OKpay and MtGox

[User500]

Hey,

once I read OKpay funds lost in the MtGox bankruptcy can be transfered back.

Are there any news on this issue?

[newIndia]

Hey,

once I read OKpay funds lost in the MtGox bankruptcy can be transfered back.

Are there any news on this issue?

Ask Brock Pierce ...he's buying Mt. Gox for 1 BTC. By the way, if OK pay gets refund, why others, who had finds at Mt. Gox, will become shareholder ?

[User500]

any updates?

[ajareselde]

any updates?

nothing so far, hope u guys get you share of the money back
but dont hope too much, doubt it will happen.

[DrApricot]

any updates?

nothing so far, hope u guys get you share of the money back
but dont hope too much, doubt it will happen.

• 850,000 BTC officially "disappeared"
• 200,000 found in "old-format wallet" or 23.5% of total. Mark Karpales says no more will ever be found.
• OKpay and BitOcean propose to repay a proportionate amount + stock.

So, that means if you once had 10 BTC on Mt. Gox, then you'll be getting (10 * .235)  2.35 BTC back from OKpay/BitOcean plus some stock in a revived Mt. Gox under their new management.

Who gets the remainding (10 * .765) 7.65 BTC? Hackers, asset strippers, lawyers?

What if the reason MK is so confident no more bitcoins will ever ever be found is that there were never more than 200,000 BTC there in the first place?

[Aido]

• 850,000 BTC officially "disappeared"
• 200,000 found in "old-format wallet" or 23.5% of total. Mark Karpales says no more will ever be found.
• OKpay and BitOcean propose to repay a proportionate amount + stock.

So, that means if you once had 10 BTC on Mt. Gox, then you'll be getting (10 * .235)  2.35 BTC back from OKpay/BitOcean plus some stock in a revived Mt. Gox under their new management.

Who gets the remainding (10 * .765) 7.65 BTC? Hackers, asset strippers, lawyers?

What if the reason MK is so confident no more bitcoins will ever ever be found is that there were never more than 200,000 BTC there in the first place?

or maybe you'll be getting 200,000 * Personal amount claimed / Total amount claimed i.e. for various reasons a certain amount will be unclaimed

[DrApricot]

• 850,000 BTC officially "disappeared"
• 200,000 found in "old-format wallet" or 23.5% of total. Mark Karpales says no more will ever be found.
• OKpay and BitOcean propose to repay a proportionate amount + stock.

So, that means if you once had 10 BTC on Mt. Gox, then you'll be getting (10 * .235)  2.35 BTC back from OKpay/BitOcean plus some stock in a revived Mt. Gox under their new management.

Who gets the remainding (10 * .765) 7.65 BTC? Hackers, asset strippers, lawyers?

What if the reason MK is so confident no more bitcoins will ever ever be found is that there were never more than 200,000 BTC there in the first place?

or maybe you'll be getting 200,000 * Personal amount claimed / Total amount claimed i.e. for various reasons a certain amount will be unclaimed

Using my example above, suppose I will claim 10 BTC, and the total amount claimed by all (not including uncliamed) is 500,000 BTC. Then my fractional amount will be 10/500,000 equals .000002.

The amount I shall reclaim is .000002 * 200,000 equals 4.0 BTC.

4.0 BTC > 2.35 BTC, yet still not nearly as good as the original 10 BTC.

My question relates to the Mt. Gox bankruptcy filing and the dubious "Crisis Strategy Draft" as being the only sources for the original claim that there were 850,000 BTC held by Gox.

Were there actually never more than 200,000 in the first place, at today's prices, that would still amount to the equivalent of about $130 million. That's still quite a sizeable sum of customer funds for any three year old company such as Mt. Gox to hold, let alone the claimed 850K BTC. With Mark Karpeles confidently stating that no more than 200,000 will ever be found, it at least raises the strong possibility of a hoax.

[gonzx]

any updates?

nothing so far, hope u guys get you share of the money back
but dont hope too much, doubt it will happen.

• 850,000 BTC officially "disappeared"
• 200,000 found in "old-format wallet" or 23.5% of total. Mark Karpales says no more will ever be found.
• OKpay and BitOcean propose to repay a proportionate amount + stock.

So, that means if you once had 10 BTC on Mt. Gox, then you'll be getting (10 * .235)  2.35 BTC back from OKpay/BitOcean plus some stock in a revived Mt. Gox under their new management.

Who gets the remainding (10 * .765) 7.65 BTC? Hackers, asset strippers, lawyers?

What if the reason MK is so confident no more bitcoins will ever ever be found is that there were never more than 200,000 BTC there in the first place?

I read that 100k of the 850k are gox coins, and obvious gox cant reclaim those coins, if it is true, then the total max to reclaim is 750k.

