[2019-02-04] Ex Bitcoin Foundation chair claims billions ahead of Mt.Gox victims

[bbc.reporter]

I cannot find the words to express how shameful and how very low this person is for the human race. I shake my head.

However, I do not know the whole story except for what I have read in this article. Does Peter Vessenes and Coinlab rightfully have strong claims on all the money to make him think that all the Mt.Gox victims should get nothing?


Peter Vessenes smiling

Attorney Daniel Kelman tweeted, “Peter @vessenes is now confirmed as the party claiming ¥1.6 [trillion] JPY in damages from MtGox. He apparently thinks MtGox victims should get nothing.”

Mt Gox was, at the time half a decade ago, processing upward of 70% of the world’s bitcoin, and when it finally collapsed, a lot of people lost a lot of money. Investigations were launched. Funds were reportedly gone forever, then were suddenly recovered, and then were revealed to be only a fraction of the real amount. Price appreciations in 2017 appeared to make what was left over more than compensation solvent for victims, and then prices crashed. Trust appointees have dumped BTC onto the market, resulting in, some contend, various price crashes. And those are only part of the story.

The latest wrinkle in the saga can be summed up by crypto exchange Kraken CEO and founder Jesse Powell, who gasped, “Unbelievable balls on [Vessenes] to hold up payouts to thousands of victims for years with an entirely frivolous claim over a botched partnership attempt. How could you think that your $16B claim should be senior to the actual account holders’? How do you show your face?” As of publication Vessenes has not responded.

Reports from the middle of last year claimed something like $1 billion in BTC would be returned to victims, and it’s not immediately clear what impact Vessenes’ claim would have on that dispersal. However, a court’s challenge is to find who is owed what amount and in what order. Conceivably, Vessenes’ claim could wipe out the entirety of what’s left, and at least hold up the process altogether if a court finds his claim worthy of investigation.


Document of Peter Vessenes' claim

Read in full https://coinspice.io/news/former-bitcoin-foundation-chair-claims-billions-from-mt-gox-ahead-of-victims/

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[joniboini]

What the hell. What's the logic behind his claim?
I do understand that money can drive people nuts, but this is beyond that.

[vit05]

The profile of Peter Vessenes here on BitcoinTalk

Bitcoin foundation was definitely one of the worst organizations related to Bitcoin.

As for this process, it is incredible that this has only been revealed now. Certainly, everyone who was hoping to receive something from the Mtgox process should be revolted.

But they were the representative of Mt Gox in the US and Canada. Perhaps the defense against this lawsuit could be in this matter of licenses if coinlab could do what it said it would do. But alas, they need to have someone contesting it.

https://mtgox.com/press_release_20130228.html

Mt. Gox, the owner of the world’s dominant Bitcoin exchange, announced today that they have selected CoinLab as their exclusive partner in the United States and Canada. As of March 29, all US and Canadian customers currently transacting with Mt.Gox will transact through CoinLab, Inc.

[davis196]

What the hell. What's the logic behind his claim?
I do understand that money can drive people nuts, but this is beyond that.

What's the logic?Greed,off course.
The so called "Bitcoin foundation" was a money maing machine back then.
The easy money are gone and this guy wants to find another way to get some.

[figmentofmyass]

I cannot find the words to express how shameful and how very low this person is for the human race. I shake my head.

However, I do not know the whole story except for what I have read in this article. Does Peter Vessenes and Coinlab rightfully have strong claims

strong claims? no. the agreement was forged on misrepresented operational health and solvency. most of vessenes' claims are based on revenue that never existed in the first place, so now he's trying to take the money from the pockets of mt gox depositors.

shameful is right. he's already a pariah in the bitcoin community because he's been building these claims in plain sight for years.

[buwaytress]

Precious little good to come out from any association with Bitcoin Foundation, I'd say. This guy isn't a new suit on the block either, been building that claim for a while, and if the Japanese courts are worth anything (and they are), they'll never let Coinlabs get away with more than they deserve.

