[Payout Updates] Bitcoinica site is taken offline for security investigation

[adamstgBit]

 If you aren't aware yet, they have no way to know precisely who owns what.

wow... what a mess

they openly admitted to this fact?

[kokjo]

 If you aren't aware yet, they have no way to know precisely who owns what.

wow... what a mess

they openly admitted to this fact?

yes but they stressed the "precisely" part, they only have some approximations, old backups, withdraw/deposit email they sent out, and stuff like that...

[tbcoin]

Please say something. The price this rebounding and some of us had long positions quite large, were closed a week ago? still open? Will be closed from the now with good benefits? will be ignored?
Each day that passes increases the net value of accounts retained ...

[kokjo]

is the recent price action, caused by Tihan pumping money into bitcoin, to rebuy the bitcoin that were stolen?

[WhatsHappening]

Nobody knows anything. The questions you've asked, are the fundamental questions. Even if we still do not have our money we should know how they are going to handle our claims. Since they don't stated that yet, I suppose that they either still don't know it nor not going to provide fair treatment.

[ssaCEO]

Still no response to any emails to verify@bitcoinica.com?

Is there another email address we should contact to find out the status of our claim?

[bitcoinBull]

Please say something. The price this rebounding and some of us had long positions quite large, were closed a week ago? still open? Will be closed from the now with good benefits? will be ignored?
Each day that passes increases the net value of accounts retained ...

They said already... all positions were closed weeks ago.

[MelMan2002]

Please say something. The price this rebounding and some of us had long positions quite large, were closed a week ago? still open? Will be closed from the now with good benefits? will be ignored?
Each day that passes increases the net value of accounts retained ...

They said already... all positions were closed weeks ago.

Did they?  I've been following pretty closely and I don't remember seeing that..

[flower1024]

Please say something. The price this rebounding and some of us had long positions quite large, were closed a week ago? still open? Will be closed from the now with good benefits? will be ignored?
Each day that passes increases the net value of accounts retained ...

They said already... all positions were closed weeks ago.

Did they?  I've been following pretty closely and I don't remember seeing that..

same here.
zhoutong just said what he would do.

but i did not see any response from intersango regarding open positions (i had a very tiny buy

[M4v3R]

Price is touching $5.5 and there are hundrets of thousands of blocked USD's in Bitcoinica reserves, that otherwise could be used. That is sick.

[Raoul Duke]

Please say something. The price this rebounding and some of us had long positions quite large, were closed a week ago? still open? Will be closed from the now with good benefits? will be ignored?
Each day that passes increases the net value of accounts retained ...

They said already... all positions were closed weeks ago.

Did they?  I've been following pretty closely and I don't remember seeing that..

Current positions will all be liquidated at a settlement price. We haven't decided the price yet, but my personal estimate is 4.98 / 4.94. (All long positions can liquidate at 4.98 and all short positions can liquidate at 4.94, we pay the spread for you.) All unrealized P/L will be settled in USD. If you don't have sufficient USD balance, we will use your BTC to settle, with the mid-point exchange rate (again, we pay the spread).

[kokjo]

Please say something. The price this rebounding and some of us had long positions quite large, were closed a week ago? still open? Will be closed from the now with good benefits? will be ignored?
Each day that passes increases the net value of accounts retained ...

They said already... all positions were closed weeks ago.

Did they?  I've been following pretty closely and I don't remember seeing that..

Current positions will all be liquidated at a settlement price. We haven't decided the price yet, but my personal estimate is 4.98 / 4.94. (All long positions can liquidate at 4.98 and all short positions can liquidate at 4.94, we pay the spread for you.) All unrealized P/L will be settled in USD. If you don't have sufficient USD balance, we will use your BTC to settle, with the mid-point exchange rate (again, we pay the spread).

he also said that it was not decided yet, and it was unofficial information. and he didn't said that they did liquidate them yet.

[tbcoin]

Please say something. The price this rebounding and some of us had long positions quite large, were closed a week ago? still open? Will be closed from the now with good benefits? will be ignored?
Each day that passes increases the net value of accounts retained ...

They said already... all positions were closed weeks ago.

Did they?  I've been following pretty closely and I don't remember seeing that..

