MtGox withdrawal delays [Gathering]

[macsga]

is there any hope for refund BTCs ?

Sure, if you filed the claim you will most likely get some %.

I think the BTC's will be auctioned and he will get japan currency instead, and will only be able to withdraw in Japanese banks or maybe in cash.

Not good if your balance is not high

This will be the worst case scenario, since if they decide to auction the BTCs *some* of them will end up on the free market (even if their auction is OTC). The amount of BTCs in free circulation will rise (we're talking 1000s here) and will probably drop the price to sub $200 or even further. This is only a hypothesis, since if there's ONE buyer (or ETF) we may have a different outcome.

We will know sooner or later.

[JorgeStolfi]

I think the BTC's will be auctioned and he will get japan currency instead, and will only be able to withdraw in Japanese banks or maybe in cash.

This will be the worst case scenario, since if they decide to auction the BTCs *some* of them will end up on the free market (even if their auction is OTC). The amount of BTCs in free circulation will rise (we're talking 1000s here) and will probably drop the price to sub $200 or even further. This is only a hypothesis, since if there's ONE buyer (or ETF) we may have a different outcome.

But if they instead distribute the BTC through Kraken, some of the victims may choose to sell anyway, expecting a fall in the price -- and thus causing it. (I don't see how the price could rise, in either case, as a result.)

[macsga]

But if they instead distribute the BTC through Kraken, some of the victims may choose to sell anyway, expecting a fall in the price -- and thus causing it. (I don't see how the price could rise, in either case, as a result.)

If an ETF acquires the funds, the BTCs will practically remain "offline" while dividends or "shares" will be distributed instead. Thus no extra liquidity on the market. In this case we may have a rise in BTC's price, otherwise (if everybody choose to sell) the price will go down.

[Amitabh S]

I think someone should start a "The Mark got arrested thread". I am not that motivated to do it myself but will definitely follow it.
Is there one already?

[macsga]

I think someone should start a "The Mark got arrested thread". I am not that motivated to do it myself but will definitely follow it.
Is there one already?

I don't think there's any more news regarding his arrest. Do you have anything on this apart from what's already posted here? IMHO, splitting a thread won't serve anything when there's no significant information to present.

Just my 20c.

[freedombit]

I think someone should start a "The Mark got arrested thread". I am not that motivated to do it myself but will definitely follow it.
Is there one already?

I don't think there's any more news regarding his arrest. Do you have anything on this apart from what's already posted here? IMHO, splitting a thread won't serve anything when there's no significant information to present.

Just my 20c.

Has an arrest even been confirmed? Anyone see docs from Japanese police?

[macsga]

Has an arrest even been confirmed? Anyone see docs from Japanese police?

I don't think this is a fake arrest. It was all over the news everywhere. In any case he's a person of interest for quite too many people around the world and I don't think he'll get out of this without a trial. The question up until now was the opposite: "Why he was not in jail all this time"...

[btcinsight]

There haven't been much comments about this news:
http://www.bbc.com/news/technology-33816664

Does this really mean we get nothing back? Or just that we can't sue them directly but we still get a fraction of bitcoins back?

[pinky]

There haven't been much comments about this news:
http://www.bbc.com/news/technology-33816664

Does this really mean we get nothing back? Or just that we can't sue them directly but we still get a fraction of bitcoins back?

By my understanding he tried to bypass bankruptcy and get a full refund. Judge said "Haha, you idiot" - more politely: "You gave your bitcoins and money there voluntarily. Now suffer with the rest. No special treatment for you!"

Bankruptcy is proceeding with a full speed ahead. If there will be any change you will find it published and signed by Bankruptcy trustee on MtGox.

[iikun]

So (not) sad to see Mark got re-arrested again. Japanese detention is not something I would wish on my worst enemy, but in Mark's case I think I can put those feelings aside.

So now he faces a total of 46 days of interrogation, meals high in white rice & low in anything resembling nutrition, and extremely limited access to a lawyer. Typical Japanese technique to force a confession. Given it's almost certain he is guilty of something, I wonder how long he'll last...

[macsga]

So (not) sad to see Mark got re-arrested again. Japanese detention is not something I would wish on my worst enemy, but in Mark's case I think I can put those feelings aside.

So now he faces a total of 46 days of interrogation, meals high in white rice & low in anything resembling nutrition, and extremely limited access to a lawyer. Typical Japanese technique to force a confession. Given it's almost certain he is guilty of something, I wonder how long he'll last...

Besides my feelings about his idiocy [on so many aspects] regarding his handling such a case, I expect that he DEFINITELY has to reveal what happened. I don't care about my missing BTCs, they were lost anyway; but surely care to know the specifics. I believe (and wrote it before here) he was not acting alone. Were the two rogue agents with him in this? An unknown intern? I'm sure he has plenty of stuff to say now that the "gag order" has no meaningful reason to exist.