P.S. His account's actually been active as recently as last year, just never posted for years. He's like all the other suits from his era, isn't he?

[gentlemand]

If I was his mother I'd go round his house, drive a police battering ram into his solar plexus and circumcise him while he thrashed on the floor of his hallway.

It's not as if they actually lost any money either, just potential business that was never going to happen anyway.

Karma is self comforting bullshit. I wish it was true for stuff like this.

[bbc.reporter]

I cannot find the words to express how shameful and how very low this person is for the human race. I shake my head.

However, I do not know the whole story except for what I have read in this article. Does Peter Vessenes and Coinlab rightfully have strong claims

strong claims? no. the agreement was forged on misrepresented operational health and solvency. most of vessenes' claims are based on revenue that never existed in the first place, so now he's trying to take the money from the pockets of mt gox depositors.

shameful is right. he's already a pariah in the bitcoin community because he's been building these claims in plain sight for years.

Also, he is part of the Metronome ICO together with Jeff Garzik. Maybe that scam is already dying and he thought that it might be good to move on to the next scam.

Peter's strategy might be to delay the payouts until the claimants settle with him in exchange for a share of their bitcoins.

[Harlot]

Claims like these won't stand in court especially if the previous ruling was to disperse there remaining funds to their customers. I don't know what this guy is thinking or he is just doing this for media attention but I think he knows at the end he won't get anything that he was hoping to receive. This guys should shut the fuck up before he gets serious death threats in his mails.

[gentlemand]

Claims like these won't stand in court especially if the previous ruling was to disperse there remaining funds to their customers. I don't know what this guy is thinking or he is just doing this for media attention but I think he knows at the end he won't get anything that he was hoping to receive. This guys should shut the fuck up before he gets serious death threats in his mails.

I think it's been proven now that you can get up to whatever you want and there are no Bitcoin vigilantes who'll come and 'get' you.

We're all too nice and the prospect of getting out of your gaming chair to wheeze after someone in the real world is too scary to contemplate.

[CoinClarity]

OK so I'm perusing stories for my next news roundup article...

Can someone explain to me what the appeal of a GOX reboot is? Its like re-invigorating a movie franchise that everyone hated. The Mighty Ducks Part III.

Is it pretty much just to satisfy duped customers? Not sure a GOXCoin is gonna cut it.

https://cointelegraph.com/news/goxrising-movement-aims-to-reboot-mt-gox-exchange-make-gox-coin-for-creditors

If I was his mother I'd go round his house, drive a police battering ram into his solar plexus and circumcise him while he thrashed on the floor of his hallway.

I forget if I told you this already but you are quite the poet and you write a lot of passages that I can't help but visualize... ouch.

[squatter]

OK so I'm perusing stories for my next news roundup article...

Can someone explain to me what the appeal of a GOX reboot is? Its like re-invigorating a movie franchise that everyone hated. The Mighty Ducks Part III.

Is it pretty much just to satisfy duped customers? Not sure a GOXCoin is gonna cut it.

https://cointelegraph.com/news/goxrising-movement-aims-to-reboot-mt-gox-exchange-make-gox-coin-for-creditors

I think it's a niche of duped customers who hopes to recover their BTC through a token pump. Maybe it's inspired by Binance's BNB. I think this is the general idea: Leverage the brand (people at least have heard of it) and customer database, pay for a state-of-the-art trading back end since the bankruptcy trust has much more assets than liabilities, and pay victims with a pro rata share of a dividend-paying ICO token that could be traded on other exchanges.

As I was saying, the people promoting it are probably just hoping to sell into a GOXCoin pump and walk away. It's less about launching a working exchange and recovering real money for victims. What are the chances of that happening?

[bbc.reporter]

OK so I'm perusing stories for my next news roundup article...

Can someone explain to me what the appeal of a GOX reboot is? Its like re-invigorating a movie franchise that everyone hated. The Mighty Ducks Part III.

