Mt. GOX Hacked a Blessing in Disguise for Victims?

[ultrloa]

I sometimes think that this Mt.gox of a thing has involves foul play, they are always quick to make announcements about the distribution and then the next day, they are quick to postponed it to another year or month.

You're not the only one who thinks that they're doing something wrong, most of us know that but this time I think they might do some refunds and allow at least some people to get their funds back. If they somehow postpone it this time then I'm sure they aren't going to refund anyone but keep promising about refunding.

I guess this is just another delaying tactics and maybe they don't really have a plan to refund those people. Maybe they are waiting for something and hoping that all those claims will be forgotten. So I guess they really need the help of some regulators their and push Mt.gox owner to do that refund and specific time they are telling. Since continuing moving the date of refund might take forever.

What do I really hope that we can see people being happy and provide feedback that they already receive their refunds and happy to get a lot of share since they deserve that especially they go thru a lot of stress and heavy pressure due to what Mt.gox did to them. For what they do I think there's only less chance for people to get that refund and they are just make people expect for something far to happen.

[stompix]

So in case the bitcoin is not returned to creditors, I think the government will confiscate it and possibly put it in a government fund.

Really? How will that even work lawfully?

Can't you people never accept that good things happen and people get paid back?
Does it always have to be darkness doom, gloom, everyone is dying, the government is killing our babies stuff?
People are getting paid back, the same crypto users who are scared of a possible dump are screaming that the coins not redistributed faster, what in the name of god logic is in that?

Everyone was cheering for coins to be distributed, now let's not give them back cause it will crash the market!
Everyone was angry at the FTX collapse now that they recovered 8 billion, no, don't sell it!

Feels like the whole forum is full of masochists!

I guess this is just another delaying tactics and maybe they don't really have a plan to refund those people

Or maybe you should just talk to other, like people that have got their money back?
 https://crypto.news/more-than-10-years-since-the-collapse-of-mt-gox-users-confirm-reimbursements/

[tread93]

It's been a hot topic these days that the collapsed exchange Mt. Gox will begin paying back thousands of users in a few days.  I am in no way saying that getting hacked is good but considering the current situation of the victims who are supposed to receive the refund, they would be gaining more than 10,000x% profit[1].  The fund being hacked, recovered and locked for about 10 years made these victims unable to move their funds, and the recovery and refund resulted in a huge profit.  If the exchange was not hacked, many of these people could have sold their BTC at worth less than $1000 and they should not have gained this huge amount of profit when they received their refund.

Bitcoin was around $600 when the exchange shuttered.  And now the price soar for more than 100x as the refund is about to be executed.  I am happy for these people, all their stress, worries and patience had been fully rewarded.  I hope the refund process will not put too much stress on the Bitcoin market since $9B worth of coins will be unloaded to the market and this is not a small amount.

With this thing happening, I believe the Mt. Gox hack after the authority recovered the fund became a blessing in disguise for victims who exercise patience. Your thought?


Btw, I read that the disbursement is a mixture of Bitcoin and Bitcoin Cash, Does the victim have a claim on the Bitcoin cash equivalent of their Bitcoin when Bitcoin was forked?



[1] https://www.cnbc.com/2024/07/01/mt-gox-about-to-unload-9-billion-of-bitcoin-what-it-means-for-btc.html

Yes you're right, who knows that they could have done with their crypto holdings and surely could have wiped it out for pennies compared to what they are getting. In a sense it definitely is a blessing in disguise for them. Although it took a very long time and definitely lots of frustration they are being made whole, I think its incredible for those people. I hope they have better lives and can focus on their passions now & do what they truly want, surely this has given them much relief and freedom to do as they please now. Money can't buy everything but it sure as hell can make you comfortable and supply your basic needs and desires.

[Fivestar4everMVP]

It's been a hot topic these days that the collapsed exchange Mt. Gox will begin paying back thousands of users in a few days.  I am in no way saying that getting hacked is good but considering the current situation of the victims who are supposed to receive the refund, they would be gaining more than 10,000x% profit[1].  The fund being hacked, recovered and locked for about 10 years made these victims unable to move their funds, and the recovery and refund resulted in a huge profit.  If the exchange was not hacked, many of these people could have sold their BTC at worth less than $1000 and they should not have gained this huge amount of profit when they received their refund.

