[ANN] Bitcoinica Consultancy abandons customers. Bitcoinica to enter Liquidation

[lonelyminer (Peter Šurda)]

I just realized that this is you (far left):

Congratulations Phinn, outstanding detective work. You however missed that I'm visible and hearable on the video recordings as well: http://wiki.london.hackspace.org.uk/view/Project:Bitcoin/Bitcoin_Weekend_2011#Recordings.

[repentance]

Is there any update on this stuff guys?  Seems like it has been a while since we have heard anything new. 

It's been less than a week... Of course, with all of the hackings/other drama, I can see how you've come to expect more (bad) news every few days/hours.

It's not necessarily matter of expecting bad news, but wanting to know how long "Chen" will be given to return funds before a receiver is appointed. The possibility exists that "Chen" will not return the full amount promised, so there needs to be a plan to proceed to receivership and liquidation at a certain point in time regardless of whether or not "Chen" has returned the funds by then.  As it's somewhat difficult to believe that a multi-millionaire could not produce $200,000 ($140,000 + 5000 BTC) within a couple of weeks, that timeline should be weeks away at most.

[sarpar]

It might be that some of you missed this:

Crap. I deleted data I thought wasn't relevent and now I find how they were linked. ~mumblemumble~
*Microsoft Corp. acquired Oslo-based Fast Search & Transfer (FAST)*

Now, Microsoft.com and fda.hhs.gov connect.

And don't forget that AurumXchange and MagicalTux claimed that I worked for Microsoft Singapore at some point in time in 2011.

please contribute relevant information: how is the status of the fiat money return?

Doing that. Finishing by next week.

To my best knowledge the progress of fund recovery has nothing much to do with Bitcoinica fund returns. I spend most of my time waiting for Bitcoinica, bankers, lawyers and the hacker. So contributing irrelevant information doesn't slow down the fund returns to customers. Don't worry!

[repentance]

It might be that some of you missed this:

Crap. I deleted data I thought wasn't relevent and now I find how they were linked. ~mumblemumble~
*Microsoft Corp. acquired Oslo-based Fast Search & Transfer (FAST)*

Now, Microsoft.com and fda.hhs.gov connect.

And don't forget that AurumXchange and MagicalTux claimed that I worked for Microsoft Singapore at some point in time in 2011.

please contribute relevant information: how is the status of the fiat money return?

Doing that. Finishing by next week.

To my best knowledge the progress of fund recovery has nothing much to do with Bitcoinica fund returns. I spend most of my time waiting for Bitcoinica, bankers, lawyers and the hacker. So contributing irrelevant information doesn't slow down the fund returns to customers. Don't worry!

Hopefully we can look forward in the next couple of days to confirmation by Patrick Murck that the funds are now safely in his possession.

[aq]

I just realized that this is you (far left):

Congratulations Phinn, outstanding detective work. You however missed that I'm visible and hearable on the video recordings as well: http://wiki.london.hackspace.org.uk/view/Project:Bitcoin/Bitcoin_Weekend_2011#Recordings.

lonelyminer, I think you missed the point. Since when does Bruno believe that someone is who he actually is?

[Transisto]

...
lonelyminer, I think you missed the point. Since when does Bruno believe that someone is who he actually is?

Your point ?

[Phinnaeus Gage]

I just realized that this is you (far left):

Congratulations Phinn, outstanding detective work. You however missed that I'm visible and hearable on the video recordings as well: http://wiki.london.hackspace.org.uk/view/Project:Bitcoin/Bitcoin_Weekend_2011#Recordings.

lonelyminer, I think you missed the point. Since when does Bruno believe that someone is who he actually is?

I'm not sure what all the fuss is about, for all I did was make a comment on a recent find that is NOT part of any ongoing  investigations. Please accept my apology if you somehow took it the wrong way.

Later, bud.

~Bruno~

[dopamine]

Any updates?

[ninjarobot]

please contribute relevant information: how is the status of the fiat money return?

Doing that. Finishing by next week.

Zhou, the week is coming to an end. What is the status regarding the return of stolen funds?

[thest0ckman]

on and on this goes. what a waste of time. am i ever going to get my money back?

wendon (or whoever is supposed to refund my money now) my screen name here matches my bitcoinica id.

put me on the list for a refund please. i was marked as accurate.

[repentance]

on and on this goes. what a waste of time. am i ever going to get my money back?

wendon (or whoever is supposed to refund my money now) my screen name here matches my bitcoinica id.

put me on the list for a refund please. i was marked as accurate.

