MtGox announce finding of 200,000 lost BTC!

[Singlebyte]

This is going to make things interesting.  How was it "discovered" and how will they distribute the coins back to the owners?  With their database hacked, how will they be able to allow legit people to login and retrieve their accounts and assure everyone that it's not just hackers logging into the database?  That's assuming the courts allow a percentage distribution to the depositors.  And legal fees will eat up a lot of these coins!  Mtgox just keeps on Goxxing......


Translated version
http://translate.google.com/translate?sl=ja&tl=en&u=http%3A//headlines.yahoo.co.jp/hl%3Fa%3D20140321-00000038-yom-sci

With their database hacked
Gox stopped using plain-text passwords in the DB a very long time ago.
Anyone with a strong password will still be in control of their account, and the others deserve to learn a harsh lesson.

This is already known....  I am talking about what other holes and security exploits do the hackers have access to?  If they got in once, makes sense they can do it again.  And did they plant a back door somewhere else in the code?

[Bit_Happy]

OK, here's a question (or two):

Is he going to return those coins or refund them as fiat?
And at what price? Gox price?

It's in the hands of the courts; Logically the BTC goes to people who have a BTC balance.
People who panic sold for fiat get burned badly if Gox keeps finding large numbers of BTC.

[Bit_Happy]

This is going to make things interesting.  How was it "discovered" and how will they distribute the coins back to the owners?  With their database hacked, how will they be able to allow legit people to login and retrieve their accounts and assure everyone that it's not just hackers logging into the database?  That's assuming the courts allow a percentage distribution to the depositors.  And legal fees will eat up a lot of these coins!  Mtgox just keeps on Goxxing......


Translated version
http://translate.google.com/translate?sl=ja&tl=en&u=http%3A//headlines.yahoo.co.jp/hl%3Fa%3D20140321-00000038-yom-sci

With their database hacked
Gox stopped using plain-text passwords in the DB a very long time ago.
Anyone with a strong password will still be in control of their account, and the others deserve to learn a harsh lesson.

This is already known....  I am talking about what other holes and security exploits do the hackers have access to?  If they got in once, makes sense they can do it again.  And did they plant a back door somewhere else in the code?

Yes that is more interesting:
...did they plant a back door somewhere else in the code?

Will "the old code" need to ever go live again?
(Near the end) Gox was requiring verification on all accounts. They could set up a site for verified users to "apply" to get the max allowed refund. Then the old code isn't being used.

We will find out someday...

[pixskull]

It would be great if they found them!  But what  comes up MT Gox after that?

Who still thinks it was a scam until they got a class action suit that was actually following thru?

[Aquent]

MT Gox found the keys by searching "a storage location called 'wallet' (purse) that exists on the internet"

Lmao. So we found out before gox that gox had 200k btc.

http://www.reddit.com/r/Bitcoin/comments/1z37zw/mt_gox_has_at_least_200k_btc/

Gox, look into these 150k btc as well, maybe you still have them:

www.reddit.com/r/Bitcoin/comments/1za9sf/found_at_least_150k_btc_of_mt_goxs_stolen_coins/

Oh, Gox, btw, there are another 100k btc here and there belonging to you. PM me MK I'll find your btc for you dude!

[ilpirata79]

How do you think the bitcoin will be reimbursed, it this turns to be true?

I mean, will every customer get the same amount of bitcoins, so the ones who have a small amount get it entirely, or do you think they will reimburse customers in proportion to the amount owed to each of them?

What does the law say? Any past examples?

Best regards,
ilpirata79

[Bit_Happy]

How do you think the bitcoin will be reimbursed, it this turns to be true?

I mean, will every customer get the same amount of bitcoins, so the ones who have a small amount get it entirely, or do you think they will reimburse customers in proportion to the amount owed to each of them?

What does the law say? Any past examples?

Best regards,
ilpirata79

What does the law say?
Once it goes to court the lawyers get most/much of it by charging high fees.

Sadly, that is what the law says:
U.S. Bankruptcy Court Judge Kevin Carey approved a top hourly fee of $925 in the Tribune Co. bankruptcy, Bloomberg reports. The billable rates charged by the Chicago-based firm in the case start at $575 for some attorneys, according to a Dec. 26 filing requesting court approval of legal fees.
http://www.abajournal.com/news/article/bankruptcy_judge_nixes_sidleys_top_1100_hourly_rate_oks_925/


$600 to $900/hour* for the bankruptcy lawyers; Do you think Mark found cheap ones?
ps. This is a high-end fee, surely Gox is ass-end...

[boumalo]

This is exciting news, I don't doubt the mtgox clients will get something back but the lawyers will bleed them of huge amounts of $ like they did on the Maddoff fiasco on a larger scale

I think there is a lot more happening than what we can see, it is pretty obvious that you can't misplace 200 or 350k BTC then find it back in a 2weeks span

Let's hope for the best

[ilpirata79]

How do you think the bitcoin will be reimbursed, it this turns to be true?

I mean, will every customer get the same amount of bitcoins, so the ones who have a small amount get it entirely, or do you think they will reimburse customers in proportion to the amount owed to each of them?

What does the law say? Any past examples?

