MtGox withdrawal delays [Gathering]

[DieJohnny]

https://www.coindesk.com/coinlabs-mt-gox-claim-may-hold-up-payouts-for-another-2-years

Ugh.

Look at the bright side, GOX will be the ultimate HODL coins. By the time anyone gets their coins they will be worth a million each!

[JayJuanGee]

https://www.coindesk.com/coinlabs-mt-gox-claim-may-hold-up-payouts-for-another-2-years

Ugh.

Look at the bright side, GOX will be the ultimate HODL coins. By the time anyone gets their coins they will be worth a million each!

Yeah... hahahahaha  exactly.

So long as account holders get paid in bitcoin, even if they only get 1/10 of their original GOX stash in bitcoin, they might be forced to become a whole hell of a lot richer than they would have otherwise had become from those coins because any "normal" person would have sold much sooner. 

Sure, self-sovereignty is a bit of a problem, even though the average trader does not tend to make money with such self-sovereignty when choosing to trade (which presumably much of the GOX coins were on the exchange because of a bit of a trading inclination), and also coin holder mortality could be a problem too, but the value of bitcoin is likely going to be much higher (and even well more than 10x higher) than the $100 to $1,200 BTC price range that was happening around the withdrawal freeze shenanigans that were taking place on GOX largely between mid-to-late 2013 and February 2014.

By the way, I personally got into bitcoin in November 2013, and I suppose that I was a bit spoilt because Coinbase was then available to me for the purchasing of bitcoins, so even though I was attempting to consider a variety of ways that I could possibly get coins and even to put coins on exchanges to have liquidation options, my radar was up about GOX throughout my first three months in Bitcoin, but I remember, too, how GOX was starting to lose market share and influence during that time, but also that the vast majority of active bitcoiners considered GOX going under (the way that it did) to be way too far beyond the pale.  I suppose that sentiment that GOX was not going to go under or that it was coming back was reflected in the secondary market that developed for folks to trade their shares on GOX in the several weeks during the initial closure, which for a decent period of time, prices of those shares in GOX coins still seemed to garner more than 10% of an actual bitcoin..... and also, a decent number of people still were sending dollars to GOX in February 2014 in a hope to buy bitcoins when the Gox coins were selling for around $100 and the remainder of the market was trading BTC for around $600.

[JohanM]

Well this morning I got a new email from MtGox Trustee. It seems that the rehabilitation plan is about te be presented to the Japanse courts.
Does anybody know if the ridiculous lawsuit from Coinlab for 16billion USD against Mtgox Trustee has failed
In any case when you read the PDF it clearly states that first the cash creditors will be paid and then the BTC+BCH will be paid out.
All other cryptocurrencies will be liquidated, that means BSV and BTCgold, they will get some heavy sell pressure ...

[iikun]

Well this morning I got a new email from MtGox Trustee. It seems that the rehabilitation plan is about te be presented to the Japanse courts.
Does anybody know if the ridiculous lawsuit from Coinlab for 16billion USD against Mtgox Trustee has failed
In any case when you read the PDF it clearly states that first the cash creditors will be paid and then the BTC+BCH will be paid out.
All other cryptocurrencies will be liquidated, that means BSV and BTCgold, they will get some heavy sell pressure ...

Still ongoing apparently

https://cointelegraph.com/news/mt-gox-casts-a-dark-shadow-of-cryptos-collapse-a-long-fight-for-justice

Not sure that Coinlab actually believe they would win the suit...just seem to be delaying.

[estenity]

80k BTC of MtGox have been found to be controlled by CSW for a long time ??

https://twitter.com/MagicalTux/status/1271473195921465344

[gentlemand]

80k BTC of MtGox have been found to be controlled by CSW for a long time ??

https://twitter.com/MagicalTux/status/1271473195921465344

No. It's another of Craigy's lies. He just selected an address with a large balance and pretends it's his like all the other ones.

He was a Gox customer himself and moaned about losing in there. He probably had a grand total of 0.001 BTC. And it's ever so slightly doubtful that the actual Satoshi would be using a piece of shit exchange like that, or any exchange.

[estenity]

80k BTC of MtGox have been found to be controlled by CSW for a long time ??

https://twitter.com/MagicalTux/status/1271473195921465344

No. It's another of Craigy's lies. He just selected an address with a large balance and pretends it's his like all the other ones.