I'm sure that no matter what has already been posted Tihan is still trying to find a means of resolving this without putting Bitcoinica into liquidation, but if the partnership does end up being liquidated those wishing to make a claim will have to do so directly to the liquidator using the appropriate claim form.

[HorseRider]

Is there any updates?

[sarpar]

please contribute relevant information: how is the status of the fiat money return?

Doing that. Finishing by next week.

Zhou, the week is coming to an end. What is the status regarding the return of stolen funds?

Zhou: one week is over - where is the update?

[LoupGaroux]

Anybody want to make book on when the first restitution in this matter will be made?  My money would be on the 11th of Never.

Why bother Zhou about this? He and Notorious Relic Dealer Chen are happily sitting in a cave counting the coins they have fleeced you of, while the Gwailo Clown Patrol is stuck holding the bag and looking more and more pathetic by the day. Realize that with the big dogs throwing this into Court in California, no liquidator is going to be able to disburse a single satoshi, penny or euro-cent in recovery until that matter is finished, and that will be years and a whole lot more dollars that the Intersango Gango can come up with from now.

[repentance]

Anybody want to make book on when the first restitution in this matter will be made?  My money would be on the 11th of Never.

Why bother Zhou about this? He and Notorious Relic Dealer Chen are happily sitting in a cave counting the coins they have fleeced you of, while the Gwailo Clown Patrol is stuck holding the bag and looking more and more pathetic by the day. Realize that with the big dogs throwing this into Court in California, no liquidator is going to be able to disburse a single satoshi, penny or euro-cent in recovery until that matter is finished, and that will be years and a whole lot more dollars that the Intersango Gango can come up with from now.

A liquidator doesn't have to wait until foreign legal action is settled.  They'll distribute the estate in the manner laid down by NZ law and after that no-one can pursue for any deficiency in NZ (unless they can establish personal liability on the part of the directors, but the directors have no known NZ assets anyway), but creditors can still pursue deficiencies in other jurisdictions.  

It's worth noting that the creditors' petition doesn't seek to have a lien placed on Bitcoinica's MtGox or bank accounts.

On another note, I've just been on the phone with NZ's Insolvency and Trustee Service who confirmed that there are no barriers to unsecured overseas creditors lodging claims in a New Zealand company liquidation (including a limited partnership liquidation).

[virtuallylaw]

Hi all and sorry for the wait.

I can confirm that as of last night all the funds Zhou promised to retrieve (approx. $100,000 USD and 20,000 BTC) have been returned to Bitcoinica, LP's MtGox account. The receivership and liquidation process is underway and I'll post updates here as things move forward.

Best,
Patrick

[MemoryDealers]

It should also be made clear that a lot of funds are still missing.

Zhou,  I expect the hacker to come up with the missing funds,  or at the very least you to turn over all his contact details so the appropriate actions can be taken.

[repentance]

Hi all and sorry for the wait.

I can confirm that as of last night all the funds Zhou promised to retrieve (approx. $100,000 USD and 20,000 BTC) have been returned to Bitcoinica, LP's MtGox account. The receivership and liquidation process is underway and I'll post updates here as things move forward.

Best,
Patrick

I thought Zhou promised the return of USD 140,000.

It's good to hear that a substantial amount of funds have been recovered and that this mess can now proceed to receivership and liquidation. It's unfortunate, however, that the perpetrator of the theft is still being shielded from legal consequence.

[virtuallylaw]

Hi all and sorry for the wait.

I can confirm that as of last night all the funds Zhou promised to retrieve (approx. $100,000 USD and 20,000 BTC) have been returned to Bitcoinica, LP's MtGox account. The receivership and liquidation process is underway and I'll post updates here as things move forward.

Best,
Patrick

I thought Zhou promised the return of USD 140,000.

It's good to hear that a substantial amount of funds have been recovered and that this mess can now proceed to receivership and liquidation. It's unfortunate, however, that the perpetrator of the theft is still being shielded from legal consequence.

You are correct that Zhou stated $140,000. My understanding is that the additional $40,000 includes funds frozen (rightly so) at ArumXchange. I would hope that Zhou would cooperate with authorities in apprehending and prosecuting the hacker.

[proudhon]

Hi all and sorry for the wait.

I can confirm that as of last night all the funds Zhou promised to retrieve (approx. $100,000 USD and 20,000 BTC) have been returned to Bitcoinica, LP's MtGox account. The receivership and liquidation process is underway and I'll post updates here as things move forward.

Best,
Patrick

Ok, so 20kBTCs almost covers Roger Ver's bitcoins.  So that's one down, almost.