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Author Topic: [Payout Updates] Bitcoinica site is taken offline for security investigation  (Read 145793 times)
MelMan2002
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September 13, 2012, 11:22:29 PM
 #1601

relevant: https://bitcointalk.org/index.php?topic=109316
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September 24, 2012, 09:10:21 PM
 #1602

Sorry if this is written somewhere... but does anyone received any amount of BTC back from bitcoinica. I did not nor bitcoins nor replies on emails. I had only 4.2BTC in there but still ...  Embarrassed

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LoupGaroux
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September 24, 2012, 09:55:12 PM
 #1603

Short version? The only people who got anything back were a very few close personal friends of the insiders who destroyed this "company". It has now been sent into receivership by the latest candidate for owner, although nothing has been forthcoming about what the receiver will be doing in the past 5 weeks.

Quick resolution? Write it off. You will never see a damn thing from these criminals. They stole it all, and have created a master work of lies, deception, delays and obfuscation to cover their tracks. And avoid any dealings with the intersango gang, as they are the criminals behind this disaster.

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September 24, 2012, 10:07:37 PM
 #1604

Short version? The only people who got anything back were a very few close personal friends of the insiders who destroyed this "company". It has now been sent into receivership by the latest candidate for owner, although nothing has been forthcoming about what the receiver will be doing in the past 5 weeks.

Quick resolution? Write it off. You will never see a damn thing from these criminals. They stole it all, and have created a master work of lies, deception, delays and obfuscation to cover their tracks. And avoid any dealings with the intersango gang, as they are the criminals behind this disaster.

LoupGaroux,

Your so dramatic.  I certainly wouldn't call their incompetence a "master work."
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September 24, 2012, 10:20:13 PM
 #1605

Short version? The only people who got anything back were a very few close personal friends of the insiders who destroyed this "company". It has now been sent into receivership by the latest candidate for owner, although nothing has been forthcoming about what the receiver will be doing in the past 5 weeks.

Quick resolution? Write it off. You will never see a damn thing from these criminals. They stole it all, and have created a master work of lies, deception, delays and obfuscation to cover their tracks. And avoid any dealings with the intersango gang, as they are the criminals behind this disaster.

LoupGaroux,

Your so dramatic.  I certainly wouldn't call their incompetence a "master work."

Well, in the sense that it was the best that a bunch of incompetent boobs could muster. Master work in terms of masterful? Absolutely not. Master work in terms of the best this hapless group of circle jerking numbskulls could gin up for their little foray into the world of white collar crime? That's what I was shooting for.

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September 24, 2012, 10:52:46 PM
 #1606

Short version? The only people who got anything back were a very few close personal friends of the insiders who destroyed this "company". It has now been sent into receivership by the latest candidate for owner, although nothing has been forthcoming about what the receiver will be doing in the past 5 weeks.

Quick resolution? Write it off. You will never see a damn thing from these criminals. They stole it all, and have created a master work of lies, deception, delays and obfuscation to cover their tracks. And avoid any dealings with the intersango gang, as they are the criminals behind this disaster.

LoupGaroux,

Your so dramatic.  I certainly wouldn't call their incompetence a "master work."

Well, in the sense that it was the best that a bunch of incompetent boobs could muster. Master work in terms of masterful? Absolutely not. Master work in terms of the best this hapless group of circle jerking numbskulls could gin up for their little foray into the world of white collar crime? That's what I was shooting for.

Love your posts! These motherfucking scumbags. They care care shit about customers' losses.

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September 24, 2012, 11:22:03 PM
 #1607

Quick resolution? Write it off. You will never see a damn thing from these criminals. They stole it all, and have created a master work of lies, deception, delays and obfuscation to cover their tracks. And avoid any dealings with the intersango gang, as they are the criminals behind this disaster.

Couldn't have said it better myself.

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September 25, 2012, 01:52:09 AM
 #1608

Short version? The only people who got anything back were a very few close personal friends of the insiders who destroyed this "company". It has now been sent into receivership by the latest candidate for owner, although nothing has been forthcoming about what the receiver will be doing in the past 5 weeks.

Quick resolution? Write it off. You will never see a damn thing from these criminals. They stole it all, and have created a master work of lies, deception, delays and obfuscation to cover their tracks. And avoid any dealings with the intersango gang, as they are the criminals behind this disaster.

