mtGox Nobuaki Kobayashi

[vindiou]

Almost 10 years since MtGox has been hacked.

This guy keeps on changing the deadline for paying back the exchange’s creditors.

Why? This is simple : banks have asked Nobuaki Kobayashi to hold creditors assets as long as possible to make these assets work for themselves and to produce interests.

How much money do you believe MtGox creditors assets have produced since 10 years?

Who do you think benefits from this money?

Some creditors have cash only assets and the banks still hold their assets !!!

Please send your complaint to Tokyo District Court president.

Address : 1-1-4 Kasumigaseki, Chiyoda, Tokyo, Japan

[franky1]

even though creditors have to wait.. the lawyers/administrators can make expense claims and receive expenses instantly.. slowly cutting into whats left

if the filings are suggesting creditors only get a fiat value of X% of their losses back.. the higher btc price goes the less coin they need to sell/offer, thus the more the administrators can keep

500k bitcoin "loss" (at 2013-14 peak of $1.2k) is equivalent to just 16.6k coins at $36k

[Doan9269]

Almost 10 years since MtGox has been hacked.

This guy keeps on changing the deadline for paying back the exchange’s creditors.

Why? This is simple : banks have asked Nobuaki Kobayashi to hold creditors assets as long as possible to make these assets work for themselves and to produce interests.

How much money do you believe MtGox creditors assets have produced since 10 years?

Who do you think benefits from this money?

Some creditors have cash only assets and the banks still hold their assets !!!

Please send your complaint to Tokyo District Court president.

Address : 1-1-4 Kasumigaseki, Chiyoda, Tokyo, Japan

We should stop deceiving ourselves, the worst had already happened, if the money is eventually paid back, do you think every investors affected using their platform will receive their fund back, the worst is also going to happen and government will take charge of these asset abd sell it out to others in auction, or probably take it to themselves and add it up to the government treasury, but if eventually the  unexpected happens, are they using the then rate to make the payout or the current market price, where is the entire profits going, there are many things associated to this situation already beyond an ordinary explanation, if it takes over ten years and yet the case is not settled yet, do you think it would ever be, are the affected users still with the hope of receiving their money back or have moved on with their lives.

[DapanasFruit]

This guy keeps on changing the deadline for paying back the exchange’s creditors. Why? This is simple : banks have asked Nobuaki Kobayashi to hold creditors assets as long as possible to make these assets work for themselves and to produce interests.

This is so sad, actually. These people were victims of the closure of MtGox and after so many years they are still being victimized by the people who are supposed to be protecting their interest. This is one of the many reasons why DEX rose up to counteract the many bad possibilities to happen to CEX...though of course nothing is really guaranteed in the crypto space. I am hoping that soon JUSTICE can be served to whom it is due and assets must be returned to the rightful owners.

[DooMAD]

People back then didn't know any better, so I do feel sorry for them.  However, people are still repeating that mistake today.  They trust vast sums of money to middlemen, who possess full custody of the funds.  If anything happens to those exchanges or webwallets, yet more administrative and legal vultures will appear to take their cut. 

I don't know why people refuse to learn from the past.  They see this exact situation unfold in front of their very eyes, yet they still continue handing over control of their BTC to, effectively, total strangers.

[pinggoki]

I don't know why people refuse to learn from the past.  They see this exact situation unfold in front of their very eyes, yet they still continue handing over control of their BTC to, effectively, total strangers.

This is probably because people like the convenience of storing their bitcoins in these custodial wallet, they can easily access and sell and trade it plus not all of these bitcoin people are using bitcoin the way we know bitcoin, some of them probably don't even know how to create their own wallet to store their bitcoins. Probably the reason why they didn't learn anything from history is because they didn't know of it in the first place, just jumped into bitcoin because they're blinded by the potential profits if they buy one.

