Is it true that Mt Gox funds are going to get released?

[Beta-coiner]

  Following the reasoning where MtGox's fiat accounts were not compromised the time of the hack, since they are bank accounts

 there is chances that the creditors holding balances in "fiat money" get served first, before other creditors ?

Bitcoin was sold sometime back to cover smaller creditors and what smaller balance they had. The majority of individuals have requested BTC and BCH concerning their claims from my understanding.

[1715352205]

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[1715352205]

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[noormcs5]

I was told by a source that Mt Gox funds will be released on ~20 November, 2021 on the order of honorable court where the hearing was made. If it's a fact, will 150k btc worth $10 billion enter the market? And should we prepare for a big dump after this happens? The intention behind posting this isn't about spreading chaos but awareness about what may happen if Mt Gox funds will be released. This is a happy news for me, but scary too.

Only 5 days are left and we will see what will be the impact on the bitcoin market. However, this is not fair that those people are given the same amount of bitcoins because the value of bitcoin at that time was very less. If the  Mt Gox was not hacked, those people would have spent those bitcoin long before. They are indeed lucky if they get the same amount of bitcoin which will change their fortune.

[Danydee]

I was told by a source that Mt Gox funds will be released on ~20 November, 2021 on the order of honorable court where the hearing was made. If it's a fact, will 150k btc worth $10 billion enter the market? And should we prepare for a big dump after this happens? The intention behind posting this isn't about spreading chaos but awareness about what may happen if Mt Gox funds will be released. This is a happy news for me, but scary too.

Only 5 days are left and we will see what will be the impact on the bitcoin market. However, this is not fair that those people are given the same amount of bitcoins because the value of bitcoin at that time was very less. If the  Mt Gox was not hacked, those people would have spent those bitcoin long before. They are indeed lucky if they get the same amount of bitcoin which will change their fortune.

But the market and much of peoples got very unlucky when the MtGox got hacked,
 the price was at stable level around 1k$, times before the hack, and the hack provocated his falling to ~200, 300 after times ..

[Kakmakr]

I am curious ....

How much of those bitcoins will be paid to the lawyers and trustees and accountants that worked on this case for years? The thing that usually happens in group lawsuits like this is the following :

1. The expenses are deducted and the victims get a small percentage of their losses.
2. The people (lawyers) get the majority of the money and the victims get almost nothing.
3. No interest is paid on the money that was lost.

We know only a small amount of the actual coins lost, was recovered... so the victims can only get a small percentage of everything that was recovered.  

[stompix]

I am curious ....

How much of those bitcoins will be paid to the lawyers and trustees and accountants that worked on this case for years? The thing that usually happens in group lawsuits like this is the following :

1. The expenses are deducted and the victims get a small percentage of their losses.
2. The people (lawyers) get the majority of the money and the victims get almost nothing.

The rehabilitation plan expenses were 5,8 million including fees back in 2019 and costing around 1,2 million a year since then. Even if we round this up to 10 million it's still 0.1% of the 9 billion worth of coins that will be reimbursed. I doubt anyone could call 0.1% "majority".

We know only a small amount of the actual coins lost, was recovered... so the victims can only get a small percentage of everything that was recovered.  

1/4 of the coins and 30x times the value in USD compared to the hack.
Is it really "small"?

[oHnK]

Mt Gox is indeed one of the biggest cases in the crypto market, but if this news is true then it is only natural for a correction to occur.  The compensation value for this case is very large, and the impact will be a significant correction.  I feel that this condition will not last long, because it is only temporary, a sell-off is possible but there are still many people waiting for BTC at a low price in order to take profit at a high price.  Currently BTC is quite stable at 60k and I'm sure this will pass soon.

[Koro-Sensei]

I was told by a source that Mt Gox funds will be released on ~20 November, 2021 on the order of honorable court where the hearing was made. If it's a fact, will 150k btc worth $10 billion enter the market? And should we prepare for a big dump after this happens? The intention behind posting this isn't about spreading chaos but awareness about what may happen if Mt Gox funds will be released. This is a happy news for me, but scary too.

Quite scary for Bitcoin holders. It could potentially drop its price and could reach 55K+ once again in just an instant and these guys who lost their BTCs are now potentially millionaires. What a fortune though. It just like they hold it for long then got released with a xxxxx return. Just wow.

[Beta-coiner]

I am curious ....

How much of those bitcoins will be paid to the lawyers and trustees and accountants that worked on this case for years? The thing that usually happens in group lawsuits like this is the following :

1. The expenses are deducted and the victims get a small percentage of their losses.
2. The people (lawyers) get the majority of the money and the victims get almost nothing.
3. No interest is paid on the money that was lost.

We know only a small amount of the actual coins lost, was recovered... so the victims can only get a small percentage of everything that was recovered.  

So to reiterate the scale of this issue...

1. 850,000 Bitcoins were lost when the exchange went down

2. 140, 000 Bitcoins were recovered when it was seized by the authorities

3. The addresses are very old holding these Bitcoins. So airdrops are also in these addresses. BCH, BSV, Bitcoin gold etc....