[DrApricot]

any updates?

nothing so far, hope u guys get you share of the money back
but dont hope too much, doubt it will happen.

• 850,000 BTC officially "disappeared"
• 200,000 found in "old-format wallet" or 23.5% of total. Mark Karpales says no more will ever be found.
• OKpay and BitOcean propose to repay a proportionate amount + stock.

So, that means if you once had 10 BTC on Mt. Gox, then you'll be getting (10 * .235)  2.35 BTC back from OKpay/BitOcean plus some stock in a revived Mt. Gox under their new management.

Who gets the remainding (10 * .765) 7.65 BTC? Hackers, asset strippers, lawyers?

What if the reason MK is so confident no more bitcoins will ever ever be found is that there were never more than 200,000 BTC there in the first place?

I read that 100k of the 850k are gox coins, and obvious gox cant reclaim those coins, if it is true, then the total max to reclaim is 750k.

Good catch. So, to amend the above example, if there were 750,000 BTC "disappeared" along with 100,000 belonging to Gox, then the proportionate percentage to be distributed to depositors would be 200,000 divided by 750,000 times 100% equals 26.67%,

Hence, if you held originally 10 BTC on Gox, your recovery amount would be 2.667 BTC, or if you use the number 500,000 "found" as the denominator, it will be 40% of your original holdings or 4 BTC.

[MinerLT]

reply from okpay (7 days ago)

Hello, thank you for contacting OKPAY Support!

We will appeal to MtGox to address this issue and keep you abreast of the situation. We will do everything possible to ensure that our clients either receive the service they paid for or get their money back to the OKPAY account. All our customers will be informed with any updates about situation with MTGox deposits, please wait.
Regards

reply from okpay (1 days ago)

Hello,
We are still in investigation process. In case of any updates all our customers will be informed.
Thank you. 
__
So what you guys thinking about this ? 
 

[TheKoziTwo]

Accepting deposits through OKPAY when already insolvent sounds pretty fucking criminal to me. I sent more than $100k USD to mtgox using OKPAY in february, we still have no idea what happened. Did mark steal the money? did he forget the private key? did he get robbed? Nobody knows.

What we do know is that deposits was accepted and credited until the very end even though Mark knew mtgox was insolvent earlier (like expressed in the crisis draft). I'm hoping OKPAY will refund the money in full, I absolutely did not get what I paid for.

[DrApricot]

Accepting deposits through OKPAY when already insolvent sounds pretty fucking criminal to me. I sent more than $100k USD to mtgox using OKPAY in february, we still have no idea what happened. Did mark steal the money? did he forget the private key? did he get robbed? Nobody knows.

What we do know is that deposits was accepted and credited until the very end even though Mark knew mtgox was insolvent earlier (like expressed in the crisis draft). I'm hoping OKPAY will refund the money in full, I absolutely did not get what I paid for.

There was $27 million in cash also missing from Mt. Gox. These were in bank deposits. Perhaps your $100K is part of that total.

Was their bank hacked? Doesn't seem very likely.

 Perhaps there will be a few answers at the supposed "creditors' meeting" to be held on July 23, 2014. The only problem is Mt. Gox's depositors were not creditors. They are called members in its "Terms of Service". Accordingly,

[Mt. Gox] will hold all monetary sums and all Bitcoins deposited [emphasis added] by each Member in its Account, in that Member's name as registered in their Account details, and on such Member's behalf.
    it shall comply with any and all laws and regulations relating to offering the Platform.

Isn't it reasonable that a member who deposited a monetary sum or Bitcoins is a depositor, not a creditor?

According to Investopedia, a creditor is "An entity (person or institution) that extends credit by giving another entity permission to borrow money if it is paid back at a later date."

It does not seem that Mt. Gox members were ever giving Mt. Gox permission to borrow money, but rather depositing funds to be held for safe-keeping.

Depositors are never creditors, despite what the Mt. Gox bankruptcy trustee seems to believe.

[GreenCoin22]

it's impossible to be transfered back

[DrApricot]

OK, I mean Okay, now I feel dumb.

OKPay and OKCoin are not the same company. I don't use either one, so got a little confused.

It is OKCoin that is working with BitOcean to acquire Mt. Gox, not OKPay.

Okay? Sorry 'bout that.

[User500]

I recently got this message:

We kindly ask you wait for our official reply once it is ready, and to avoid contacting us regarding this issue.

As you know all OKPAY payments are non-reversible according with our Terms of Service:
https://www.okpay.com/en/company/agreements/terms-of-service.html
OKPAY Inc. and MtGox Co Ltd. Companies have a contractual relationship. The decision to reverse the payments can not be done solely by OKPAY without violating our agreements. However we are working on the solution for this situation. As soon as we find a solution in cooperation with MtGox Co Ltd. - we will let our clients know.

