[BitFunder] Ukyo.Loan - Paying 0.05% daily.

[bittymitty]

Ouch, bummer.

Did the stuff you invested in with the loan deliver some BTC over the last few months? (And did you keep it out of WeEx? :p)

Not yet. That's why things are still in progress. :/
I would like to see some positive results by end of Jan.
It just depends on all the bureaucracy and red tape involved for some of it.

-Ukyo

Ukyo, Can you tell us what you invested the BTC in?

Also why can you not liquidate these holding to repay some of the BTC owed?

[bittymitty]

Ukyo, Can you tell us what you invested the BTC in?

Also why can you not liquidate these holding to repay some of the BTC owed?

He at least invested in Labcoin and ActiveMining (it's easy to find posts or IRC logs saying so), but I suppose (giving the benefit of the doubt) this is mostly Ukyo.Loan.

Well I guess that answers why he cannot liquidate.   

[Ukyo]

Ukyo, Can you tell us what you invested the BTC in?

Also why can you not liquidate these holding to repay some of the BTC owed?

He at least invested in Labcoin and ActiveMining (it's easy to find posts or IRC logs saying so), but I suppose (giving the benefit of the doubt) this is mostly Ukyo.Loan.

Well I guess that answers why he cannot liquidate.   

Incorrect.
I put around 200~250btc of my personal funds in between ActM and LC.
As you stated though, LC did not work out for anyone, and no one knows the current state of ActM. If there is a state at all.
Ken is currently holding everyone's shares of ActM hostage by not following through on re-listing ActM as he said many weeks ago or provided any updates.

[18:59] <Sebastan1> ukyo... ken doesnt do manual transfers
[19:00] <Sebastan1> i asked once
[19:00] <Ukyo> how long ago?
[19:01] <Sebastan1> after the shares were hold with ken only...

So for anyone who thinks that Ken is only locking my shares of ActM, they probably do not realize it is because all shares are locked.

The funds that were invested are not in a form of "shares" that could easily be liquidated.

-Ukyo

[bittymitty]

Ukyo, you said here https://bitcointalk.org/index.php?topic=316546.msg3490017#msg3490017 that Weex has some big news coming soon.  Can you clarify what that big new was in relation to?  Did this news have any relation to the problems you are currently dealing with?

[mgio]

Any news on the portal?

[thecoinjournal]

Any news on the portal?

[SOSLOVE868]

Any news on the portal?

[Bitdust]

Any news on the portal?

Pinkie if you're hearing this it means we're dead and gone (Fmin, Amin, Gdim, G#)
Please don't bake a portal; just accept it and move on (Fmin, Amin, C7, G#)
My cauldron is preheated and I've got you in my thrall (Fmin, C, C#, C7)
Let's beat these yolks and save my folks by baking the fourth wall! (Fmin, C#, A#7, D#7)

[helloge]

Any news on the portal?

[mgio]

Any news on the portal?

[SOSLOVE868]

Any news on the portal?

I think there would be no more news, the last hope we can do to get some of our BTC back is legal process. 

[mgio]

Any news on the portal?

I think there would be no more news, the last hope we can do to get some of our BTC back is legal process. 

You may be right . I really hope we hear something soon!

[SOSLOVE868]

Any news on the portal?

I think there would be no more news, the last hope we can do to get some of our BTC back is legal process. 

You may be right . I really hope we hear something soon!

So do I , but at least we still can try with legal action, don't give it up. 

[glendall]

Expect the coins to be gone. It is highly improbable that Ukyo will honor the terms of the loan as he has shown criminal behavior, and borderline mental illness in his attempts rationalize his behavior.

Look at the facts:

1) Ukyo lied about all the coins that were being deposited to WeExchange being unavailable due to a technical error.

2) Ukyo owes millions of dollars of BTC to users who deposited to WeExchange and has not given any reason beyond 'the coins are gone'.

3) Ukyo continued to accept deposits to WeExchange for over 2 months, knowing fully that we has unable to let anyone withdraw the BTC they deposited.

I think it is safe to say after reading 1000s of posts on the subjects that it is most likely that Ukyo treated deposits to WeExchange as his own personal wallet. He then made some gambling investments that blew up in his face at lost all the money.  He lost money on Labcoin, Active Mining, and likely sold BTC into cash thinking that the high of $260 was a good time to sell, when in reality , it is probably never going back to this figure again. Of course I can't say I'm 100% -- the only person who knows is Ukyo and he is conveniently not telling. Which should be a red flag.

He is thief and what he did was not only unbelievably stupid, it was just plain illegal.  It is not even a matter of factors out of his control, he simply stole and lost millions of users' money. It is quite the mess.  

If you are going go the route of legal action the good news is his identity is known.  The bad news is a) legal action is expensive  b) it is unlikely to recover much funds as he likely lost much of them.  At the least though it would be satisfying to see him criminally charged, forced into bankruptcy, and have to tell us (finally) in a court of law what he actually did.

He's been buying for time now for 2.5 months, but it looks like finally people are starting to realize that they've been ripped off, and the house of cards is starting to crumble.

[Ukyo]

Expect the coins to be gone. It is highly improbable that Ukyo will honor the terms of the loan as he has shown criminal behavior, and borderline mental illness in his attempts rationalize his behavior.