[DrApricot]

So (not) sad to see Mark got re-arrested again. Japanese detention is not something I would wish on my worst enemy, but in Mark's case I think I can put those feelings aside.

So now he faces a total of 46 days of interrogation........I wonder how long he'll last...

I believe (and wrote it before here) he was not acting alone. Were the two rogue agents with him in this? An unknown intern? I'm sure he has plenty of stuff to say now that the "gag order" has no meaningful reason to exist.

Mark already maintained in his "Silk Road timeline" that the two alleged rogue agents were part of a conspiracy--or, so he says:

"based on the available documentation, it is also difficult to know precisely since when both have been conspiring. [emphasis added]" http://www.magicaltux.net/post/124057497654/silk-road-timeline

He was merely restating the obvious though, as the DoJ criminal complaint against Force and Bridges--unsealed last March--also revealed that the two had colluded together.

Though it may be a bit of a stretch to say that Mark was in any way ever directly involved with them. He seems to imply that he was not in his SR timeline piece. Why do you think an unknown intern may have been part of any scheme? That's news to me.

[macsga]

Though it may be a bit of a stretch to say that Mark was in any way ever directly involved with them. He seems to imply that he was not in his SR timeline piece. Why do you think an unknown intern may have been part of any scheme? That's news to me.

He admitted he had been losing BTCs since sometime in 2011 from MtGox's hot wallet via the allegedly "Transaction Malleability". Given his paranoia with keeping the cold wallet password on himself (not commenting on rumors that he VNC'd via an UNENCRYPTED connection the "so called" cold wallet of his) I believe he got burned from inside-out. Not ruling out he was acting by himself, but I think it's less possible to be the case.

[DrApricot]

Though it may be a bit of a stretch to say that Mark was in any way ever directly involved with them. He seems to imply that he was not in his SR timeline piece. Why do you think an unknown intern may have been part of any scheme? That's news to me.

He admitted he had been losing BTCs since sometime in 2011 from MtGox's hot wallet via the allegedly "Transaction Malleability".

Since WizSec's last report was published, the theory Mt. Gox's bitcoins were lost over a period of years beginning as early has 2011 has gained some traction. If so, it suggests your insider must have been active over a long period of time. From what I understand, there were only ever 30 people including contractors working there. If the insider was not Mark, then s/he should be easy to indentify. Who was this sneak?

[macsga]

Since WizSec's last report was published, the theory Mt. Gox's bitcoins were lost over a period of years beginning as early has 2011 has gained some traction. If so, it suggests your insider must have been active over a long period of time. From what I understand, there were only ever 30 people including contractors working there. If the insider was not Mark, then s/he should be easy to indentify. Who was this sneak?

My thoughts would go to an unhappy employee. People can do various things when they're unhappy and at some point the business in MtGox was booming. Too many transactions, too many responsibilities, probably the worst part was an autistic MK towards his anxious people. Frankly, I cannot say for sure. It's only a hypothesis that is yet to be proved right or wrong.

[iikun]

Since WizSec's last report was published, the theory Mt. Gox's bitcoins were lost over a period of years beginning as early has 2011 has gained some traction. If so, it suggests your insider must have been active over a long period of time. From what I understand, there were only ever 30 people including contractors working there. If the insider was not Mark, then s/he should be easy to indentify. Who was this sneak?

My thoughts would go to an unhappy employee. People can do various things when they're unhappy and at some point the business in MtGox was booming. Too many transactions, too many responsibilities, probably the worst part was an autistic MK towards his anxious people. Frankly, I cannot say for sure. It's only a hypothesis that is yet to be proved right or wrong.

I would probably agree. It is too obvious for MK to have done it all intentionally himself because all fingers would just point to him, and given that he apparently kept company & customer money together in the same account almost anything could happen to customer funds (fiat) before it was noticed.

At the same time, can we be surprised something like this happened to a man who (allegedly) slept in a $48,000 canopied bed?

[Amitabh S]

Is the problem clear? I don't get it 600k+ coins can't just disappear. At the least there should be tx IDs and entries in the deposit db. It just does not make sense unless some quantum shit is going on.

[nanobtc]

Perhaps MK dribbled it slowly into btc-e, then sold it for alts. Flushing it through half a dozen different blockchains, then going back to btc would pretty effectively cover his tracks. There still would be TX ids to btc-e initially.

[rcocchiararo]

http://www.engadget.com/2015/09/12/former-mt-gox-ceo-officially-charged-with-embezzlement/?utm_medium=feed&utm_source=Feed_Classic&utm_campaign=Engadget&ncid=rss_semi

[iikun]

http://www.engadget.com/2015/09/12/former-mt-gox-ceo-officially-charged-with-embezzlement/?utm_medium=feed&utm_source=Feed_Classic&utm_campaign=Engadget&ncid=rss_semi

Given Japan's conviction rate he'll definitely be doing time now. I suppose it will depend on how much time as to whether he gives up what really happened or if he takes it with him.