[Orpichukwu]

even though creditors have to wait.. the lawyers/administrators can make expense claims and receive expenses instantly.. slowly cutting into whats left

if the filings are suggesting creditors only get a fiat value of X% of their losses back.. the higher btc price goes the less coin they need to sell/offer, thus the more the administrators can keep

500k bitcoin "loss" (at 2013-14 peak of $1.2k) is equivalent to just 16.6k coins at $36k

I believe this is exactly the case here, and there could also be a higher possibility that at the end of the day, every repayment will be turned around to only be paid based on asset value as of the time of the hack and not on BTC approximation or any other currency that any victim might have. This way, they will be able to save up more than they could have paid to the affected accounts.
 
This is the only reason I believe they have been prolonging this payout, thinking of the best possible solution to make it happen, where people will complain less and have no other option than to accept the little that they see as better than receiving nothing, but then again, will the court allow such a ruling if the MtGox representative presents it in court?

[Fiatless]

I believe this is exactly the case here, and there could also be a higher possibility that at the end of the day, every repayment will be turned around to only be paid based on asset value as of the time of the hack and not on BTC approximation or any other currency that any victim might have. This way, they will be able to save up more than they could have paid to the affected accounts.

The ideal form of payment should based on the cryptocurrencies that were owned by each victim. A victim that owns Bitcoin should be paid with the same currency. There could be other payment options but victims should allowed to make their own choices. It will be robbery for these victims who have waited for close to a decade to receive payments based on the past price of Bitcoin. There could be deductions due to legal and other fees but it shouldn't be an excuse to steal from these victims.
 

This is the only reason I believe they have been prolonging this payout, thinking of the best possible solution to make it happen, where people will complain less and have no other option than to accept the little that they see as better than receiving nothing, but then again, will the court allow such a ruling if the MtGox representative presents it in court?

This is not the first time the deadline for these Payments has been moved. The current reason that the trustee Kobayashi gave for the delay of payment is that the process of partnership with banks, exchanges, and fund transfer service providers took more time than predicted. Who knows if the trustees are targeting the bull to make more profit? These victims have endured for almost eight years, they have to wait for a few months.

[DaveF]

This was discussed a month ago when it 1st came out.
My thoughts more or less: https://bitcointalk.org/index.php?topic=5467570.msg62951598#msg62951598

Due to the length of time and the amount of people and the number of moving parts so to speak, it's really not that long.
There have been clear cut bankruptcies and other court cases that have taken longer to sort out.

But, it really does prove yet again, not your keys not your coins.

-Dave

[pawanjain]

If at all Mt.Gox is planning to payout their users then they should be getting back what they were holding and not the USD equivalent of it.
I guess they are keeping on postponing the release of coins deliberately so that their users get tired of their announcements.
Or may be they are announcing such things so that they can manipulate the market for their benefit.

[stompix]

How much money do you believe MtGox creditors assets have produced since 10 years?

This is really a stupid take!
Imagine the court would have decided that the payments should be in BTC value at the price of BTC at the date of the hack!
Despite the cut, the creditors are still looking at up to 6x times the amount they had at that time, so they are not losing a penny in fiat value , on the contrary!

This is simple : banks have asked Nobuaki Kobayashi to hold creditors assets as long as possible to make these assets work for themselves and to produce interests.

Again, a stupid take!
Interest rates in Japan from 2013 to 2015 were 0.1% and then from 2015 till now, they are at - minus! 0.1%
So, what interest are we talking about?

[davis196]

This guy keeps on changing the deadline for paying back the exchange’s creditors.

Why? This is simple : banks have asked Nobuaki Kobayashi to hold creditors assets as long as possible to make these assets work for themselves and to produce interests.

I'm definitely not a lawyer nor I have any specific knowledge about the mtGox court case. I just have two questions.
1.Is this Nobuaki Kobayashi allowed to change the deadline for paying back mtGox's creditors? This doesn't seem right to me. The court must set a strict deadline for paying back the money, with no reasons for postponing the deadline.
2.Aren't the mtGox creditors supposed to be compensated for not getting back their money on time? I'm sure that they have the right to sue Kobayashi for a compensation.