Bitcoin was around $600 when the exchange shuttered.  And now the price soar for more than 100x as the refund is about to be executed.  I am happy for these people, all their stress, worries and patience had been fully rewarded.  I hope the refund process will not put too much stress on the Bitcoin market since $9B worth of coins will be unloaded to the market and this is not a small amount.

With this thing happening, I believe the Mt. Gox hack after the authority recovered the fund became a blessing in disguise for victims who exercise patience. Your thought?

As much as I believe this to be a really good news for those the victims of the mtGox exchange hack, and maybe the owners of this exchange as well, I (like some other users here have said, or mentioned) believe that only a very few persons who actually were a true victim of the hack, will benefit from this current development, owning to the fact that some of the victims by now are already dead, while some must have sold/given away, or totally abandoned their accounts, forgetting their login details details, since many didn't actually believe that Bitcoin will get to where it is today, some users who had a few bitcoins back then worth a few tens to hundreds of dollars might have given it all up.

But all the same, congratulations to the ones who waited and are good to really benefit from the coming disbursement, it's going to be a life changing experience if any of those victims haven't actually made more money than they initially lost to the exchange hack.

[mindrust]

It's been a hot topic these days that the collapsed exchange Mt. Gox will begin paying back thousands of users in a few days.  I am in no way saying that getting hacked is good but considering the current situation of the victims who are supposed to receive the refund, they would be gaining more than 10,000x% profit[1].

Looks like it. Many of those people would have sold their bitcoins way earlier. This is like winning the lottery to them. Some of those victims probably died though and that's the sad part. They won't enjoy their huge wealth... but their relatives probably will.

A guy with a $100 in his gox acc now has $10k which is pretty impressive.

And $1000 has become $100k which probably many people had in their accounts and that's enough to buy a great car nowadays.

And $10k has become... daym.

After going through all that crap, they all deserved to win the big prize.

[nelson4lov]

While Mtgox won't be refunding the full amount in BTC that was lost to customers. Only a fraction of it. The upside is that even though it's not the wholesome amounts, the value gains over the years will surely compensate for the lost amount for sure. So yes, in hindsight. the Mtgox incident was a blessing in disguise. Without the hack, majority of those customers would have sold bitcoin at the $20K top in 2017 or the $69K top in 2021 even worse, at the $3K bottom during the lockdown sell-offs but because they couldn't, now they get to rip the full benefits as a hard-core holder would.

That was essentially a "fixed deposit" kind of situation.

[Iranus]

So in case the bitcoin is not returned to creditors, I think the government will confiscate it and possibly put it in a government fund.

Really? How will that even work lawfully?

Can't you people never accept that good things happen and people get paid back?
Does it always have to be darkness doom, gloom, everyone is dying, the government is killing our babies stuff?
People are getting paid back, the same crypto users who are scared of a possible dump are screaming that the coins not redistributed faster, what in the name of god logic is in that?

Everyone was cheering for coins to be distributed, now let's not give them back cause it will crash the market!
Everyone was angry at the FTX collapse now that they recovered 8 billion, no, don't sell it!

Feels like the whole forum is full of masochists!

Why are you so agitated? 10 years have passed and surely some people are dead or some people don't know about the news of mtgox refunding BTC...and he asked about those people's bitcoins and what will happen to those bitcoins.
No one here is saying that Mtgox should stop refunding or that everything should be confiscated. The refund is happening and we should congratulate them because they finally got their bitcoins back.

I don't know who is screaming and complaining about Mtgox refunding bitcoins and causing dumping but I'm certainly not participating. Simply because volatility is already a part of this game and even without the mtgox, a bitcoin correction would still occur after months of continuous price increases.

Also, the German government is also selling bitcoins to the market, why is no one complaining about them but complaining about mtgox?

[BoB_Bass]

Something I haven't seen mentioned here is the 1Feex account, https://mempool.space/address/1FeexV6bAHb8ybZjqQMjJrcCrHGW9sb6uF which holds nearly 80k Bitcoin.  Now there is a good chance that the keys to that address are lost forever but if they do ever turn up would these coins be distributed to creditors as well? As far as I can remember these coins were stolen very early on, but they should still belong to the assets of the exchange.  Would be very interesting if these coins ever did move again.

[Apocollapse]

Something I haven't seen mentioned here is the 1Feex account, https://mempool.space/address/1FeexV6bAHb8ybZjqQMjJrcCrHGW9sb6uF which holds nearly 80k Bitcoin.  Now there is a good chance that the keys to that address are lost forever but if they do ever turn up would these coins be distributed to creditors as well? As far as I can remember these coins were stolen very early on, but they should still belong to the assets of the exchange.  Would be very interesting if these coins ever did move again.

