How to recover your money as a small time investor with funds in mtgox

[acidwing]

Hi everybody.

It looks like the writing is on the wall for mtgox.

There must be lot's of people like me who only had a small amount there, less than ten bitcoins. I also had 1000 euro's in withdrawal limbo since last month. Like a total fool, I transferred my bitcoin there just before all this started in order to cash out at the higher gox price. Now it looks like mtgox is all broken.

Is there any way to recover some of my losses? I read about a "multi plaintiff suit" on another thread but they were only interested in people who lost $10000 or more. My 2.34 BTC I still had on gox might get called "property" of mtgox and be given to other investors or creditors to pay them off. That wouldn't be fair at all. 2.34 BTC may not sound like much but it was a lot to me. Regardless of whether they are property or currency, they are still mine and I should get them back if they have them.

What would be the best way for small investors like me to get some of our funds back from mtgox?

AW

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[JJKirsch]

I think it is better to find other investors who has their small amount stuck in MtGox and sue the MtGox

[acidwing]

I agree. I think lots of people working together is our best chance.

Perhaps anyone else in a similar situation could post here or PM me?

Mtgox bragged on it's site that it was the "safest" exchange. Provided they didn't get robbed of all those bitcoin should still be there (and as I understand it there would be significant evidence if it had been robbed). Is mtgox simply the custodian of my bitcoin? I can't think of a better example but say if ebay went bust, I wouldn't expect all the items listed there to be given to the creditors, even if ebay were storing them in a big warehouse somewhere as part of its business model. Is this any different or am I missing something?

[bitcoinsolicitor]

I am a qualified solicitor authorised and regulated by the Solicitors Regulation Authority in Engand.

My law firm Selachii LLP would be please to assist / advise those located in the UK.

To discuss any potential matters please call + 44 (0) 20 7792 5649 or email info (at) selachii.co.uk

Regards


Richard Howlett
Solicitor
www.bitcoinsolicitor.com

[BitCoinNutJob]

I am a qualified solicitor authorised and regulated by the Solicitors Regulation Authority in Engand.

My law firm Selachii LLP would be please to assist / advise those located in the UK.

To discuss any potential matters please call + 44 (0) 20 7792 5649 or email info (at) selachii.co.uk

Regards


Richard Howlett
Solicitor
www.bitcoinsolicitor.com

I had 30 BTC stuck in MtGox, im looking for help

[Atruk]

Hi everybody.

It looks like the writing is on the wall for mtgox.

There must be lot's of people like me who only had a small amount there, less than ten bitcoins. I also had 1000 euro's in withdrawal limbo since last month. Like a total fool, I transferred my bitcoin there just before all this started in order to cash out at the higher gox price. Now it looks like mtgox is all broken.

Is there any way to recover some of my losses? I read about a "multi plaintiff suit" on another thread but they were only interested in people who lost $10000 or more. My 2.34 BTC I still had on gox might get called "property" of mtgox and be given to other investors or creditors to pay them off. That wouldn't be fair at all. 2.34 BTC may not sound like much but it was a lot to me. Regardless of whether they are property or currency, they are still mine and I should get them back if they have them.

What would be the best way for small investors like me to get some of our funds back from mtgox?

AW

Get a time machine?

[WompRat]

I guess we are all going to learn something about Japanese bankruptcy proceedings now.  I think the only thing to do now is to wait and see what the scale of the losses are and how many bitcoins are unaccounted for.  I am not sure what good legal representation will do if you are a small investor.  

[efrix]

Hello,

I'm in the same situation, we can put together all the small investors
and proceed against mtgox, contacting tokyo police and maybe a
legal firm in japan. What do you think about that?

[ronaldmaustin]

Please respond to my post in this section.  The FinCEN license is a US Corporation.  I don't believe this is going to be a Japanese BK but a US one.  It is intended to stop the US suits and potential US prosecution.  Hiding in Japan and forming a Japanese company is not going to help Mr. Karples keep your money.  MtGox has stolen millions and he will be extradited and prosecuted.  I cannot say more at this point, but please respond to my post if you have been ripped off.

[efrix]

I contacted both of you by PM, I'm interested to join you in this.
All the people involved should join. How can we proceed now?

[bitcoinsolicitor]

Any enquiries please email info(at)selachii.co.uk and we can help you.

http://www.selachii.co.uk/solicitors-blog/mt-gox-crisis-investors/

Thanks

[exocytosis]

I'm interested.

[acidwing]

Hi everybody. Thank you for your feedback. I have had a few encouraging private messages as well.

I am not a lawyer but I am pleased some lawyers in the UK have offered help. I will contact them shortly.

Keep posting here if you are interested so we can get a better idea about our numbers.

[dbwilkins]

I guess we are all going to learn something about bankruptcy proceedings now

[bei_neureichs]

I'm interested. 

[acidwing]

I guess we are all going to learn something about bankruptcy proceedings now

Yes So it's not all doom and gloom folks.

I contacted the legal firm that posted earlier in this thread. I received a reply almost immediately saying there was a great deal of interest and that they would be ready to issue an update next week.  

I intend to continue posting updates here to let people know what is going on.

[Massimo80]

I contacted the legal firm that posted earlier in this thread. I received a reply almost immediately saying there was a great deal of interest and that they would be ready to issue an update next week.  

Same for me.

Of course, I'm quite interested, too.

[gj679]

I'm interested unfortunately 

[dancingnancy]

I still have bitcoinica money locked up in this.  Can I participate somehow as well?  It was a decently large size of BTC.

Thanks

[repentance]

Mark's confirmed that the information in the "leaked document" is essentially true.

IRC chatlog.

http://www.wickedfire.com/shooting-shit/179038-my-conversation-mark-karpeles-mtgox-2.html#post2164682

FinCEN is aware of the reports regarding MtGox.

Steve Hudak, spokesman for Treasury's anti-money laundering unit, the Financial Crimes Enforcement Network (FinCEN), said it is "aware of the reports regarding Mt. Gox" but had no additional comment. To date it is the only U.S. regulatory agency to have any oversight of Mt. Gox.

http://www.reuters.com/article/2014/02/25/us-mtgox-website-idUSBREA1O07920140225

Information on Japanese insolvency processes.

http://www.jurists.co.jp/en/topics/others_4007.html

http://www.bingham.com/Publications/Files/2012/02/A-Practical-Guide-to-Japanese-Insolvency-Procedures

Those consulting Western lawyers should make sure to mention the various legal actions already in progress, including actions by regulators (the seizure of funds by DHS and the investigation into SR money laundering activities).  The advice you get is only going to be as good as the information you provide, so leaving out critical information which may affect the viability of legal action is against your own best interests.