MTGox Yen Withdrawal Thread. For Japan Residents.

[Gordon Bleu]

If some Resident could make Thread for a Group Lawsuit and talk to Lawyer for a Offer, to get clear Statement from gox, because if they are Insolvent, a few People would probably transfer their Coins to a Resident to get sueable Ammount. Few % for the Handler and the Lawyer.  but still better Chances than just waiting.

[iikun]

If some Resident could make Thread for a Group Lawsuit and talk to Lawyer for a Offer, to get clear Statement from gox, because if they are Insolvent, a few People would probably transfer their Coins to a Resident to get sueable Ammount. Few % for the Handler and the Lawyer.  but still better Chances than just waiting.

Probably best to at least wait for an official statement. It's almost 5pm in Japan (currently 3:35pm) and I would expect an announcement at 5pm, the end of the business day. Until then it's too up in the air as to what the situation really is & if they are going to try & trade out of the situation or just fold.

[kevinm]

If some Resident could make Thread for a Group Lawsuit and talk to Lawyer for a Offer, to get clear Statement from gox, because if they are Insolvent, a few People would probably transfer their Coins to a Resident to get sueable Ammount. Few % for the Handler and the Lawyer.  but still better Chances than just waiting.

^^  +1

[YipYip]

Wow,
just got my 3 transactions transferred today!! Quite a big amount too!

OMG ... you should buy a lottery ticket !!!! 

[Zangelbert Bingledack]

OK,

The news is in... Gox lost over 700,000 coins and is likely insolvent.

People have been getting their Japanese yen withdrawals today because Japanese residents have a better chance of suing Gox within the Japanese legal system (I imagine).

But what about those of us that had our coins stuck there. Is it likely that Gox would prioritize us for compensation if we were to take legal action within Japan.

Thoughts?

there's no point doing payouts half-assed I think. As long as Japanese residents hold cash or btc at gox I can't see any benefit in paying out. They may even be breaking bankruptcy laws by "preferring" some customers over others.  Also puzzling is that the management should be criminally liable for allowing deposits whilst in full knowledge of what was happening, yet they didn't halt trading, deposits and some withdrawals.

btw that 700,000 lost btc story apparently doesn't have any source...someone just seems to have pulled that number out of thin air & claimed "insider knowledge"

The 700,000 yen figure is from this http://www.scribd.com/doc/209050732/MtGox-Situation-Crisis-Strategy-Draft

Trading was halted minutes after this was leaked. Minutes later the joint statement by Coinbase/ Blockchain/ etc was released... Then the web-page went down minutes later so I think it is safe to assume that this is indeed accurate.

That's completely circumstantial. After such allegations it'd be natural for them to halt trading and maybe take everything offline to go say "WTF?" to the other exchanges and figure out how to communicate about the "leaked" document. If they're insolvent the move makes sense. If they're solvent the move makes sense (fits with their usual pattern of non-communication during mtumultuous times). Taking the website offline right after the allegations indicates nothing either way. It's suspicious, but MtGox is always doing suspicious things like that, for years now.

[medialab101]

OK,

The news is in... Gox lost over 700,000 coins and is likely insolvent.

People have been getting their Japanese yen withdrawals today because Japanese residents have a better chance of suing Gox within the Japanese legal system (I imagine).

But what about those of us that had our coins stuck there. Is it likely that Gox would prioritize us for compensation if we were to take legal action within Japan.

Thoughts?

there's no point doing payouts half-assed I think. As long as Japanese residents hold cash or btc at gox I can't see any benefit in paying out. They may even be breaking bankruptcy laws by "preferring" some customers over others.  Also puzzling is that the management should be criminally liable for allowing deposits whilst in full knowledge of what was happening, yet they didn't halt trading, deposits and some withdrawals.

btw that 700,000 lost btc story apparently doesn't have any source...someone just seems to have pulled that number out of thin air & claimed "insider knowledge"

The 700,000 yen figure is from this http://www.scribd.com/doc/209050732/MtGox-Situation-Crisis-Strategy-Draft

Trading was halted minutes after this was leaked. Minutes later the joint statement by Coinbase/ Blockchain/ etc was released... Then the web-page went down minutes later so I think it is safe to assume that this is indeed accurate.

That's completely circumstantial. After such allegations it'd be natural for them to halt trading and maybe take everything offline to go say "WTF?" to the other exchanges and figure out how to communicate about the "leaked" document. If they're insolvent the move makes sense. If they're solvent the move makes sense (fits with their usual pattern of non-communication during mtumultuous times). Taking the website offline right after the allegations indicates nothing either way. It's suspicious, but MtGox is always doing suspicious things like that, for years now.

No, it's over. They are now preparing to file for bankruptcy.

http://www.nytimes.com/2014/02/25/business/apparent-theft-at-mt-gox-shakes-bitcoin-world.html?_r=0

[iikun]

The more I read it, the more I'm inclined to think that the Crisis Strategy document is fake. That's not to say that they're okay or anything, just that having seen a photo of Marks office/desk, I doubt such messy people would go to the bother of putting such things in a document, laid out with their logo etc. A lot of the mainstream news articles seem to be heavily relying on this document.