MtGox withdrawal delays [Gathering]

[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

[1714319673]

1714319673

[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.

[definevalue]

^

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.

Wait and where do you collect this because my account at mtgox have a few thousand BTC in it when they shut down .

[vapourminer]

Wait and where do you collect this because my account at mtgox have a few thousand BTC in it when they shut down .

the time period where you registered your claim is long past, so if you havent done anything as of this point youre likely too late. unless im reading this wrong:

from
https://claims.mtgox.com/faq

I would like to file my proof of rehabilitation claim.

          Please note that, the Tokyo District Court had already issued an order to refer the draft rehabilitation plan to a resolution (the “Referral Order”) on February 22, 2021 in this Civil Rehabilitation Proceedings, and in accordance with Article 95, paragraph (4) of the Civil Rehabilitation Act , new proofs of rehabilitation claims cannot be filed after the Referral Order is made.
For more details, please consult your own expert.

[vayvanne]

those who choose to get pay outs in crypto - are coins distributed only by approved exchanges or directly to user wallets as well?
this is in light of sanctions agains russian citizens cryptoexchanges raised - bitstamp blocked my account.

[Beparanf]

those who choose to get pay outs in crypto - are coins distributed only by approved exchanges or directly to user wallets as well?
this is in light of sanctions agains russian citizens cryptoexchanges raised - bitstamp blocked my account.

You can choose a wallet address from a non custodial wallet to received your crypto and not only from the exchange wallet. I think you should read the whole information on the official Mt.Gox statement rehabilitation program to issue refund. They didn’t mention any specific wallet address to received the funds and that means you can use any compatible wallet to receive the crypto that you choose. The most important is the details that you will provide during your registration on there claim page.

You can read all the info and procedures on there official documents attached below.

Information on Launch of Function for Selection of Repayment Method and Registration of Payee Information: https://www.mtgox.com/img/pdf/20221006_announcement_en.pdf

[cesmak]

Sorry but is not so, i'm a creditor, and made all the procedures on line to choose how you want to be paid, and the method to be paid, and sorry but you can receive BTC/BCH only on selected excanges, no way to input a private btc address on mt.gox site, and also if you wish to receive all crypto, you will not receive all crypto but one part of the reimbursment will be in fiat, so you have to add also a remittance for fiat or throug some money transfer or giving a SWIFT code of your bank account.

those who choose to get pay outs in crypto - are coins distributed only by approved exchanges or directly to user wallets as well?
this is in light of sanctions agains russian citizens cryptoexchanges raised - bitstamp blocked my account.

You can choose a wallet address from a non custodial wallet to received your crypto and not only from the exchange wallet. I think you should read the whole information on the official Mt.Gox statement rehabilitation program to issue refund. They didn’t mention any specific wallet address to received the funds and that means you can use any compatible wallet to receive the crypto that you choose. The most important is the details that you will provide during your registration on there claim page.

You can read all the info and procedures on there official documents attached below.

Information on Launch of Function for Selection of Repayment Method and Registration of Payee Information: https://www.mtgox.com/img/pdf/20221006_announcement_en.pdf

[JayJuanGee]

Sorry but is not so, i'm a creditor, and made all the procedures on line to choose how you want to be paid, and the method to be paid, and sorry but you can receive BTC/BCH only on selected excanges, no way to input a private btc address on mt.gox site, and also if you wish to receive all crypto, you will not receive all crypto but one part of the reimbursment will be in fiat, so you have to add also a remittance for fiat or throug some money transfer or giving a SWIFT code of your bank account.

those who choose to get pay outs in crypto - are coins distributed only by approved exchanges or directly to user wallets as well?
this is in light of sanctions agains russian citizens cryptoexchanges raised - bitstamp blocked my account.

You can choose a wallet address from a non custodial wallet to received your crypto and not only from the exchange wallet. I think you should read the whole information on the official Mt.Gox statement rehabilitation program to issue refund. They didn’t mention any specific wallet address to received the funds and that means you can use any compatible wallet to receive the crypto that you choose. The most important is the details that you will provide during your registration on there claim page.

You can read all the info and procedures on there official documents attached below.

Information on Launch of Function for Selection of Repayment Method and Registration of Payee Information: https://www.mtgox.com/img/pdf/20221006_announcement_en.pdf

I don't have any MTGOX claims, but what you are saying cesmak seems unusual regarding not having any way to claim payment in BTC or BCH outside of an exchange.  

Maybe someone needs to clarify this point?    

And, sure maybe deadlines could pass, if you do not provide the right kind of payment address in regards to the "Selection and Registration" by January 10, 2023 (Japan time) as it states in the attached PDF.


The attached PDF states:

" To ensure safe and secure Repayment, rehabilitation creditors must log in to the System to carry out Selection and Registration themselves.............

.......Repayment for a Portion of Cryptocurrency Rehabilitation Claims in Cryptocurrency"

[cesmak]

Sorry but is not so, i'm a creditor, and made all the procedures on line to choose how you want to be paid, and the method to be paid, and sorry but you can receive BTC/BCH only on selected excanges, no way to input a private btc address on mt.gox site, and also if you wish to receive all crypto, you will not receive all crypto but one part of the reimbursment will be in fiat, so you have to add also a remittance for fiat or throug some money transfer or giving a SWIFT code of your bank account.

those who choose to get pay outs in crypto - are coins distributed only by approved exchanges or directly to user wallets as well?
this is in light of sanctions agains russian citizens cryptoexchanges raised - bitstamp blocked my account.

You can choose a wallet address from a non custodial wallet to received your crypto and not only from the exchange wallet. I think you should read the whole information on the official Mt.Gox statement rehabilitation program to issue refund. They didn’t mention any specific wallet address to received the funds and that means you can use any compatible wallet to receive the crypto that you choose. The most important is the details that you will provide during your registration on there claim page.

You can read all the info and procedures on there official documents attached below.

Information on Launch of Function for Selection of Repayment Method and Registration of Payee Information: https://www.mtgox.com/img/pdf/20221006_announcement_en.pdf

I don't have any MTGOX claims, but what you are saying cesmak seems unusual regarding not having any way to claim payment in BTC or BCH outside of an exchange.  

Maybe someone needs to clarify this point?    

And, sure maybe deadlines could pass, if you do not provide the right kind of payment address in regards to the "Selection and Registration" by January 10, 2023 (Japan time) as it states in the attached PDF.


The attached PDF states:

" To ensure safe and secure Repayment, rehabilitation creditors must log in to the System to carry out Selection and Registration themselves.............

.......Repayment for a Portion of Cryptocurrency Rehabilitation Claims in Cryptocurrency"

I've done all the setup for my account more than one month ago, and at that time only exchanges for BTC/BCH no direct send to private address. I can go back to the private area and see if something changed, but i don't think so. If i have time i will see during the day (EU time). Also if i remember well there was a document that cleary stated that but i have to find it too...

cheers

[cesmak]

If i remember the attorney decided for this way, because of the high number of creditors, and that will be impossible to send one by one the money, so he will send batch of money to the autorized exchanges and the final distribution person by person will be made by them diluiting the operations on more subjects.

Remains in charge to the attorney the reiumbursment in fiat, that is still a huge big work.