Too late.  The community has already implicitly forgiven them by supporting happy fun-time at Bitcoinica conference 2012.
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September 25, 2012, 06:49:45 AM
 #1609

Short version? The only people who got anything back were a very few close personal friends of the insiders who destroyed this "company". It has now been sent into receivership by the latest candidate for owner, although nothing has been forthcoming about what the receiver will be doing in the past 5 weeks.

Quick resolution? Write it off. You will never see a damn thing from these criminals. They stole it all, and have created a master work of lies, deception, delays and obfuscation to cover their tracks. And avoid any dealings with the intersango gang, as they are the criminals behind this disaster.

i've got 50% of my btc back
and i am certainly NOT a friend of any of them..

but i only had 106btc and 100$ in my account. i got a payout about 53btc.

i still hope to get some back
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September 25, 2012, 09:11:28 AM
 #1610

For once, Loup is right.

And we still sit idly by as phantomcircuit pushes Interscamgo on unsuspecting noobs on IRC.

This is not a matter of incompetence on Zhou Tong's part. That dude straight jacked our money. He was cashing out in a hurry as much as he could, and then got caught stealing more. This company was setup from the get go for that purpose.
* guruvan kicks himself again for not withdrawing that last 500 bucks when zhou tong was looking for 10k goxusd codes.

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disclaimer201
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September 25, 2012, 10:33:32 AM
 #1611

For once, Loup is right.

And we still sit idly by as phantomcircuit pushes Interscamgo on unsuspecting noobs on IRC.

This is not a matter of incompetence on Zhou Tong's part. That dude straight jacked our money. He was cashing out in a hurry as much as he could, and then got caught stealing more. This company was setup from the get go for that purpose.
* guruvan kicks himself again for not withdrawing that last 500 bucks when zhou tong was looking for 10k goxusd codes.

What can be done to inform new customers of the risk of that new project of Zhou's? Are there any NameTerrific forums? I don't want others to pay for a service of someone so "careless" as to not protect a million dollar trading platform from  harm (himself).

Aside from that, what is wrong with claiming a refund from Zhou personally from his future income as long as his debt is paid off? This is how capitalism works, right? Debt doesn't go anywhere for many decades. I don't see why it should simply be foregiven here.

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September 25, 2012, 11:07:35 AM
 #1612

What can be done to inform new customers of the risk of that new project of Zhou's? Are there any NameTerrific forums? I don't want others to pay for a service of someone so "careless" as to not protect a million dollar trading platform from  harm (himself).
He plugs his service all the time on Hacker News. I wonder what he's planning to do with all the domains his users are buying him.
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September 25, 2012, 11:17:32 AM
 #1613

What can be done to inform new customers of the risk of that new project of Zhou's? Are there any NameTerrific forums? I don't want others to pay for a service of someone so "careless" as to not protect a million dollar trading platform from  harm (himself).
He plugs his service all the time on Hacker News. I wonder what he's planning to do with all the domains his users are buying him.

Hacker news?!! How fitting. Hackers have their own forum of course! Now I really feel robbed.

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September 25, 2012, 11:48:47 AM
 #1614

What can be done to inform new customers of the risk of that new project of Zhou's? Are there any NameTerrific forums? I don't want others to pay for a service of someone so "careless" as to not protect a million dollar trading platform from  harm (himself).
He plugs his service all the time on Hacker News. I wonder what he's planning to do with all the domains his users are buying him.

Hacker news?!! How fitting. Hackers have their own forum of course! Now I really feel robbed.

I'm much more concerned about people depositing large sums of funds into Intersango. Way less to steal in domain names. And,pretty much everyone in the registrar business is a scumbag, so zhou tong should fit right in.

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September 25, 2012, 06:41:30 PM
 #1615

Short version? The only people who got anything back were a very few close personal friends of the insiders who destroyed this "company". It has now been sent into receivership by the latest candidate for owner, although nothing has been forthcoming about what the receiver will be doing in the past 5 weeks.

Quick resolution? Write it off. You will never see a damn thing from these criminals. They stole it all, and have created a master work of lies, deception, delays and obfuscation to cover their tracks. And avoid any dealings with the intersango gang, as they are the criminals behind this disaster.

Thanks for the reply... it's a small amount I can live without  Roll Eyes

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September 27, 2012, 09:47:05 AM
 #1616

I'm not a close or personal friend to any of the people involved, but my account was legit and I received 50% of my BTC back and none of my USD (had more in BTC anyway). I'm hoping during the liquidation process, they recognize those of us who did have our accounts approved as legit. Anyone know how things like this work?