Best regards,
ilpirata79

What does the law say?
Once it goes to court the lawyers get most/much of it by charging high fees.

Sadly, that is what the law says:
U.S. Bankruptcy Court Judge Kevin Carey approved a top hourly fee of $925 in the Tribune Co. bankruptcy, Bloomberg reports. The billable rates charged by the Chicago-based firm in the case start at $575 for some attorneys, according to a Dec. 26 filing requesting court approval of legal fees.
http://www.abajournal.com/news/article/bankruptcy_judge_nixes_sidleys_top_1100_hourly_rate_oks_925/


$600 to $900/hour* for the bankruptcy lawyers; Do you think Mark found cheap ones?
ps. This is a high-end fee, surely Gox is ass-end...

Interesting (and hurting) news from your side...

But you did not answer my quesiton... how are the few bitcoins left split among customers? Does somebody know?
The logic (mine, at least) suggests that who got more bitcoins on mtgox will get less in percentage compared to who had less there.


Best regards,
ilpirata79

p.s. I think lawyers will not accept bitcoins...

[Luno]

No, the community found them, then Mark with his 190 IQ, figures out that he's been had, and magically finds them!!!

[mitzie]

Wow ! Great news!)) Does it mean that they are going to return it back to the clients?

Get a number..

[ilpirata79]

Does someone know what is the average number of bitcoins possessed by mtgox customers??

Best regards,
ilpirata79

[Bit_Happy]

How do you think the bitcoin will be reimbursed, it this turns to be true?

I mean, will every customer get the same amount of bitcoins, so the ones who have a small amount get it entirely, or do you think they will reimburse customers in proportion to the amount owed to each of them?

What does the law say? Any past examples?

Best regards,
ilpirata79

What does the law say?
Once it goes to court the lawyers get most/much of it by charging high fees.

Sadly, that is what the law says:
U.S. Bankruptcy Court Judge Kevin Carey approved a top hourly fee of $925 in the Tribune Co. bankruptcy, Bloomberg reports. The billable rates charged by the Chicago-based firm in the case start at $575 for some attorneys, according to a Dec. 26 filing requesting court approval of legal fees.
http://www.abajournal.com/news/article/bankruptcy_judge_nixes_sidleys_top_1100_hourly_rate_oks_925/


$600 to $900/hour* for the bankruptcy lawyers; Do you think Mark found cheap ones?
ps. This is a high-end fee, surely Gox is ass-end...

Interesting (and hurting) news from your side...

But you did not answer my quesiton... how are the few bitcoins left split among customers? Does somebody know?
The logic (mine, at least) suggests that who got more bitcoins on mtgox will get less in percentage compared to who had less there.


Best regards,
ilpirata79

p.s. I think lawyers will not accept bitcoins...

But you did not answer my quesiton...

You are correct, I didn't.
If they "find" there is 50% of the money & btc available (for example), then I think everyone gets 50% (any experts in the house, please comment)

However:
This is a new type of case, and no one knows how the BTC will be valued (in $$ terms), or if a "fair" payment (1 BTC = 1 BTC, not GoxpriceBTC) is a high priority.
>>> Can they/will they force a mass liquidation of BTC to convert everything into $$ (Yen) amounts.  (Oh God, please no)
Stay tuned....

[Aquent]

The plan is simple guys the draft explains it.

If they only have 200k btc, which I doubt, they will return this 200k btc to the creditors, then give the creditors 100% share of the company as compensation for the lost 750k btc. New management is brought in, new code etc, exchange opens, everyone is able to withdraw their 20% of btc i.e. this 200k, and then are paid in dividents from profits.

I think Gox has at least 90% of our btc though. This 200k btc proves they have a cold wallet. Therefore, the most they could have lost is the hot wallet, so around 80k.

[Bit_Happy]

The plan is simple guys the draft explains it....

The draft was pre-bankruptcy and has no current power or meaning.
When the courts are done Mark can make a new draft, if he is "feeling OK".

[designfail]

Wanna find the rest of the coins quickly? The "thermo-rectal cryptoanalyzer" (hot soldering iron into Mark's a**hole) will do it.. 

[cafminer1]

F*cking liars. As already done a lot of times before, the fat rat will keep lying until there s no escape. Press the bastard! This guy deserves death, after paying every penny back. Silk Road guys must be on stalk ;-P Everybody is still waiting, just in the hope of getting their money back... Fuckarpeles better get some Magic The Gathering out of the hat or be prepared to meet the Lord.

[wickedgoodtrader]

Good news for Mt Gox account holders, bad news for the price of BTC. That's 200k coins that can now be sold that couldn't before.

[Pangia]

Looks like someone realized his scam wouldn't work and quickly "coughed up" the private keys.

+1000

[S4VV4S]

F*cking liars. As already done a lot of times before, the fat rat will keep lying until there s no escape. Press the bastard! This guy deserves death, after paying every penny back. Silk Road guys must be on stalk ;-P Everybody is still waiting, just in the hope of getting their money back... Fuckarpeles better get some Magic The Gathering out of the hat or be prepared to meet the Lord.

Did you lose money on SilkRoad?
Why did you mention it?