MyBitcoin Back Up! (with a press release)

[adamstgBit]

We will settle all accounts with a online claim process that we are currently in the process of working out.

So he's now he has the money to pay everyone back?

where did it all come from?

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[Bitcoin Swami]

Almost thought this thread was deleted was its a sticky now.  If I wouldn't have seen this thread earlier, I would have missed it cause I just move down past the sticky's and dont read them.  oh well.

[TiagoTiago]

Saying "I don't know" is way better than staying silent; still not as good as if he knew what happened from the start and shared it with us of course.

[stick_theman]

Tom is buying Bitcoins en mass to reimburse customers?  BTFD

[repentance]

Buying time?

he just said he's declaring bankruptcy....   there is no figure on what people will get back... if anything...  maybe 10% back... maybe 50% back... maybe 0% back..

If he's declaring bankruptcy that means that it was a huge loss.

He said receivership.  Sometimes when receivers are appointed the business continues to operate and can trade out of financial trouble.  Sometimes receivership is the first step towards completely winding up the business.  The only thing which is certain is that it's almost impossible to enforce a claim against a Nevis LLC, so it probably doesn't matter very much what the balance sheet shows.

[proudhon]

Has Bruce Wagner seen this?

Edit:  Yep.

[adamstgBit]

this means nothing..

so he going to declaring bankruptcy.

and then sell the stolen bitcoins!

[Departure]

The site is still down for me

[Xephan]

We will settle all accounts with a online claim process that we are currently in the process of working out.

So he's now he has the money to pay everyone back?

where did it all come from?

To put it simply (and it might differ slightly depending on the country), when a company goes down, its remaining assets are totaled up and used to pay off creditors (in this case including customers with deposits) in order of priority, i.e. a secured creditor gets their share first. If there are more than one in each priority class, it's proportioned out accordingly. Very often the smallest guys without any security/contract get nothing or just pennies.

So depending on how much MBC has left, every 1 BTC you kept with them, might only get you say 0.1 BTC back.

[proudhon]

We will settle all accounts with a online claim process that we are currently in the process of working out.

So he's now he has the money to pay everyone back?

where did it all come from?

To put it simply (and it might differ slightly depending on the country), when a company goes down, its remaining assets are totaled up and used to pay off creditors (in this case including customers with deposits) in order of priority, i.e. a secured creditor gets their share first. If there are more than one in each priority class, it's proportioned out accordingly. Very often the smallest guys without any security/contract get nothing or just pennies.

So depending on how much MBC has left, every 1 BTC you kept with them, might only get you say 0.1 BTC back.

Well, almost as importantly we can hopefully get more info on the mybitcoin owner now that he's appeared back on the scene, and maybe we can find out whether the bitcoins or some portion of them are lost, stolen, or safe.

[repentance]

this means nothing..

so he going to declaring bankruptcy.

and then sell the stolen bitcoins!

Assuming that he's doing the whole thing legally, the receiver will take control of assets, liquidate them, and then distribute them among creditors according to a set formula.  What might be difficult given the anonymous nature of Bitcoin transactions is people establishing that they had Bitcioins on deposit with Mybitcoin.  Claims usually have to be made in a specific way and within a set timeframe to be included in any distribution.

[smoothie]

We will settle all accounts with a online claim process that we are currently in the process of working out.

So he's now he has the money to pay everyone back?

where did it all come from?

To put it simply (and it might differ slightly depending on the country), when a company goes down, its remaining assets are totaled up and used to pay off creditors (in this case including customers with deposits) in order of priority, i.e. a secured creditor gets their share first. If there are more than one in each priority class, it's proportioned out accordingly. Very often the smallest guys without any security/contract get nothing or just pennies.

So depending on how much MBC has left, every 1 BTC you kept with them, might only get you say 0.1 BTC back.

Well, almost as importantly we can hopefully get more info on the mybitcoin owner now that he's appeared back on the scene, and maybe we can find out whether the bitcoins or some portion of them are lost, stolen, or safe.

Man if that's the case i'd take the 2500 BTC that Bruce will be getting back.

[Xephan]

Why not install just a html index page and explain what happened a week ago?  

This is what makes it all sound dubious. Even if they have to take down all the servers for forensic investigation, it shouldn't had been difficult to throw Linux on a old PC lying around and just serve up a static page.

OR for that matter, have somebody come into the forums and inform everybody that servers are offline and services are suspended pending investigation.

[Peter-Jan Celis (BitFlow)]

Hopefully MBC has the decency of hiring a reputable firm to handle the receivership.

Being offshore that's the only realistic way I can think of for users to have some faith that they received the maximum amount of btc possible in liquidation.

Of course transaction logs of the theft are also a must.

[joulesbeef]

He's a bit late with his note to the community. I'm sure he didnt want to, but his silence for a week was unconscionable.

[Bitcoin Swami]

Maybe once he saw the posts about a bounty on his head, he got a little antsy.  These geeks are some great detectives.

[MemoryDealers]

Why do you guys believe a single thing "Tom Williams" says?

I don't have any evidence either way,  but from looking at the whole picture,  I don't believe one word of it.

[adamstgBit]

Maybe once he saw the posts about a bounty on his head, he got a little antsy.  These geeks are some great detectives.

this wasn't clear... the bounty will be on the hacker of my bitcoin .. maybe thats Tom Williams him self, and maybe not ..

the hacker may have boosted to some friends. one of these friend  (or friends of friends) could be able to tell us who the hacker is. with a bounty out on his head it gives poeple intensive to come forward.

and maybe we'll get the bitcoin back!

[markm]

Maybe once he saw the posts about a bounty on his head, he got a little antsy.  These geeks are some great detectives.

If you are going to posit that theory you might as well also float somewhat the opposite:

Upon seeing that Luigi, Kneecapper, Throatcut, Sniper, and DaBossMan had all lost huge numbers of bitcoins by using his shopping interface on their MurderIncorporated.i2p site he seriously considered trying to vanish, until after days of valium and perusing the forum he woke up to the idea that maybe somehow the geek squad maybe even with or without the aid of Agent Andersen of the - oops I mean *not* of the - CIA might somehow be able to keep DaBossMan and his goons at bay...

-MarkM- (What, that could be fiction? Gosh, really? However do you come up with that idea?)

[Smalleyster]

Thursday, August 4th, 2011

On Friday of last week we noticed that one of our pooled holding servers was missing a large amount of Bitcoins.

Did people say most of the coins haven't been moved?... If this happens to me, my first reaction would be moving all remaining coins into a new wallet.

I won't believe this until he provides transaction details.

That's my take. Keep an eye on the blockexplorer.