Although claims are submitted early in the process (usually within a month of the liquidator being appointed), they're not usually formally validated until the liquidator has recovered funds and is ready to disburse them.  This is to save on liquidator's fees.  The liquidator will check any claims against the company's records.  Disputed claims cannot be paid so if there is a dispute about the amount owed, agreement on the value of the claim needs to be reached with the liquidator.

One important point to note is that users will need to give the liquidator their real life details in order to make a claim.  The claim form is standardised and very short.  You can submit your supporting evidence with your claim but it's not necessary to do so - the form asks you to describe the evidence you have, though.

The increase in the price of BTC since Bitcoinica ceased operating may mean that there are now sufficient funds to meet the claims if the liquidator values BTC still owed at ~USD 5 as Bitcoinica did when they began the refund process.  If there are insufficient funds to meet all claims and claw back is not appropriate or viable, it's possible that some people who have already received a partial payment will have their claims subordinated - ie, they will receive no further payments until all users have received a payment of at least the same proportion (in egregious cases of inappropriate preferential payment, a claim can be made totally subordinate and not eligible for payment until all other claims have been paid in full) .

Although the liquidator should have a good idea of what funds will be available quite early on, the state of the financial records could be an issue - the liquidator must satisfy himself that they were reconstructed fairly and accurately.

One thing which could slow the process down is a finding of personal liability on the part of the principals and a decision by the liquidator to take legal action against them.  This is not generally pursued unless there is a significant likelihood of legal action recovering substantial funds for the benefit of creditors.  

Based on what Tihan has posted previously, Wendon is a secured creditor but will be waiving its right to be treated as such in the liquidation.  They will also be entitled under NZ law to be treated as a preferential creditor due to their role in recovering and securing some of the funds which were lost in the MtGox intrusion, but Tihan has not yet indicated whether they will be claiming that status.  The tone of Tihan's posts regarding the liquidation strongly suggests that he views the liquidation as the means to return user funds and that other means may be used to pursue Wendon's claims.

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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September 27, 2012, 10:12:34 AM
 #1617

It has now been sent into receivership by the latest candidate for owner, although nothing has been forthcoming about what the receiver will be doing in the past 5 weeks.

The company is being put into liquidation, not receivership.  It cannot be put into liquidation until either a special resolution is passed by the general and limited partners - the famous document which Tihan wanted the Intersango guys to sign at the London conference - or an order is made by the NZ High Court putting the company into liquidation.  So the next step is Wendon seeking an order from the NZ High Court to put Bitcoinica into liquidation (creditors could also seek such an order).  I have no doubt whatsoever that Wendon will proceed with this step.

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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September 27, 2012, 05:01:34 PM
 #1618

Thank you for the clarification. One can only hope that liquidation will speed recovery for the victims of this crime. And that Wendon, and any other organization affiliated with intersango or the brain trust behind this scam will stay far, far away from the settlements, instead of using the liquidation as a means of legitimizing their theft by creating an obligation to themselves with the shell game of ownership.

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September 28, 2012, 02:40:25 AM
 #1619

Thank you for the clarification. One can only hope that liquidation will speed recovery for the victims of this crime. And that Wendon, and any other organization affiliated with intersango or the brain trust behind this scam will stay far, far away from the settlements, instead of using the liquidation as a means of legitimizing their theft by creating an obligation to themselves with the shell game of ownership.
 

My hunch is that any power plays will take place outside of the liquidation, although I'm only basing that on the fact that it's the way I'd choose to do it faced with the same set of circumstances.

Zhou might have a legitimate claim for wages and expenses for which he hasn't been reimbursed, but he'd be crazy as fuck to pursue that claim in the liquidation.  I also wonder whether Chris Heaslip may have some undisclosed financial interest - it seems very odd that his credit card details were stored in the Bitcoinica LastPass. 

Don't get me wrong, I think there's going to be blood-letting, but my impression is that Tihan wants to address the issue of returning user funds as much as possible before any legal savagery between the principals begins.

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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October 02, 2012, 10:54:34 AM
 #1620


Don't get me wrong, I think there's going to be blood-letting, but my impression is that Tihan wants to address the issue of returning user funds as much as possible before any legal savagery between the principals begins.

I'd gratefully not get back my $500 to see legal savagery directed at Strateman & Interscamgo.

Mine at the Maza Club! with ShastaFarEye Prospectors! Mazacoin PPS & P2pool mining, and more services coming soon!
Maza Means Money! Check yours at the mazacha.in!

Please contact me  on my  OTC registered GPG (A54E87F2) Key's email address or guruvan@shastafareye.net  and encrypt all correspondence.
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