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Author Topic: MTGOX is solvent again.  (Read 670 times)
bitjoin
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June 07, 2017, 09:03:18 AM
 #1


Price is well above 2.5k right now, making all payouts in possible to those goxed. Is there anything we can do to put pressure on the courts to speed up the process?

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HI-TEC99
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June 07, 2017, 06:52:32 PM
 #2

Karpeles has been talking about it on reddit, but says most of his suggestions would need court approval. However I'm not sure how realistic his proposals are.

https://www.reddit.com/r/mtgoxinsolvency/comments/6d8vm8/where_is_our_dear_trustee_kobayashi_with_his_long/di0t528/

Quote
There is a third way to have MtGox stay in bankruptcy but proceed with out-of-bankruptcy distribution. I do not know how feasible it'll be, and it'll require creditors approval, but I believe it's worth trying.

https://www.reddit.com/r/mtgoxinsolvency/comments/6db13y/dont_trust_the_will_take_years_to_distribute_btc/di1ihrz/

Quote
You're reversing what I'm saying.
The bankruptcy process itself will likely take years (depending on lawsuits/etc), but we may have a way to proceed with an early distribution in BTC.
That process would not be a bankruptcy distribution, so it wouldn't need any kind of exception from a court, only approval.

You can read his latest posts here.

https://www.reddit.com/user/MagicalTux
tradulant
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August 08, 2017, 03:27:25 PM
 #3

Any update regarding this topic?
erikalui
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August 08, 2017, 03:59:27 PM
 #4

It is said that btc-e laundered the money of mtgox now and they are still awaiting a trial to see if Vinnik has laundered $4 billion funds of mtgox and to arrest him (some say he is already arrested). This matter won't get solved anytime soon it seems.

erk
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August 09, 2017, 12:48:07 AM
Last edit: August 09, 2017, 01:01:57 AM by erk
 #5

It is said that btc-e laundered the money of mtgox now and they are still awaiting a trial to see if Vinnik has laundered $4 billion funds of mtgox and to arrest him (some say he is already arrested). This matter won't get solved anytime soon it seems.

Mt Gox didn't have $4billion of funds. That is some magic propaganda number.

It was $473 million at the time of filing for bankruptcy protection.
You can bet that was exaggerated too.

For all we know the Mt Gox hack might be tiny, and used as a cover story for an inside job.
Those bitcoins are not sitting still somewhere all these years just waiting to be redistributed back to Mt. Gox customers.

Just like the proceeds of bank robberies are guaranteed to pass though some other bank(s) eventually, I am quite sure many of the coins would have passed though BTC-e, being pretty much the only other viable exchange back in 2014.

Of course the DOJ tries to make it look like a Russian conspiracy by conjecture. Can't wait for their next PR piece.
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August 11, 2017, 09:10:55 PM
Last edit: August 11, 2017, 09:41:48 PM by collapse
 #6


Price is well above 2.5k right now, making all payouts in possible to those goxed. Is there anything we can do to put pressure on the courts to speed up the process?

Well, I do not know the japanese law. In my country the law is derived from roman law. And well, if a thief steals you 1 BTC  and returns to you 0.10 BTC. Can be considered a theft? Yes, ...

Mtgox (the company) can be solvent if all creditors are paid in full, not the 0.10 BTC, the full 1 BTC.

Japanese law can support thiefs, and confuse the creditor assets (200k BTC), really depositors, with shareholders assets of Mtgox (custodian, no assets, 600k BTC of debt).
The thing, the DEBT (the BTC) is used as asset of Mtgox, this is false. A DEBT (the BTC found) can not be used as a company asset. It's totally crazy,...

In a normal world,  the BTC and fiat of each creditor are used to calculate shares in total assets liquidation. But this, seems another world,...

Can a japanese court support a theft?. Perhaps,...

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examplens
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August 11, 2017, 09:30:50 PM
 #7

Guys, Would you really expect that they will return? MtGox, Cryptsy, BTC-e etc.. After a few years they will come and return the money??
I am amazed by your optimism. I think you'll find beforehand it on the street wallet with bitcoins.

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2fresh
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August 12, 2017, 02:24:58 AM
 #8

Very hard to believe, and just like mentioned above; 1 btc for 1 btc, don't dare to call yourselves solvent because the btc price went up.
Let's calculate it the other way, gox you owe 10x as much money now.
xypos
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August 12, 2017, 06:47:37 AM
 #9

Very hard to believe, and just like mentioned above; 1 btc for 1 btc, don't dare to call yourselves solvent because the btc price went up.
Let's calculate it the other way, gox you owe 10x as much money now.

Well they are solvent technically due to the price rise because i'm pretty sure that their debt is denominated in USD price, based on the price per bitcoin and the amount thta you are owed by MtGox at the time of the court hearing or whatever. Bitcoin is not recognized as legal currency in the US.

However i do agree with you that it is extremely unlikely that Mt Gox is going to return any coins.

It would be a miracle if they did, because as someone else said, Cryptsy etc., never repaid their debts in full.

You'd be lucky if you got 10% of what you were owed with Mt Gox.
romani245
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August 12, 2017, 07:54:19 AM
 #10

However i do agree with you that it is extremely unlikely that Mt Gox is going to return any coins.

I thought there was the option to receive payout in coins? I was in the Tradingview chat a little while ago, and some users were talking about the offers they got from the bankruptcy trustee for a percentage of their balances back as bitcoin. One of them got really screwed on the deal, getting something like 0.00x BTC from a 50-something BTC balance.

Maybe I misread the whole thing, but everyone seemed to think they could get coins back (at least some small percentage of them)...
bitjoin
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August 12, 2017, 08:08:20 AM
 #11

Very hard to believe, and just like mentioned above; 1 btc for 1 btc, don't dare to call yourselves solvent because the btc price went up.
Let's calculate it the other way, gox you owe 10x as much money now.

Well they are solvent technically due to the price rise because i'm pretty sure that their debt is denominated in USD price, based on the price per bitcoin and the amount thta you are owed by MtGox at the time of the court hearing or whatever. Bitcoin is not recognized as legal currency in the US.

However i do agree with you that it is extremely unlikely that Mt Gox is going to return any coins.

It would be a miracle if they did, because as someone else said, Cryptsy etc., never repaid their debts in full.

You'd be lucky if you got 10% of what you were owed with Mt Gox.

We all know about those 200k coins though, if it wasn't for the beauty of the blockchain they could run off into the sunset with those funds.  Those funds have to go somewhere, if they move we will see it.

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......swap...Swap, Earn, Bridge, Mint Crypto
& NFT in Multiple Chains
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