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Author Topic: MTGOX Statement *NEW MAR 3RD*  (Read 8936 times)
casinocoin
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March 03, 2014, 06:53:10 AM
 #1

Looks like they have updated their homepage.
Like a lot of you posting, I call fraud and believe MTGOX is committing major criminal negligence. Did they not monitor things on a daily basis.. There must have been a whole lot of ass picking going on.


Mark Karpeles
Representative Director
MtGox Co., Ltd.
Shibuya 2-11-5
Shibuya-ku, Tokyo

ANNOUNCEMENT REGARDING AN APPLICATION FOR COMMENCEMENT OF A PROCEDURE OF CIVIL REHABILITATION

MtGox Co., Ltd. made today an application for commencement of a procedure of civil rehabilitation (minji saisei) at the Tokyo District Court. This application was accepted on the same day. Further, MtGox Co., Ltd is under several orders issued by the Court : a preservative order prohibiting it from paying its debts, transferring its assets or establishing security over its assets, an order establishing a comprehensive prohibition of forced attachment of its assets by its creditors and a supervisory order ordering supervision by a supervisory committee. In consequence, MtGox hereby informs you as follows.
We first express our most sincere regrets and apologies for this situation and for causing so much inconvenience to all our users and other interested parties. We will fully respect the above orders and maintain our assets with all the necessary care.

Financial situation, reasons and timeline leading to this application
(1) As of now, the liabilities of MtGox Co., Ltd exceed its assets and its financial situation is as follows:

Total amount of assets    3,841,866,163
Total amount of current liabilities    6,501,119,371
(2)   The increase of current liabilities may be linked to a loss of bitcoins and customer funds. These are now investigated by an expert and all efforts are made to discover the truth. This application was prompted by the following troubles:

At the start of February 2014, illegal access through the abuse of a bug in the bitcoin system resulted in an increase in incomplete bitcoin transfer transactions and we discovered that there was a possibility that bitcoins had been illicitly moved through the abuse of this bug.
As a result of our internal investigation, we found that a large amount of bitcoins had disappeared. Although the complete extent is not yet known, we found that approximately 750,000 bitcoins deposited by users and approximately 100,000 bitcoins belonging to us had disappeared.
We believe that there is a high probability that these bitcoins were stolen as a result of an abuse of this bug and we have asked an expert to look at the possibility of a criminal complaint and undertake proper procedures.
On the same day (24th), we found out large discrepancies between the amount of cash held in financial institutions and the amount deposited from our users. The amounts are still under investigation and may vary but they approximate JPY 2.8 billion.
We are investigating the causes of these problems. Since there are probably a variety of causes including hacking by third parties, we need to investigate a huge amount of transaction reports in order to establish the truth. As of this date, we cannot confirm the exact amount of missing deposit funds and the total amount of bitcoins which disappeared.
Once we discovered that bitcoins had disappeared and the discrepancies between cash funds and deposit balances, we judged that it would be difficult to continue our activities normally and we therefore closed our site at noon on the 25th (Japan time).

(3)   Regarding the filing of a complaint or damages report, an expert has been mandated and investigations have started. We will make all efforts to ensure that crimes are punished and damages recovered.
Further we will fully cooperate with inquiries from authorities and investigations related to this matter, in Japan or overseas.

In order to increase repayments to our creditors, it is necessary to explore the possibility of having MtGox Co., Ltd. continue its business. This is why the civil rehabilitation procedure has been chosen, Rebuilding MtGox Co., Ltd under the supervision of the court in a legally organized procedure while giving proper explanations will not be for the sole benefit of the company but for that of the whole bitcoin community.
All efforts will now be made to restore the business and recover damages to repay debts to creditors. We hope for the understanding and cooperation of all.

