MtGox withdrawal delays [Gathering]

[mgroenouwe]

"Mt. Gox Files for Bankruptcy Protection"


What does this mean? They gonna try to fix things which is like some good news for those who have GOX-BTC ?

[InitialLetter]

http://www.reuters.com/article/2014/02/28/us-bitcoin-mtgox-bankruptcy-idUSBREA1R0FX20140228

This implies that it is similar to chapter 11 bankruptcy in US, which means the reorganization of operations. It requires a plan to implement this reorganization for feasible (able to continue operations) and fairness (creditors are respected based on priority). I think there's also a requirement that creditors accept this plan in order for it to be implemented.

[raskul]

http://www.reuters.com/article/2014/02/28/us-bitcoin-mtgox-bankruptcy-idUSBREA1R0FX20140228

This implies that it is similar to chapter 11 bankruptcy in US, which means the reorganization of operations. It requires a plan to implement this reorganization for feasible (able to continue operations) and fairness (creditors are respected based on priority). I think there's also a requirement that creditors accept this plan in order for it to be implemented.

sounds a bit like a CVA... which is never 100% sure. In the UK, it requires 75% of creditors to accept a reduced payback. 9/10 times, it fails.

[breel]

Yes, we're tired of speculations. Hopefully we'll get some useful info from today's supposed news conference.

definitely!

[Squeaker]

http://headlines.yahoo.co.jp/videonews/fnn?a=20140228-00000938-fnn-bus_all

" Bit coin " stop trading brokerage firm , civil rehabilitation proceedings claim

8-minute delivery ( gold ) 28 day 19 hour Fuji TV (FNN) 2 May
 By the problem that brokerage company virtual currency on the Internet " bit coin " , is to stop the deal , the company met in the afternoon on the 28th , and filed for Civil Rehabilitation Law in Tokyo District Court, it was accepted I made ​​it clear that .
 Marc Karupuresu representative of Mount Ngoc vinegar said," having fallen over the inconvenience , really sorry " he said.
 According to the Mount Ngoc vinegar should be in a state of excessive debt in excess of 2.6 billion yen.
 Further , as the cause, are to be considered to be in accordance with or traded or owned, approximately 85 million bits coins disappeared.
 In this issue , mount Ngoc vinegar has stopped trading of bit coin , had thus far , and are working to find solutions to problems , but the afternoon on the 28th , the application of the Civil Rehabilitation Law in Tokyo District Court that was filed.

Alright... now this part, highlighted in red up there, if true, is just plain impressive... good luck paying back everyone's bitcoin.

=squeak=

[raskul]

http://headlines.yahoo.co.jp/videonews/fnn?a=20140228-00000938-fnn-bus_all

" Bit coin " stop trading brokerage firm , civil rehabilitation proceedings claim

8-minute delivery ( gold ) 28 day 19 hour Fuji TV (FNN) 2 May
 By the problem that brokerage company virtual currency on the Internet " bit coin " , is to stop the deal , the company met in the afternoon on the 28th , and filed for Civil Rehabilitation Law in Tokyo District Court, it was accepted I made ​​it clear that .
 Marc Karupuresu representative of Mount Ngoc vinegar said," having fallen over the inconvenience , really sorry " he said.
 According to the Mount Ngoc vinegar should be in a state of excessive debt in excess of 2.6 billion yen.
 Further , as the cause, are to be considered to be in accordance with or traded or owned, approximately 85 million bits coins disappeared.
 In this issue , mount Ngoc vinegar has stopped trading of bit coin , had thus far , and are working to find solutions to problems , but the afternoon on the 28th , the application of the Civil Rehabilitation Law in Tokyo District Court that was filed.

Alright... now this part, highlighted in red up there, if true, is just plain impressive... good luck paying back everyone's bitcoin.

=squeak=

I am sure that i had at least 21million coins on gox. LAWYER!

[DjangoSi]

http://headlines.yahoo.co.jp/videonews/fnn?a=20140228-00000938-fnn-bus_all

" Bit coin " stop trading brokerage firm , civil rehabilitation proceedings claim

8-minute delivery ( gold ) 28 day 19 hour Fuji TV (FNN) 2 May
 By the problem that brokerage company virtual currency on the Internet " bit coin " , is to stop the deal , the company met in the afternoon on the 28th , and filed for Civil Rehabilitation Law in Tokyo District Court, it was accepted I made ​​it clear that .
 Marc Karupuresu representative of Mount Ngoc vinegar said," having fallen over the inconvenience , really sorry " he said.
 According to the Mount Ngoc vinegar should be in a state of excessive debt in excess of 2.6 billion yen.
 Further , as the cause, are to be considered to be in accordance with or traded or owned, approximately 85 million bits coins disappeared.
 In this issue , mount Ngoc vinegar has stopped trading of bit coin , had thus far , and are working to find solutions to problems , but the afternoon on the 28th , the application of the Civil Rehabilitation Law in Tokyo District Court that was filed.

Alright... now this part, highlighted in red up there, if true, is just plain impressive... good luck paying back everyone's bitcoin.

=squeak=

85 million bits coins
what kind of 85 million "bitcoins"?