Current positions will all be liquidated at a settlement price. We haven't decided the price yet, but my personal estimate is 4.98 / 4.94. (All long positions can liquidate at 4.98 and all short positions can liquidate at 4.94, we pay the spread for you.) All unrealized P/L will be settled in USD. If you don't have sufficient USD balance, we will use your BTC to settle, with the mid-point exchange rate (again, we pay the spread).

I have understood that at that time, the words of zhou, although sincere, were not shared by those who actually have the last word to take decisions
I think neither was known the severity of the situation

[Raoul Duke]

Please say something. The price this rebounding and some of us had long positions quite large, were closed a week ago? still open? Will be closed from the now with good benefits? will be ignored?
Each day that passes increases the net value of accounts retained ...

They said already... all positions were closed weeks ago.

Did they?  I've been following pretty closely and I don't remember seeing that..

Current positions will all be liquidated at a settlement price. We haven't decided the price yet, but my personal estimate is 4.98 / 4.94. (All long positions can liquidate at 4.98 and all short positions can liquidate at 4.94, we pay the spread for you.) All unrealized P/L will be settled in USD. If you don't have sufficient USD balance, we will use your BTC to settle, with the mid-point exchange rate (again, we pay the spread).

he also said that it was not decided yet, and it was unofficial information. and he didn't said that they did liquidate them yet.

I didn't even commented on the validity of his claims. It's was just to show the dude who said he didn't remember seeing it.

[naima53]

Please say something. The price this rebounding and some of us had long positions quite large, were closed a week ago? still open? Will be closed from the now with good benefits? will be ignored?
Each day that passes increases the net value of accounts retained ...

They said already... all positions were closed weeks ago.

Did they?  I've been following pretty closely and I don't remember seeing that..

Current positions will all be liquidated at a settlement price. We haven't decided the price yet, but my personal estimate is 4.98 / 4.94. (All long positions can liquidate at 4.98 and all short positions can liquidate at 4.94, we pay the spread for you.) All unrealized P/L will be settled in USD. If you don't have sufficient USD balance, we will use your BTC to settle, with the mid-point exchange rate (again, we pay the spread).

he also said that it was not decided yet, and it was unofficial information. and he didn't said that they did liquidate them yet.

Hey, Zhou (consultation), simply liquidate at current market price! (Many big players will be liquidated, is not it?  less amount of of payments  )   green font - means machine translation into English 

[tbcoin]

I'm long and obviously I sincerely hope that this movement it originated precisely in these tasks

But of course NOT KILLING SHORTS

[Vladimir]

One bad move here is failing to disclose how exactly they will deal with open positions. This might cause quite a few legal disputes down the road, because whichever way they do it eventually someone will lose and will be able to argue that by failing to disclose method and timing of position liquidation they made it impossible for victim to mitigate the damages by hedging. If NZ law is any similar to English law, which is likely, then it is going to be quite an attack weapon.

[ninjarobot]

3 June 23:20: We're adding extra fields to the claims database (should be finished soon)

Would it be safe to assume this is pretty much done by now?

we have received the funds from Tihan to make the initial payouts. Then once that's done, the first round of payments can be finished.

Good.

* How many customers are included in the 1st round?
* What percentage of total deposits will be returned in the first round?
* How many rounds do you expect there to be? 
* How much will be payed out per claim (e.g. 80% of BTC & USD)?
* How will it be payed out? (e.g. MtGox, Wire?)
* How and when will customers be notified?

Looking forward to finally seeing this resolved!

[muyuu]

We're lucky that we don't have as many greedy fucks trying to ride a bubble every time valuation goes up

Happy days for Bitcoin.

[repentance]

One bad move here is failing to disclose how exactly they will deal with open positions. This might cause quite a few legal disputes down the road, because whichever way they do it eventually someone will lose and will be able to argue that by failing to disclose method and timing of position liquidation they made it impossible for victim to mitigate the damages by hedging. If NZ law is any similar to English law, which is likely, then it is going to be quite an attack weapon.

The argument probably wouldn't fly because Tihan injecting funds means that they're taking action to mitigate customer losses beyond what they're required to do by law.   Commonwealth law tends to require proof of actual damages rather than opportunity cost - not easy to establish at an individual level and group litigation is difficult and costly to pursue.