Outline of the application
(1)   Application date   February 28, 2014
(2)   Jurisdiction   Tokyo District Court
(3)   Counsel of applicant
Baker & McKenzie (Gaikokuho Joint Enterprise)
Attorney-at-law   Junko Suetomi
Attorney-at-law   Yamamoto Hideyuki
Yodoyabashi & Yamagami Legal Professional Corporation
Attorney-at-law   Akio Shinomiya
Attorney-at-law   Kazumasa Kawai

(4)   Supervisor   Nagashima Ohno & Tsunematsu
Attorney-at-law   Nobuaki Kobayashi
(5)   Investigator   idem
(6)   Case no.    2014 (sai) 12Civil rehabilitation commencement application

Contact information
A call center has been established to respond to all inquiries. The call center is planned to start on March 3, 2014. All inquiries to MtGox Co., Ltd. should be made to the following telephone number:
Telephone number   +81 3-4588-3921
Working hours   Monday to Friday 10am to 5pm (Japan time)

Please refrain from contacting the office of the supervisor/investigator.

--- TIP for the topic. 12vaUMDQrw9wi6dvZ6E1GH3CVoCiRs2NsK ---c2tech---
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March 03, 2014, 06:59:11 AM
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Cute.  ~40% of the assets (2.8b JPY in bank balances, the easiest ones to notice missing) were unaccounted for?  This isn't just incompetence.  This is criminal negligence.

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March 03, 2014, 07:00:28 AM
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"On the same day (24th), we found out large discrepancies between the amount of cash held in financial institutions and the amount deposited from our users. The amounts are still under investigation and may vary but they approximate JPY 2.8 bil"

So a hacker made off with 700,000+ BTC and a magical fairy was able to hack the bank accounts.

Either a completely incompetence exchange or well thought out fraud.

In no way am I an I.T. expert, but I strongly believe it is the latter.
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March 03, 2014, 07:02:58 AM
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850000 coins  Shocked

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March 03, 2014, 07:06:05 AM
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The worse thing is that they are still claiming it is a bug in Bitcoin instead of owning up to that fact that their software and procedures were at fault!   That's leads me to believe fraud on their part.   
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March 03, 2014, 07:10:04 AM
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The worse thing is that they are still claiming it is a bug in Bitcoin instead of owning up to that fact that their software and procedures were at fault!   That's leads me to believe fraud on their part.   

this, malleability as a "bug" has been so debunked, outrageous

This is not some pseudoeconomic post-modern Libertarian cult, it's an un-led, crowd-sourced mega startup organized around mutual self-interest where problems, whether of the theoretical or purely practical variety, are treated as temporary and, ultimately, solvable.
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March 03, 2014, 07:12:17 AM
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aaaaaaaaaaaaaaaaaannnnnnnnnnnnnddddddd its gone.


All hell breaks loose in 3....2......1

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March 03, 2014, 07:17:10 AM
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So let me get this right, they lost $30 million that's MILLION, USD in their actual bank accounts, BESIDES the loss of BTCs. I don't even...

Or does this mean they were running fractional reserve and are now trying to cover it up as "discovered discrepancies on the 24th Feb". That'd be my guess.
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March 03, 2014, 07:19:00 AM
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b..b...but the withdawl tests... wont somebody think of the withdraw tests!!!!

wheres the ol bitcoin foundation now... wonder how much they all split it.

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March 03, 2014, 07:32:21 AM
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Given he apparently left France in a hurry, moving to Japan practically over night after his employers accused him of computer fraud, I think there is valid reason to suspect that it's more than incompetence, and that illegal activity on his part here is likely.
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March 03, 2014, 07:33:01 AM
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It would be good to know who the "expert" is and get reports from him.
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March 03, 2014, 07:43:09 AM
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A new, better MtGox!  A MtGox that does't lose customers funds.  This is such an awesome idea.

It's good for them to build on their strengths rather then trying to compete with the bitcoin eater address.
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March 03, 2014, 07:48:14 AM
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There are just 2 realististic possibilities:

1. Mark Karpeles stole it
2. Somebody else from MtGox stole it.

The whole "there was a hacker, who used a bug to steal the Money"-Argument is just stupid.