[Squeaker]

http://headlines.yahoo.co.jp/videonews/fnn?a=20140228-00000938-fnn-bus_all

" Bit coin " stop trading brokerage firm , civil rehabilitation proceedings claim

8-minute delivery ( gold ) 28 day 19 hour Fuji TV (FNN) 2 May
 By the problem that brokerage company virtual currency on the Internet " bit coin " , is to stop the deal , the company met in the afternoon on the 28th , and filed for Civil Rehabilitation Law in Tokyo District Court, it was accepted I made ​​it clear that .
 Marc Karupuresu representative of Mount Ngoc vinegar said," having fallen over the inconvenience , really sorry " he said.
 According to the Mount Ngoc vinegar should be in a state of excessive debt in excess of 2.6 billion yen.
 Further , as the cause, are to be considered to be in accordance with or traded or owned, approximately 85 million bits coins disappeared.
 In this issue , mount Ngoc vinegar has stopped trading of bit coin , had thus far , and are working to find solutions to problems , but the afternoon on the 28th , the application of the Civil Rehabilitation Law in Tokyo District Court that was filed.

Alright... now this part, highlighted in red up there, if true, is just plain impressive... good luck paying back everyone's bitcoin.

=squeak=

85 million bits coins
what kind of 85 million "bitcoins"?

[troll]Some of that was probably all of that litecoin they had while they were ramping up to open LTC trading...[/troll]

=squeak=

[donk4u]

So one day Mark Karpeles wakes up thousands of empty txs he stops withdrawls blames metablility allows trading to go on weeks after stops withdrawls. Then to his horror he sees 700,000 plus bitcoins have vanished and been stolen. Lol at mt gox and the fat sociopathec liar that runs it. This is complete insanity how is Karpeles not under arrest awaiting trial?

http://www.theregister.co.uk/2014/02/27/mt_gox_accepted_new_customers_on_eve_on_collapse/


Just complete criminals the above thread suggest that they were caught completly by surprise more likely they were going to continue running the scam until could no longer do so. Unfortunately for gox  that day came sooner then they expected.

[eztezt]

http://www.reddit.com/r/BitcoinMarkets/comments/1z6fna/magicaltux_its_not_included_because_well_try_to/

[donk4u]

http://news.msn.com/science-technology/mt-gox-in-bankruptcy-says-may-have-lost-all-its-bitcoins-to-hackers


Karpeles told the news conference that Mt. Gox wanted to file a criminal complaint against what he said was a hacking attack, but had no specific means of doing so.<-----------lmao   Always has that smirk of contempt on his face.

[raskul]

http://www.reddit.com/r/BitcoinMarkets/comments/1z6fna/magicaltux_its_not_included_because_well_try_to/

stinks of crookedness, that one!

[V4Vendettas]

It would be really really nice for mark to communicate with this customers at some point in stead of using IRc chats that we cant know for sure are real.

Anyway I'll post this not having a clue if real or not.

http://pastebin.com/BeZHNb72

Edit: sorry did not read above post. I fail

[raskul]

It would be really really nice for mark to communicate with this customers at some point in stead of using IRc chats that we cant know for sure are real.

Anyway I'll post this not having a clue if real or not.

http://pastebin.com/BeZHNb72

Edit: sorry did not read above post. I fail

this does warrant comment tho - anyone who had $500,000 worth of bitcoin in gox at the end, really need their heads read.
<insert reminder of OP date here>

[cAPSLOCK]

http://news.msn.com/science-technology/mt-gox-in-bankruptcy-says-may-have-lost-all-its-bitcoins-to-hackers


Karpeles told the news conference that Mt. Gox wanted to file a criminal complaint against what he said was a hacking attack, but had no specific means of doing so.<-----------lmao   Always has that smirk of contempt on his face.

Wow.  He is now actually blaming it on Japan.

Good luck with that.  The Japanese will act bashfully sorry for about 2 seconds before they skewer him.

[cAPSLOCK]

[lemonsieur]

All the bitcoins were stolen... how about the euros/dollars we had stored there? Can't they be given back? Anyone?

[raskul]

All the bitcoins were stolen... how about the euros/dollars we had stored there? Can't they be given back? Anyone?

the administrators will pay back the money from any funds left in gox, in order of importance (which is a bit shit considering it's up to the administrators to assign the order of importance)... it's a messy affair.

[Luno]

All the bitcoins were stolen... how about the euros/dollars we had stored there? Can't they be given back? Anyone?

If hackers have gotten more coins out than they owned, then depositing, selling and withdrawing them as fiat on Gox again, would drain Gox's fiat balances in a similar way as their Bitcoin balance.

[V4Vendettas]

All the bitcoins were stolen... how about the euros/dollars we had stored there? Can't they be given back? Anyone?

the administrators will pay back the money from any funds left in gox, in order of importance (which is a bit shit considering it's up to the administrators to assign the order of importance)... it's a messy affair.

Administrators are surly not on the scene yet because this is filing for Bankruptcy protection and not bankruptcy just yet anyway?

Edit: ah do you mean Mt gox administrators ?