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Author Topic: Mt. Gox Updates and Russian Recovery Situation  (Read 90 times)
BitcoinBlitz
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September 10, 2019, 05:21:41 AM
 #1

Hi All,

Firstly I'm new here to this forum, so I apologize if this is the wrong place to post this info/speculation. Please feel free to move it or delete it if it's off topic.

Not sure how many here are Mt. Gox creditors or have heard about this "Russian Recovery" offer from a legal firm called ZP Legal that was posted initially on Mtgoxlegal.com. You can read a good writeup from the "Bitcoin lawyer" Daniel Kelman he posted on Medium that he spoke out against this particular offer:

https://medium.com/@danielkelman/the-mtgox-russian-recovery-offer-why-im-saying-no-thanks-7d8275bd7f97

Kim Nilsson also weighs in and his comments can be read on the site I'm linking below:

I originally saw this posted a couple days ago on the Telegram "MtGoxRecovery" channel about a new site and forum http://www.russianrecovery.com . It promises to provide more info on the situation and it was free to sign up. It makes the claim of being backed by some (donors/benefactors?), but also says it welcomes donations but doesn't require them unless you think it's worth it to you. Not sure of its background or if it'll live up to any of these promises, but at least it's another place for potential information. Mt. Gox Legal charges the $100 fee, and I know that's a turnoff for some or simply not affordable/worth it to everyone. (It's also a bit of a shit-show right now with all the arguing, speculation and fighting going on in that forum)

Currently the "RR" main web page itself is mostly recent opinions/letters from Kim Nilsson and Daniel Kelman, and some articles. The forum has a few posts, mostly promising upcoming info about alternatives to ZP Legal and more information about this whole "Russian Recovery". They also mention they intend to fight Coinlab in court using a different approach that hasn't been used. Don't know if that means in Japan or the US or what.

I'd love to believe it's true some whales coordinated together and decided to take action, but am cautiously skeptical for now. It did take some amount of time/money to create it, so I'm willing to give it a chance and see what develops for now. I signed up up with a burner email address, so might be a good idea for you to do the same if you're concerned about OpSec (or even use a VPN if you want to be extra cautious).

Some on Mt. Gox Legal have accused it of just being another way to make money from the whole situation (like many argue Andy Pag did with representing claim buyer Fortress for commission and now ZP Legal signing up claims). I don't see any indication of that yet though (other than some crypto donation links on the main site).

Anyway, take it for what you will, but figured some of you might be interested in another resource out there, since our dear Trustee in Japan operates at the speed of ice melting on a freezing day and his lack of communication makes the word "frustrating" the understatement of the century.

Hope this info is helpful to someone out there. I've been searching for real answers on this one in particular. If anyone else knows anything else, it'd be greatly appreciated. Thanks in advance.
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September 10, 2019, 05:32:34 AM
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Well, I do not know if the proposed legal representatives are knowledgeable enough to deal with international law, because the trustees in Japan are already familiar with the laws in that country. I have my reservations that the current trustees are knowledgeable about Bitcoin, because they sold coins on exchanges, when the price were at it's lowest levels.

Anyone that knows anything about Bitcoin, would tell you that it is never a good idea to sell at a low price, if you are trying to get the most return for the clients that lost a lot of money and when you do that, you stay away from exchanges, because that would further influence the price and you will get even less money for the remaining coins.  Angry

I would rather suggest that they get a professional trader to sell those coins, to maximize the profit for the clients.

 
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September 10, 2019, 10:26:57 AM
 #3

Never trust MT.Gox. They have already fooled us and I hope they will not be able to deceive more people
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September 10, 2019, 10:34:15 AM
 #4

Thread here about it - https://bitcointalk.org/index.php?topic=5179372.0

None of it points to it being anything other than some sort of attempted con, but then again Russia is so fucked it's impossible to tell what's true and what's not. I find the idea of the sudden arrival of thousands of coins only available through one lawyer hard to swallow.

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September 10, 2019, 07:01:31 PM
 #5

Thanks for the input guys, appreciate it.
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September 11, 2019, 11:30:59 AM
 #6

Never trust MT.Gox. They have already fooled us and I hope they will not be able to deceive more people

Agree with you, all who stems with mt.gox should be jailed to no longer cheat people
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September 11, 2019, 06:12:53 PM
 #7

Beside the topic, mt gox's bitcoin are done to sell? Last year sold thousands of bitcoin, what about now? İf its not end, how much bitcoin remains?

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September 11, 2019, 08:39:40 PM
 #8

Beside the topic, mt gox's bitcoin are done to sell? Last year sold thousands of bitcoin, what about now? İf its not end, how much bitcoin remains?

There is still the Coinlab lawsuit that needs settling and I haven't heard much about that. I believe the selling necessary to meet its debts, other than the money owed to customers, is now done. What's left is still the bulk of 200,000 coins. I'm not sure if it's settled completely but many people will want to be paid back with that BTC, not in USD or JPY, and they're working on that.

In theory all the money left will go to Gox's users so there'll be no more selling by the liquidator.

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