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March 03, 2014, 07:53:16 AM
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To quote a scene from Office Space ... 

Money Laundering ... to .. to .. (looking up definition of money laundering) ...

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March 03, 2014, 07:53:20 AM
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There are just 2 realististic possibilities:

1. Mark Karpeles stole it
2. Somebody else from MtGox stole it.

The whole "there was a hacker, who used a bug to steal the Money"-Argument is just stupid.



This is the likeliest scenario if the amounts are really wrong...

Unless they have had some sort of bug in their implementation, which I can't leave out either. Meaning that trades have not been balanced on sheets...

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March 03, 2014, 07:58:15 AM
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"On the same day (24th), we found out large discrepancies between the amount of cash held in financial institutions and the amount deposited from our users. The amounts are still under investigation and may vary but they approximate JPY 2.8 bil"

What a fucking joke. More BS from Gox. It's impossible they did not realize they had less money in the bank than they were supposed to have. To begin with they did know very well they were short of aprox. $10M because of  Coinlab and DHS.

Something very fishy is going on. I hope they go down for good and never come back.

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March 03, 2014, 08:00:52 AM
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Quote
We found that approximately 750,000 bitcoins deposited by users and approximately 100,000 bitcoins belonging to us had disappeared.
We have asked an expert to look at the possibility of a criminal complaint and undertake proper procedures.
On the same day (24th), we found out large discrepancies between the amount of cash held in financial institutions and the amount deposited from our users.

I am not sure what the text is referencing when it says "On the same day". Does it mean that they found out the cash missing from banks on the same day when they asked experts to look at things or does it mean that they found out the missing bitcoins on the same day when they found the missing cash on the 24th february.

I believe the motivation of this sentence is to claim that they filed for bankruptcy immediately after for the first time noticing that they are insolvent. I believe many countries have laws that is illegal to continue operation like nothing happened after you have found your company insolvent. I do not know about Japan. Given this assumed motivation I would assume the sentence wants to say that the ambiguous "same day" statement referes to the finding of missing bitcoins rather than asking experts which is pretty irrelevant which day that happened. I am sure they have asked experts on multitude of days.

However I think whatever they say about they found out on 24th of feb is a lie because are these issues not already mentioned on the leaked crisis memo which was done many weeks ago? How did the leaked crisis memo know about this stuff if MtGox only for the first time found about this on 24th of feb?
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March 03, 2014, 08:23:11 AM
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they are proven liars about everything that they have said so far...

why are so many reaching to believe they are honest - and just victims...?
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March 03, 2014, 08:38:46 AM
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Something smells fishy about his statement.  Either that or he was truly incompetent.
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March 03, 2014, 08:44:57 AM
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At the start of February 2014, illegal access through the abuse of a bug in the bitcoin system resulted in an increase in incomplete bitcoin transfer transactions and we discovered that there was a possibility that bitcoins had been illicitly moved through the abuse of this bug.
As a result of our internal investigation, we found that a large amount of bitcoins had disappeared. Although the complete extent is not yet known, we found that approximately 750,000 bitcoins deposited by users and approximately 100,000 bitcoins belonging to us had disappeared.
We believe that there is a high probability that these bitcoins were stolen as a result of an abuse of this bug and we have asked an expert to look at the possibility of a criminal complaint and undertake proper procedures.

So the hack took place between 1 Feb 2014 and 6 Feb 2014 (6 Feb is I believe when btc withdrawals were halted at Gox). During less than a week 850,000 were stolen.

Show me this in the blockchain  Grin


EDIT: Can someone who uses blockchain API hooked to a statistical analysis software please calculate value / amount of coins sent on the Bitcoin network in period 1 - 6 Feb 2014. I want to know what % of all bitcoins sent in this period were the ''stolen'' coins.
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