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March 03, 2014, 11:15:47 PM |
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The issue is not so simple as assets/liabilities. The issue is assets/liabilities at the time of the theft. All trades that occured after the time of the theft (at Gox's assurance that nothing was wrong) are actually fraudulent since there was no bitcoins backing the transactions. If those people with USD balances then bought bitcoins in the period of time after the heist, these trades will have to be rolled back and their USD balances restored. This includes any Bitcoin and USD withdrawals that happened during that period, they will have to be restored and it will be interesting to see who exactly was able to withdraw and get their BTC or USD out, as this is criminal and prosecutable in a court of law. USD balances are segregated from the BTC balances and they will be treated differently. If someone had a USD balance at the time of the heist, it was protected, it will have to be restored and returned. BTC accounts at the time of theft are out of luck.
It will be quite a mess trying to roll back all those transactions, and again, if it is found that anyone was able to sell their bitcoins and withdraw the money to their bank account this will be criminal and prosecutable. Any BTC withdrawals approved by Gox after the heist will be even more outrageous.
It is obvious what has happened here, there was an attempt after the theft to sell a large amount of bitcoins and this was allowed by Gox/Karpeles (there is nothing wrong, really!) so certain individuals could move from BTC to USD for the very reasons I have listed above. That is why you saw the price of bitcoins fall into the 100's. Individuals with privileged information were given the chance to dump their BTC! It won't work though as these transactions will have to be rolled back and Karpeles is looking at jail time once all of this crap is brought to light. He'll be lucky if he lives through this, actually. I can't wait to see what the USD and BTC withdrawals look like!
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