[cafter]

I don't know why people refuse to learn from the past.  They see this exact situation unfold in front of their very eyes, yet they still continue handing over control of their BTC to, effectively, total strangers.

This is probably because people like the convenience of storing their bitcoins in these custodial wallet, they can easily access and sell and trade it plus not all of these bitcoin people are using bitcoin the way we know bitcoin, some of them probably don't even know how to create their own wallet to store their bitcoins. Probably the reason why they didn't learn anything from history is because they didn't know of it in the first place, just jumped into bitcoin because they're blinded by the potential profits if they buy one.

They just want easy money, most of them are lazy as fuck, they don't want to learn anything, that's why they are in crypto to make big profit without much effort.
they don't want to learn about bitcoin but want gains from bitcoin that's why they store their crypto on CEXes.

[KiaKia]

Are people still hoping that they will get their money back one day? They should stop dreaming about it and move on, I do hope you aren't one of the victims OP? If you are do not put your mind in it, move on.

I was a victim of two hacks on centralized platform before and one paid back after a year, the other doesn't even takes a month, this is why I still recommend Binance exchange to anyone out there because they have the best interest for their business in mind.

Binance cares about it's users and also it's reputation, hacks took place with trust wallet and it doesn't even take them long to pay back all those affected, that's because they already have damage funds available.

I am not saying something bad can't happen to Binance but there is a difference in a platform that cares about it's rep and one that does not care, if MT GOX want to refund all the money they could have already, because it's been too long already, so stop bringing their case back, it's all gone.

[Lucius]

Are people still hoping that they will get their money back one day? They should stop dreaming about it and move on, I do hope you aren't one of the victims OP? If you are do not put your mind in it, move on.

Of course, they hope so, because the compensation procedure has been started for a long time and is now in its final phase. Why are you commenting on something you have no idea about?

Binance cares about it's users and also it's reputation, hacks took place with trust wallet and it doesn't even take them long to pay back all those affected, that's because they already have damage funds available.
I am not saying something bad can't happen to Binance but there is a difference in a platform that cares about it's rep and one that does not care, if MT GOX want to refund all the money they could have already, because it's been too long already, so stop bringing their case back, it's all gone.

What kind of reputation are you talking about? That company dances on the edge of the law in most countries of the world where it operates, and their CEO claims that 99% of all crypto users will sooner or later lose everything they have if they use non-custodial wallets. This means that you also agree that you are somehow a stupid person and that you believe that it is better to believe that your private keys are safer on that CEX than in non-custodial wallet.

[DaveF]

This guy keeps on changing the deadline for paying back the exchange’s creditors.

Why? This is simple : banks have asked Nobuaki Kobayashi to hold creditors assets as long as possible to make these assets work for themselves and to produce interests.

I'm definitely not a lawyer nor I have any specific knowledge about the mtGox court case. I just have two questions.
1.Is this Nobuaki Kobayashi allowed to change the deadline for paying back mtGox's creditors? This doesn't seem right to me. The court must set a strict deadline for paying back the money, with no reasons for postponing the deadline.
2.Aren't the mtGox creditors supposed to be compensated for not getting back their money on time? I'm sure that they have the right to sue Kobayashi for a compensation.

1) Yes he can. He has to go to the court / judge and ask for an extension and explain why. The settlement allowed for a large amount of latitude so I don't know if he had to ask every time there was an extension

2) No, the repayment date was never set in stone so long as the court does not have an issue with it there can be no penalty.

3) The 2024 date is supposed to be the END of the repayments so they probably will start before that.

As was discussed in the thread I posted above and many other places it's been such a long process finding everyone and getting it right is not a simple task.
Add on the fact that it's a world wide payback and you have to navigate the laws of many locals just makes is more difficult.

-Dave