Mark Karpeles and MTGox: Why are they refusing to help Bitcoinica victims??

[yochdog]

I have held my tongue on this issue for a year now, but I am finally at wits end.  The liquidators have done a great job rounding up information, setting wheels in motion, and generally trying to clean up the mess.  However, they are being stymied by MTGox's refusal to cooperate in any fashion, to the point of refusing to even verify account balances!  Why?  Reading the liquidators latest report, it seems evident they have provided everything MTGox/Karpeles wants, yet they still get no further towards the goal of returning funds to us, the victims. 

Now, I don't want to cast aspersions on anyone, but not cooperating and keeping the Bitcoinica accounts seems like a great way to pocket millions of dollars. 

If I am wrong, by all means, I would love to hear from Mr. Karpeles and his reasons for not trying to help those that are out tens of thousands of dollars because of this debacle. 

[epetroel]

+1

This, the coinlab lawsuit & the dwolla debacle are starting to cast a pretty big shadow on Gox.  The fact that Gox has said nothing of consequence publicly about any of these matters is worrying.

[Este Nuno]

Because Mark Karpeles is an idiot and an asshole?

[MPOE-PR]

+1

This, the coinlab lawsuit & the dwolla debacle are starting to cast a pretty big shadow on Gox.  The fact that Gox has said nothing of consequence publicly about any of these matters is worrying.

Wait, no mention of the week-long lag? No mention of a "trade engine" consisting of wet spaghetti for the use of which the noobs and the clueless are being charged an arm and a leg? How soon we forget, now that they no longer have the market share.

[Este Nuno]

MtGox is a steaming pile of shit that's been a major obstacle to bitcoin since 2011.

I look forward to the post-gox era of bitcoin.

[epetroel]

+1

This, the coinlab lawsuit & the dwolla debacle are starting to cast a pretty big shadow on Gox.  The fact that Gox has said nothing of consequence publicly about any of these matters is worrying.

Wait, no mention of the week-long lag? No mention of a "trade engine" consisting of wet spaghetti for the use of which the noobs and the clueless are being charged an arm and a leg? How soon we forget, now that they no longer have the market share.

That stuff all sucks too, but doesn't concern me nearly as much as the others (but that's just me)

[flower1024]

I have held my tongue on this issue for a year now, but I am finally at wits end.  The liquidators have done a great job rounding up information, setting wheels in motion, and generally trying to clean up the mess.  However, they are being stymied by MTGox's refusal to cooperate in any fashion, to the point of refusing to even verify account balances!  Why?  Reading the liquidators latest report, it seems evident they have provided everything MTGox/Karpeles wants, yet they still get no further towards the goal of returning funds to us, the victims. 

Now, I don't want to cast aspersions on anyone, but not cooperating and keeping the Bitcoinica accounts seems like a great way to pocket millions of dollars. 

If I am wrong, by all means, I would love to hear from Mr. Karpeles and his reasons for not trying to help those that are out tens of thousands of dollars because of this debacle. 

+1

[Wintermute]

Sorry for reviving an old thread, but is there any news on this issue?

It is also completely unclear to me what the basis for the USD distribution will be.

Quote: "We have not yet determined the method for the distribution to creditors/investors, as we do not yet know the composition of the frozen accounts (ie the number of bitcoins held and balance of USD funds).  However, it is likely that any distribution will be made in USD.  Once we have the account information, we will notify investors of the process for which the Liquidators intend on distributing funds.  If there are insufficient funds to make payment in full to each investor, then distribution will be made on a pro-rata basis (ie funds are distributed in proportion to each investors claim)."

The critical part here seems to be the fixing for the BTC price. If they fix it to the price at insolvency that would be a desaster for everyone holding BTC at Bitcoinica (BTC trade >$400 now).

Is there an interest group of creditors of Bitcoinica which I could join?

[teek]

Seriously,  what the hell is going on with this, i haven't seen an update in ages.  The BTC i had there is well into the 6 figures given the recent run up, and I was a small fish,  people are out MILLIONS usd at this point.  What the hell.  I got Zhoutonged a bunch of times on bitcoinica, but this is the final zhoutong alright.

[yochdog]

I am going to write to the liquidator on Monday and ask for an update.  It appears that legal action might be the only way forward at this point.  But for the amount of money at stake, it seems more than worth the cost. 

Mark Karpeles needs to be compelled to cooperate, as this has dragged on long enough. 

As the last post hit on, we are talking about accounts with Millions at stake now. 

[iamapi]

any update?