4. The payout is ONLY BTC and BCH at this time. I believe some say 15-20 percent of last stash held on the exchange.

5. Further coins recovered will go to the creditors.

6. Bitcoin was sold to cover creditors and other expenses.

7. Fortress is a majority stakeholder holding a majority of these accounts

8 Bitcoin price was well under 100 dollars at the time of the exchange having problems

[Danydee]

8 Bitcoin price was well under 100 dollars at the time of the exchange having problems

correction,
Bitcoin was at around $1000 at the time the exchange got hacked, and droped after that
the Bitcoin price was at +/- $100 in 2013, before the big bull run that rised/proted it to 1000 at the end of the year

[Reid]

I am wondering more if authorities would let them take out a whole bunch of 150k in BTC. It could shake the market in a high rate and it will not be easy to go back from it. A possible panic could also occur that would make the price dump in expectation of creditors selling their coins after they receive it.  Perhaps they should make an agreement of distributing the credits from it's real owners by portions just so it won't shock the financial industry.

[Beta-coiner]

8 Bitcoin price was well under 100 dollars at the time of the exchange having problems

correction,
Bitcoin was at around $1000 at the time the exchange got hacked, and droped after that
the Bitcoin price was at +/- $100 in 2013, before the big bull run that rised/proted it to 1000 at the end of the year

What I mentioned was correct. The exchange had problems and was sub 100 in 2013 well before any "hack".

There is still a strong belief Karpeles stole or dipped into most of the BTC at the time as all transactions had to go through him at the time.

[Leviathan.007]

I saw much news about this case recently, some people were saying that they could recover thousands of dollars from Mt Gox, while the news is not confirmed yet and even if they could recover their money this could be big news and everyone could know about it while there is not an official new about this case confirming anything, recently I even saw a newbie forum member claims to recover his funds from Mt Gox while he didn't log into his old account and there were many questions about him and his case. Also, I see many messages from scammers saying we can help you recover your Mt Got if you send them some personal documents, so, the case smells fishy to me.

[Danydee]

 I don't think the retribution will made at one time, to all creditors, they most likely will retribut creditors by groups, one by one, groupe after groupe !!

[Beta-coiner]

I don't think the retribution will made at one time, to all creditors, they most likely will retribut creditors by groups, one by one, groupe after groupe !!

Correct, from my understanding it is categoried. The earliest to request a refund comes first.

Still, it is a large amount of BTC and BCH for the economy to absorb even over time.

That to me indicates not too many BTC rallies for a while.

[Fatunad]

I don't think the retribution will made at one time, to all creditors, they most likely will retribut creditors by groups, one by one, groupe after groupe !!

Correct, from my understanding it is categoried. The earliest to request a refund comes first.

Still, it is a large amount of BTC and BCH for the economy to absorb even over time.

That to me indicates not too many BTC rallies for a while.

We can presume on that way if thats the case on where those coins would be released or given back into its owners which is really something not saying a bad thing but
it cant really be avoided that those people who would recieved out their coins even on not on full scale or in some partial will definitely sell up once they had able to get
in touch with those funds.I cant blame them though considering on how much they would able to make in todays price.Im already anticipating for some correction
but well we do know that things do recover eventually.

[Dave1]

I saw much news about this case recently, some people were saying that they could recover thousands of dollars from Mt Gox, while the news is not confirmed yet and even if they could recover their money this could be big news and everyone could know about it while there is not an official new about this case confirming anything, recently I even saw a newbie forum member claims to recover his funds from Mt Gox while he didn't log into his old account and there were many questions about him and his case. Also, I see many messages from scammers saying we can help you recover your Mt Got if you send them some personal documents, so, the case smells fishy to me.

It could really smell something that is not right here.

And then the timing of this news when we just hit another all time high. Maybe this news are being used by a lot of individuals too to create a FUD and I think that's what is happening now on the market as we are plummeting to $59k-$60k.

So it's better to really wait for the news, I know this is the 'ghost in the past', that keeps haunting bitcoin market, and I really hope that one day everything will be a close book.

[Lucius]

Maybe this news are being used by a lot of individuals too to create a FUD and I think that's what is happening now on the market as we are plummeting to $59k-$60k.

It is very easy to manipulate the crypto market, because most do not really understand what they are investing in, and then they believe everything they hear or read in the media. The story of Mt.Gox has to end once and for all, and the sooner that happens, the better for all of us. The question we can't know the answer to is what the average person will do after being compensated, whether they will sell immediately or not do anything.

It is also possible that not everyone will get their BTC at once, but that it may take months, and given Japan's efficiency, it may take years. Personally, it seems to me that there is too much noise here, and there is not too much reason for that.

[2double0]

<<>>
It is also possible that not everyone will get their BTC at once, but that it may take months, and given Japan's efficiency, it may take years. Personally, it seems to me that there is too much noise here, and there is not too much reason for that.

Noise? It was fear in my mind that I shared immediately when I came to know about it from an 'insider' friend. Why will the court let Mt Gox take any extra time to serve their creditors who waited so long for this day to come? If the release happens the same day for all the creditors and like we are talking that btc is 30x already from the value they bought at, I think most creditors will move their coins to the exchange to sell it because even though they know about the potential of btc, why will they leave a chance for selling their btc at near ath?

[Danydee]

Why will the court let Mt Gox take any extra time to serve their creditors who waited so long for this day to come?

Maybe just to ensure the smooth functioning of the retribution..  The case is treaded by the justice court, this like the ensure the well treatment of all the operations,, and to prevent any bad return from coming if all the reimbursements are served at once

[paxmao]

I recently heard a guy speaking about his investing habits and saying that it is not as much about the speed of the car but rather about the direction of travel and the highway you are taking. MtGox funds freed will have an inpact for sure. Most people owning that money are by today's standards uber rich as they have been involuntarely holding it for a very long time. My take is that they will liquidate big. Yet the car is still driving in the same direction.