He was a Gox customer himself and moaned about losing in there. He probably had a grand total of 0.001 BTC. And it's ever so slightly doubtful that the actual Satoshi would be using a piece of shit exchange like that, or any exchange.

diabolic manoevers.

[Bitcoins101]

80k BTC of MtGox have been found to be controlled by CSW for a long time ??

https://twitter.com/MagicalTux/status/1271473195921465344

No. It's another of Craigy's lies. He just selected an address with a large balance and pretends it's his like all the other ones.

He was a Gox customer himself and moaned about losing in there. He probably had a grand total of 0.001 BTC. And it's ever so slightly doubtful that the actual Satoshi would be using a piece of shit exchange like that, or any exchange.

What makes you think Satoshi would never use an exchange? Satoshi is often treated as this godlike character, which is reasonable considering what has happened, but we don't know why Satoshi disappeared, hasn't sold any coins that we know of, etc.

[STT]

Yen generally rises in market sell offs, some even consider it a safe haven of sorts.   Obviously be super careful as its incredibly ironic to be delivered from BTC into the mouth of the beast amidst the origins of QE hoping todays not the day it blows up.   The Japanese government is broke so far as I know or at least form your own opinion dont hold FIAT without deciding.

What makes you think Satoshi would never use an exchange?

Logical conjecture, if they had the brains to anticipate the QE of 2008 would end badly or endlessly as it has and all the other liabilities and failures that crypto helps avoid but then doesn't anticipate the horrible failure of an exchange a centralised entity opposite to the strengths of the protocol.  Its a bit of a joke

[Breeze]

So whats this voting on the Draft Rehabilitation Plan mean? Do i have to read 205 pages and try to understand something?
Anybody who can explain it to me in general?

[Trupik]

So whats this voting on the Draft Rehabilitation Plan mean? Do i have to read 205 pages and try to understand something?
Anybody who can explain it to me in general?

See the thread I made: https://bitcointalk.org/index.php?topic=5341234.0
I decided to read the damn thing and I will post my amateur opinion there once I'm done reading.

[HI-TEC99]

Does this mean they will start paying people some bitcoins back soon, or could the coinlab claim still put everything on hold?

https://coinmarketcap.com/alexandria/article/mt-gox-rehabilitation-plan-approved

A rehabilitation plan that would reunite Mt. Gox victims with billions of dollars has been overwhelmingly approved.

A whopping 99% of affected creditors cast a vote on the proposals, with 83% saying they were in favor of the plans that had been put forward by the trustee.

The outcome of the ballot is expected to be finalized in a month’s time — and from here, repayments will begin to be made.

Have the creditors approved coinlab's plan?

https://www.bloomberg.com/news/articles/2021-01-15/coinlab-reaches-deal-with-mt-gox-trustee-over-bitcoin-claims

Creditors seeking to regain Bitcoin lost on the Japanese exchange Mt. Gox in 2014 have a chance to get their digital assets back before legal claims are settled.

CoinLab Inc. said an agreement with Nobuaki Kobayashi, the trustee to the Mt. Gox bankruptcy, and MGIFLP, a unit of Fortress Investment Group LLC, will allow creditors to consider an offer of as much as 90% of the remaining Bitcoin tied up in the bankruptcy.

The plan must be approved by creditors and investors aren’t obligated to take the early payment and can wait for the lawsuits to settle

[JayJuanGee]

Does this mean they will start paying people some bitcoins back soon, or could the coinlab claim still put everything on hold?

https://coinmarketcap.com/alexandria/article/mt-gox-rehabilitation-plan-approved

A rehabilitation plan that would reunite Mt. Gox victims with billions of dollars has been overwhelmingly approved.

A whopping 99% of affected creditors cast a vote on the proposals, with 83% saying they were in favor of the plans that had been put forward by the trustee.

The outcome of the ballot is expected to be finalized in a month’s time — and from here, repayments will begin to be made.

Have the creditors approved coinlab's plan?

https://www.bloomberg.com/news/articles/2021-01-15/coinlab-reaches-deal-with-mt-gox-trustee-over-bitcoin-claims

Creditors seeking to regain Bitcoin lost on the Japanese exchange Mt. Gox in 2014 have a chance to get their digital assets back before legal claims are settled.

CoinLab Inc. said an agreement with Nobuaki Kobayashi, the trustee to the Mt. Gox bankruptcy, and MGIFLP, a unit of Fortress Investment Group LLC, will allow creditors to consider an offer of as much as 90% of the remaining Bitcoin tied up in the bankruptcy.

