages recovered.
        Further we will fully cooperate with inquiries from authorities and investigations related to this matter, in Japan or overseas.

        In order to increase repayments to our creditors, it is necessary to explore the possibility of having MtGox Co., Ltd. continue its business. This is why the civil rehabilitation procedure has been chosen, Rebuilding MtGox Co., Ltd under the supervision of the court in a legally organized procedure while giving proper explanations will not be for the sole benefit of the company but for that of the whole bitcoin community.
        All efforts will now be made to restore the business and recover damages to repay debts to creditors. We hope for the understanding and cooperation of all.
    Outline of the application
        (1) Application date February 28, 2014
        (2) Jurisdiction Tokyo District Court
        (3) Counsel of applicant

        Baker & McKenzie (Gaikokuho Joint Enterprise)
        Attorney-at-law Junko Suetomi
        Attorney-at-law Yamamoto Hideyuki
        Yodoyabashi & Yamagami Legal Professional Corporation
        Attorney-at-law Akio Shinomiya
        Attorney-at-law Kazumasa Kawai
        (4) Supervisor Nagashima Ohno & Tsunematsu
        Attorney-at-law Nobuaki Kobayashi
        (5) Investigator idem
        (6) Case no. 2014 (sai) 12Civil rehabilitation commencement application

    Contact information

    A call center has been established to respond to all inquiries. The call center is planned to start on March 3, 2014. All inquiries to MtGox Co., Ltd. should be made to the following telephone number:
    Telephone number   +81 3-4588-3921
    Working hours   Monday to Friday 10am to 5pm (Japan time)

    Please refrain from contacting the office of the supervisor/investigator.

[N12]

Lose >99% BTC
Lose >40% fiat
Lose database along with customer identity data

Well, Emptygox couldn't possibly have done a much worse job than this.

[wetroof]

bitcoinbuilder rallied to 0.107 hahaha. that can't last long.

[RicePicker]

I wonder how much of the remaining fiat will go to lawyer fees and other random BS like starbucks for Mark?

[virtualfaqs]

bitcoinbuilder rallied to 0.107 hahaha. that can't last long.

I don't even understand why it rallied to 0.107. Was it because it was civil rehabilitation rather then bankruptcy? :p

[N12]

bitcoinbuilder rallied to 0.107 hahaha. that can't last long.

If bitcoinbuilder went to 0.9, how many people would be able to sell at this price? Bitcoinbuilder is now a fake market because noone can possibly sell at their price EXCEPT those who have already transfered their goxBTC over to bitcoinbuilder before the close.

You can tell just by looking at the extremely low volumes. Plus, I believe the bitcoinbuilder admin is taking a 4% fee on each trade, and the 2% realBTC side he converts into goxBTC he claims, so effectively he is subsidizing it.

[F-bernanke]

I wonder how much of the remaining fiat will go to lawyer fees and other random BS like starbucks for Mark?

Bet those parasites will suck the remaining assets dry, They charge insane fees, don't count on getting anything back.

[virtualfaqs]

bitcoinbuilder rallied to 0.107 hahaha. that can't last long.

If bitcoinbuilder went to 0.9, how many people would be able to sell at this price? Bitcoinbuilder is now a fake market because noone can possibly sell at their price EXCEPT those who have already transfered their goxBTC over to bitcoinbuilder before the close.

You can tell just by looking at the extremely low volumes. Plus, I believe the bitcoinbuilder admin is taking a 4% fee on each trade, and the 2% realBTC side he converts into goxBTC he claims, so effectively he is subsidizing it.

0.114 now. I don't think anyone buying right now is thinking of selling now. They intend to in the future. Basically price has gone from $20 to $55. That's the best "altcoin" in the last week!

Edit: 0.12 now!

[wetroof]

I just sold the 10 GOXbtc I had for profit, I did not expect to be able to do that.

[gizmoh]

3300 btc BID wall at 567, Whales are hungry  

[Solarstorm75]

3300 btc BID wall at 568, Whales are hungry 

This whale hasn't bought not a single Bitcoin until now. It's only price manipulation. Maybe he has put some ask's in the range from $580 to $600 for the sheeples to buy.

[yrtrnc]

Where'd the wall go?

[yrtrnc]

Someone's having a laugh!

[Hlavax]

Lose >99% BTC
Lose >40% fiat
Lose database along with customer identity data

Well, Emptygox couldn't possibly have done a much worse job than this.

How could they lose fiat? I understand they lost BTC due to transaction error, but fiat?
Did they have database unencrypted?

[gizmoh]

3300 btc BID wall at 568, Whales are hungry  

This whale hasn't bought not a single Bitcoin until now. It's only price manipulation. Maybe he has put some ask's in the range from $580 to $600 for the sheeples to buy.

2k wall got eaten few hours ago, now new 3.3k wall at 567.21
Its not manipulation, as the walls have not been removed!
Poor bears in denial..

EDIT: wall moved up to 575 . he wants to eat coins

[Solarstorm75]

Just sell againt this wall and see it removed asap.

[johnny211]

Just sell againt this wall and see it removed asap.

Doesnt seem like anyone is willing

[yrtrnc]

Just sell againt this wall and see it removed asap.

Doesnt seem like anyone is willing

It seems we are going; to da MOOON!