That address belong to hacker, if you think it's belong to the exchange or Mt.Gox, it's high unlikely. Even the hacker will move the coins, it will not distributed to the creditors. Probably the hacker is scared and trying to find a way to cash out without leaving any trace, that's why he hadn't move the coins.

That was essentially a "fixed deposit" kind of situation.

Still, Bitcoin give better return than the fixed deposit.

[PrivacyG]

Why are you so agitated? 10 years have passed and surely some people are dead or some people don't know about the news of mtgox refunding BTC...and he asked about those people's bitcoins and what will happen to those bitcoins.

No offense but the first half of your Reply to him was irrelevant to what he was asking, please tell me what this part of the Reply had to do with what he asked,

What I'd like to know is what happens to the crypto funds that can't be refunded back to original holders? For example, people that can't be located, have passed away or are just missing. Who gets that? Other creditors or does the state get it?

As far as I know, the CEO of Mt.gox was arrested shortly after the exchange went bankrupt in 2015 and they later recovered a fair amount of assets and they could have returned the amount that money to creditors. But due to long and complicated litigation, everything has been delayed until now.

[stompix]

~

Why are you so agitated?

I asked you a simple question:

So in case the bitcoin is not returned to creditors, I think the government will confiscate it and possibly put it in a government fund.

Really? How will that even work lawfully?

Instead, you went off with the dribble and dogged it any possible way!
You put your tifoil had and came up with this possibility:
- in case coins are not returned...d'oh, are you actually reading what's happening around?
- hte government will confirm the coins
How? Which government? Which entity? On what legal basis?

But no, you thew some random conspiracy about how the gubbermint is evil and then failed to back it up by a single thing!

Why are you so agitated? 10 years have passed and surely some people are dead or some people don't know about the news of mtgox refunding BTC

And here is the perfect example of how you have no idea how the refunds work!
It's not MtGox distributing coins to the account they had on file!

Victims who entered the rehabilitation program were forwarded a request earlier this year to confirm their address and bank details, there is nobody in that plan who forgot about the coins! Everyone who filed for that will get a share of them, the ones that didn't just get their coins redistributed to other victims, much like a donation!
So how about this, we make a deal, the one that doesn't know a thing about the subject stops talking about it!

No offense but the first half of your Reply to him was irrelevant to what he was asking, please tell me what this part of the Reply had to do with what he asked,

Eh, we need to lower our expectations to the underground level sometimes! 

[pawanjain]

It's been a hot topic these days that the collapsed exchange Mt. Gox will begin paying back thousands of users in a few days.  I am in no way saying that getting hacked is good but considering the current situation of the victims who are supposed to receive the refund, they would be gaining more than 10,000x% profit[1].  The fund being hacked, recovered and locked for about 10 years made these victims unable to move their funds, and the recovery and refund resulted in a huge profit.  If the exchange was not hacked, many of these people could have sold their BTC at worth less than $1000 and they should not have gained this huge amount of profit when they received their refund.

Bitcoin was around $600 when the exchange shuttered.  And now the price soar for more than 100x as the refund is about to be executed.  I am happy for these people, all their stress, worries and patience had been fully rewarded.  I hope the refund process will not put too much stress on the Bitcoin market since $9B worth of coins will be unloaded to the market and this is not a small amount.

With this thing happening, I believe the Mt. Gox hack after the authority recovered the fund became a blessing in disguise for victims who exercise patience. Your thought?


Btw, I read that the disbursement is a mixture of Bitcoin and Bitcoin Cash, Does the victim have a claim on the Bitcoin cash equivalent of their Bitcoin when Bitcoin was forked?



[1] https://www.cnbc.com/2024/07/01/mt-gox-about-to-unload-9-billion-of-bitcoin-what-it-means-for-btc.html

I wish I would have been a victim of the incident myself so that I could have got hold of some of the bitcoins myself.
But I wasn't even aware of bitcoin back then. Although people became victims of the hack, it became a blessing for them.
I personally think, many of those victims who had recently filed a claim would prefer to hold their coins as we have seen the ATH near $73k.
Yes, some people might immediately sell their coins after years of waiting period but I guess many will prefer to hold.
In any case, the dump will not live longer and we will see a steady recovery in price soon.