The plan must be approved by creditors and investors aren’t obligated to take the early payment and can wait for the lawsuits to settle

Correct me if I am wrong, but my quickie perusal of those two linked articles causes me to conclude that they would get something like 23% of their BTC holdings?

I used this statement from the Bloomberg article:

>>>>>"For each Bitcoin that was locked up in the bankruptcy that has a claim on it, the estate has only 0.23 coin to give out, according to a CoinLab spokesman."<<<<<<<

So, if they had 10 BTC, they would end up getting 2.3 BTC for the settlement?  

If the payout ends up something like that, the amount would not be bad (absent all of the opportunity costs of a nearly 8 year forced HODL).  

I know that GOX had crashed down to $100 around that time, but we could go with a ballpark estimate of fair market value for around that time as around $500 per BTC (as mentioned in the article).  So 10 BTC would have been worth around $5,000.  A settlement of 2.3 BTC right now would be dollar valued at around $145k.  So around a 29x appreciation in dollar value?  Even regular normie HOLDers/traders will screw up their value more than that over the years by selling too much BTC too soon.. so a forced HODL might have been good for their value retained... again absent some possible opportunity costs.. and of course, some people are not able to enjoy price appreciation nearly 8 years later (health, death, etc).  

Any correction to my ballpark estimate from the articles would be welcomed, for sure.

[HI-TEC99]

So, if they had 10 BTC, they would end up getting 2.3 BTC for the settlement? 

Maybe, but coinlab complicates things, and the last time I checked there was a huge claim from the bitcoinica exchange that was storing coins on gox for "security". I'm not sure if that complicates things even more.

...
Security

We don't operate a Bitcoin wallet. All our funds are stored in Mt. Gox
...

[HI-TEC99]

There was an announcement from the MtGox trustee today.

Here's a link to the official PDF:

https://www.mtgox.com/img/pdf/20211116_announcement_en.pdf

First couple of paragraphs containing relevant information :

Notice of Confirmation Order of Rehabilitation Plan becoming Final and Binding

 As we announced in the “Notice of Confirmation Order of Rehabilitation Plan” on October 20, 2021, the Draft Rehabilitation Plan (the “Draft Rehabilitation Plan”) filed by the Rehabilitation Trustee with the Tokyo District Court on February 15, 2021 was (i) approved by a large majority of rehabilitation creditors (hereinafter, the Draft Rehabilitation Plan approved by the rehabilitation creditors is referred to as the “Rehabilitation Plan”) on October 20, 2021, and (ii) on the same date, the Tokyo District Court made a confirmation order of the Rehabilitation Plan. Further, on November 16, 2021, the Rehabilitation Plan became final and binding.

The Rehabilitation Trustee would like to express sincere gratitude to all involved parties for their understanding and support, which led to the Rehabilitation Plan becoming final and binding.

This has been a FUD event, people have been speculating that the MtGox coins are all going to be distributed on Nov 20th, what happened today was expected to happen on Nov 20th.

It's a simple legal procedure, now the long process of the trustee collecting bank account details, choosing which exchanges are doing to be used for distribution will begin at some point. For all we know they haven't even developed the website software to allow this to be processed, now they have the go ahead from the court to do so.

As a creditor I expect nothing until what will likely be June/July 2022 and that's me being optimistic.

[PerGeorg]

Any news concerning the arrival of our Bitcoin or other founds from MtGox.
My car needs some service.....

[cesmak]

Any news concerning the arrival of our Bitcoin or other founds from MtGox.
My car needs some service.....

All silent on the official channel the mtgox.com site.....

 

[JayJuanGee]

I wonder why none of my watched MTGOX threads are active in regards to a recent (yesterday) MTGOX announcement that describes the potential that refunds might start coming out in late August/Early September?

I just posted my own response in the WO thread on the topic.   

[PerGeorg]

There  has been lot of information in japanese translated into english from our japanese trustee.
In my opinion extremly difficult to understand in many aspects.
Now I have a very simple question:
I had  17 Bitcoin i Mtgox. How much will I get Back?
Please, just a simple answer….

[vapourminer]

^

iirc i think its about 20% of what you had. minus some overhead which is basically unknown at this point.

so for 17 btc,  a bit less than ~3.4 btc

someone correct me if im wrong.