Thank you for your patience and understanding.

[titulng]

OK, I mean Okay, now I feel dumb.

OKPay and OKCoin are not the same company. I don't use either one, so got a little confused.

It is OKCoin that is working with BitOcean to acquire Mt. Gox, not OKPay.

Okay? Sorry 'bout that.

What is the relationship with OKcoin and Mtgox? I only know OKpay and BTC-e is founded by a same company.

[DrApricot]

OK, I mean Okay, now I feel dumb.

OKPay and OKCoin are not the same company. I don't use either one, so got a little confused.

It is OKCoin that is working with BitOcean to acquire Mt. Gox, not OKPay.

Okay? Sorry 'bout that.

What is the relationship with OKcoin and Mtgox? I only know OKpay and BTC-e is founded by a same company.

OKCoin is a Chinese company head-quartered in Beijing that has made a proposal in collaboration with BitOcean to takeover Mt. Gox. I believe they are waiting to hear from the Tokyo bankruptcy court as to whether their proposal will get approved or not. Today's news was that a New York firm, Atlas ATS, will also be involved in this proposal.  For more info, see:
http://online.wsj.com/articles/bitcoin-joint-venture-to-bid-for-mt-gox-assets-1405300118
[If you google the title, "Bitcoin Joint Venture to Bid for Mt. Gox Assets", you can link to the full article]
This WSJ article only mentions BitOcean and Atlas as the parties involved, but BitOcean and OKCoin have been working together on this proposal for quite awhile.

[titulng]

OK, I mean Okay, now I feel dumb.

OKPay and OKCoin are not the same company. I don't use either one, so got a little confused.

It is OKCoin that is working with BitOcean to acquire Mt. Gox, not OKPay.

Okay? Sorry 'bout that.

What is the relationship with OKcoin and Mtgox? I only know OKpay and BTC-e is founded by a same company.

OKCoin is a Chinese company head-quartered in Beijing that has made a proposal in collaboration with BitOcean to takeover Mt. Gox. I believe they are waiting to hear from the Tokyo bankruptcy court as to whether their proposal will get approved or not. Today's news was that a New York firm, Atlas ATS, will also be involved in this proposal.  For more info, see:
http://online.wsj.com/articles/bitcoin-joint-venture-to-bid-for-mt-gox-assets-1405300118
[If you google the title, "Bitcoin Joint Venture to Bid for Mt. Gox Assets", you can link to the full article]
This WSJ article only mentions BitOcean and Atlas as the parties involved, but BitOcean and OKCoin have been working together on this proposal for quite awhile.

ok, but I heard it's reputation is not very good whether okcoin or okpay or mtgox,  especially okcoin..  

[DrApricot]

OK, I mean Okay, now I feel dumb.

OKPay and OKCoin are not the same company. I don't use either one, so got a little confused.

It is OKCoin that is working with BitOcean to acquire Mt. Gox, not OKPay.

Okay? Sorry 'bout that.

What is the relationship with OKcoin and Mtgox? I only know OKpay and BTC-e is founded by a same company.

OKCoin is a Chinese company head-quartered in Beijing that has made a proposal in collaboration with BitOcean to takeover Mt. Gox. I believe they are waiting to hear from the Tokyo bankruptcy court as to whether their proposal will get approved or not. Today's news was that a New York firm, Atlas ATS, will also be involved in this proposal.  For more info, see:
http://online.wsj.com/articles/bitcoin-joint-venture-to-bid-for-mt-gox-assets-1405300118
[If you google the title, "Bitcoin Joint Venture to Bid for Mt. Gox Assets", you can link to the full article]
This WSJ article only mentions BitOcean and Atlas as the parties involved, but BitOcean and OKCoin have been working together on this proposal for quite awhile.

ok, but I heard it's reputation is not very good whether okcoin or okpay or mtgox,  especially okcoin..  

Personally, I'd rather see a proposal with backing from the Japanese government. That would provide for some needed stability and oversight. Mt. Gox happened on their watch, and the Pottery Barn Rule should apply ["you break it, you buy it"]. Besides there could be a tremendous upside for Japan in terms of trade possibilities in emerging Asian nations. See:
http://asia.nikkei.com/Politics-Economy/Economy/An-Asian-trade-revolution-in-the-making
I'm thinking of a Japan-based exchange with mobile bitcoin apps tailored to places like Myanmar and Bangladesh. Japan already has a big stake in the later country, and the former is just beginning to adopt cell phone technology and mobile payments.

[GreenCoin22]

I'm going to start an exchange in Tokyo, whose name is called Ok.Gox