Look at the facts:

1) Ukyo lied about all the coins that were being deposited to WeExchange being unavailable due to a technical error.

2) Ukyo owes millions of dollars of BTC to users who deposited to WeExchange and has not given any reason beyond 'the coins are gone'.

3) Ukyo continued to accept deposits to WeExchange for over 2 months, knowing fully that we has unable to let anyone withdraw the BTC they deposited.

I think it is safe to say after reading 1000s of posts on the subjects that it is most likely that Ukyo treated deposits to WeExchange as his own personal wallet. He then made some gambling investments that blew up in his face at lost all the money.  He lost money on Labcoin, Active Mining, and likely sold BTC into cash thinking that the high of $260 was a good time to sell, when in reality , it is probably never going back to this figure again. Of course I can't say I'm 100% -- the only person who knows is Ukyo and he is conveniently not telling. Which should be a red flag.

He is thief and what he did was not only unbelievably stupid, it was just plain illegal.  It is not even a matter of factors out of his control, he simply stole and lost millions of users' money. It is quite the mess.  

If you are going go the route of legal action the good news is his identity is known.  The bad news is a) legal action is expensive  b) it is unlikely to recover much funds as he likely lost much of them.  At the least though it would be satisfying to see him criminally charged, forced into bankruptcy, and have to tell us (finally) in a court of law what he actually did.

He's been buying for time now for 2.5 months, but it looks like finally people are starting to realize that they've been ripped off, and the house of cards is starting to crumble.

Stop trolling.

1. Incorrect
2. This is not supportive of your claims.
3. Incorrect

You forgot to mention:
4. Ukyo has not dissapeared
5. Ukyo distributed proportionally funds that were able to be made available
6. Ukyo is clearly working towards gathering BTC at _least_ from ActM shares to be able to distribute to users also


I had about 400btc of my personal funds tied up in the listed assets.
Somehow that does not amount to the total of the issue.

[fuckukyo]

"3) Ukyo continued to accept deposits to WeExchange for over 2 months, knowing fully that we has unable to let anyone withdraw the BTC they deposited. "

Say that again this's incorrect. Ukyo you are full of shit.

[WeexUser]

"3) Ukyo continued to accept deposits to WeExchange for over 2 months, knowing fully that we has unable to let anyone withdraw the BTC they deposited. "

Say that again this's incorrect. Ukyo you are full of shit.

He stated that the problem, that made it impossible to do even manual withdrawals, started around November 15.

<nsa__> When did you first hear about the "other" issue?
<Ukyo> within 4 hours of disabling withdraws
<Ukyo> and stopping the manual ones
<Ukyo> rahter
<nsa__> date?
<Ukyo> dont recall
<Ukyo>Novemebr.. 15th? or something

From December 16:

I have also disabled the ability to send funds to BitFunder already.

_{^I can confirm that the deposit address was removed from weex December 16th, because I checked weex just after his post.}

• The first issue with the bitcoind client that made withdrawals really slow was first reported by Lophie in the middle of October. So the deposit page was removed about a month after the first withdrawal problems appeared. He did do manual withdrawals in that time span though.
  
  
• According to Ukyo, depositing was disabled within a day of him being made aware about a second issue(the legal issue) that meant that he couldn't do even manual withdrawals anymore.

Either way, you are incorrect.

[malkusch]

Guys I'm a bit worried now about that ActM seizing thing. I'm posting here, cause my main interest is in the Loan. Until now I'm mostly passive watching the whole story. But I see now a scenario where active participation might be advisable. As Ukyo gives zero information about our expectation I have to be prepared for the worst. Now there is this one ActM guy which seizes Ukyo's shares to clear Ukyo's debt with him. In some not so good scenarios this acts against our interests as this guy is getting a big cut from funds which could otherwise be used to clear our debts. I think Ukyo did even explicitly state that Ukyo Loan went (partly) into ActM. I think it would be in our (Ukyo Loan) interest to do something against that situation. Actually Ukyo, you should in first place react on that. What is your plan? Has anybody here already communication with a lawyer? Any advises from him on this new situation? I'm a bit tied here in SO-Asia and didn't plan to council a lawyer before July. But now I'm reconsidering my options.

[minerpart]

Ukyo will not go near a lawyer. Lawyers go to court and the last place Ukyo wants to end up is in a courtroom.

Let's get this clear - Ukyo is a multi-million dollar fraudster and thief. He will be going to prison if he is caught.

Now do you really want hundreds of BTC worth of shares to go back to him? He has all the reasons in the world to sell them and run away to Mexico.

The ACtM shares have been seized under lien, the basis for which is US Contractual and Corporation law. The CEO of ACtM has taken control of the shares and has listed them on an exchange for 0.01BTC per share.
Only 5% of them need to be sold at that price to fully cover all of the ACtM debt.
Once that debt is settled the remaining shares or BTC will likely be given to a safe third party for distribution to the victims of Uyko. This is entirely legal and right. It is also the best hope you have of getting any money back.

Remember these shares only hold any value for you  if the company ACtM is a success. If you sue ACtM, you will be suing yourself because if ACtM fails or is crippled by your court case then the shares will be worthless on the open market - no one will buy them at premium if the company is being dragged through the courts.

[CumpsD]

What is the status of the loans claim site?