Is it pretty much just to satisfy duped customers? Not sure a GOXCoin is gonna cut it.

https://cointelegraph.com/news/goxrising-movement-aims-to-reboot-mt-gox-exchange-make-gox-coin-for-creditors

If I was his mother I'd go round his house, drive a police battering ram into his solar plexus and circumcise him while he thrashed on the floor of his hallway.

I forget if I told you this already but you are quite the poet and you write a lot of passages that I can't help but visualize... ouch.

Is there a reboot or is there only a rumor of a reboot? I heard a Brock Pierce is making a deal to purchase MtGox, however Mark Karpeles denied that there was no purchase agreement drafted and record of payments for shares.

[bbc.reporter]

News update.

Is there anyone left in the forum who closely knows with this case? Does this imply that there is this possbility that a large portion of those lost bitcoin will be sold to the market before the case settles? I do not want to use the word dump on this might be serious issue.



CoinLab Cuts Deal With Mt. Gox Trustee Over Bitcoin Claims

Offer is for 90% of remaining Bitcoin tied up in bankruptcy

Creditors seeking to regain Bitcoin lost on the Japanese exchange Mt. Gox in 2014 have a chance to get their digital assets back before legal claims are settled.

CoinLab Inc. said an agreement with Nobuaki Kobayashi, the trustee to the Mt. Gox bankruptcy, and MGIFLP, a unit of Fortress Investment Group LLC, will allow creditors to consider an offer of as much as 90% of the remaining Bitcoin tied up in the bankruptcy.

Source https://www.bloomberg.com/news/articles/2021-01-15/coinlab-reaches-deal-with-mt-gox-trustee-over-bitcoin-claims

[Sithara007]

Does any one know how many coins remain with Nobuaki Kobayashi? He was busy liquidating most of the remaining coins, when the exchange rates were really low. We know that originally the recovered coins amounted to around BTC200,000. But I suspect that a majority of this amount was converted in to fiat currency by the Mt Gox bankruptcy trustee (Nobuaki Kobayashi).

[bbc.reporter]

@Sithara007. There are some news articles that are implying that the creditors can claim up to 750,000 coins. I reckon for the purpose of shock and clickbait hehehe. However, we cannot be certain.

Also, I read somewhere before that there were 150,000 coins that remain.

[squatter]

Is there anyone left in the forum who closely knows with this case? Does this imply that there is this possbility that a large portion of those lost bitcoin will be sold to the market before the case settles?

My recollection is that CoinLab is the single biggest obstacle to the civil rehabilitation process. They filed a $16 billion claim on the trust's assets, which was obviously disputed by other stakeholders. They've now finally reached an agreement with the trustee to set aside 10% of the remaining bitcoins to settle the ongoing lawsuits, which opens the door for the other 90% to be released to creditors.

In that sense, yes, this is very big breakthrough for creditors, and it's likely they'll get paid before the CoinLab suit is settled.

Creditors still need to approve the plan, and even once they have, I wouldn't be surprised if there are more logistical delays given the scale and legal red tape involved.

Does any one know how many coins remain with Nobuaki Kobayashi?

According to this article from last month, approximately 150,000, although I don't think the exact amount is publicly known.

[bbc.reporter]

@squatter. What do you speculate on the outcome of this? Will there be a dump of 150,000 coins? I have seen arguments that there might not be a dump and the agreement has not yet really been signed and agreed. Is this clickbait and FUD?

[Usider]

All the victims of the collapse of Mt.Gox can only sympathize. Although I think that if these people really loved bitcoin they probably bought it more than once

[squatter]

@squatter. What do you speculate on the outcome of this? Will there be a dump of 150,000 coins? I have seen arguments that there might not be a dump and the agreement has not yet really been signed and agreed. Is this clickbait and FUD?

Indeed, nothing is official at this point. A preliminary agreement has been reached among some of the largest stakeholders, that's all.

Whether and how many creditors agree to the early repayment scheme, and then how many of those creditors turn around and sell their bitcoins -- we have no idea. I'm no fortune teller.

Even if repayment happens relatively soon, we should probably assume a significant portion of creditors are long term Bitcoin believers who don't intend to sell.