Wells Fargo sued for suspending Bitfinex wire transfers

MagicalTux · 6時間前

Happy to help when I can.

(and nope, not allowed to leave Japan at all for the time being)

MagicalTux · 7時間前

Most interesting is Wells Fargo's response (Docket 20) where they explain that "it [the TRO] seeks to place an affirmative duty on Defendants where none currently exists."

MagicalTux · 8時間前

(Disclaimer: not legal or any kind of actual advice, follow at your own risk) At the time we found Deutsche Bank to be the most friendly intermediate, also able to cover any bank in the US through domestic clearing. I do not know how their policies are today, but if any of your banks are connected to Deutsche Bank in USD (that's likely) having them use Deutsche Bank as intermediary for all outgoing US wires may help.

MagicalTux · 19時間前

Intermediate bank blocking international transfers happened to MtGox back in June 2013. It is a difficult situation to be in.

MagicalTux · 6日前

What I'm saying is that those addresses would allow anyone to track specific bitcoins to specific people during the time MtGox was there. Say, one could watch transactions going through and say "hey, those coins on the blockchain belong directly to X." That could potentially be a privacy issue since not everyone wants their every single bitcoin transaction from/to MtGox on the blockchain to be tied to their name.

Bitcoins on MtGox do not belong to specific users once in the system (actually doing such a thing would be impossible for an exchange and anything close to it would kill the blockchain while being rather costly) but this would allow identifying bitcoins coming in and out of MtGox.

MagicalTux · 7日前

The list of MtGox addresses (some 4,547,734 addrs) is held by many people, however its public release is blocked by the fact it would allow anyone to precisely map MtGox funds to specific users, up to the user's real identity. Because of this many people have been resisting any public release of the MtGox addresses. As far as I know the list is as least held by the MtGox trustee, Deloitte/Tohmatsu, law enforcement and myself (including my lawyers). Other parties may or may not hold this list (I do not know if Kraken had access to it, for example).

MagicalTux · 8日前

If you filed through Kraken I believe you can check the status directly on the Kraken website.

MagicalTux · 8日前

Unfortunately not (although it might help a bit).

MagicalTux · 8日前

Thanks for the mail. As far as I could see it only redirected me to mtgox.com, probably because I do not have the full link (I emailed to get it disabled btw). They went as far as to register a mtgox.cn.com domain to send spam from an existing domain.

MagicalTux · 8日前

Care to forward this to me (if possible as .eml file with all headers)? I'll send you my email address in private.

MagicalTux · 10日前

You should find a new lawyer quickly if your current one is unable to get this approved. Also PM me your account number or email so I can pass along to the trustee.

MagicalTux · 16日前

23% of BTC in context of BTC→BTC (actually BTC→JPY→BTC with a BTC→JPY rate of 50058.12¥/BTC, then JPY→BTC at market rate).

If you start from the JPY claim value, then assuming bitcoins value at market rate the return would be some 42.42%~52.6% of the JPY claim value.

MagicalTux · 16日前

So far. The following needs to be looked for:

For now distribution is scheduled to be done in JPY. Distributing BTC would go against Japanese laws, but it might not be possible to distribute cash to everyone (bank fees, processing, etc will be an issue) so the court may approve BTC distribution
The trustee will have to sell part of the BTC held by MtGox, depending on the sale price more or less BTC may have to be sold, and creditors who had BTC may end with more or less value depending on this

Optimal case places the return around 23% I believe (excluding any further recovery of BTC) but only time will tell.

MagicalTux · 16日前

As said before, unless any BTC is recovered some ~20% of BTC holdings (BTC→BTC) should be returned as part of the bankruptcy (or equvalent value in JPY).

MagicalTux · 16日前

Not really for people who had BTC, because all liabilities are currently in JPY, and for people who held BTC that was at a fixed price of some ~$480.

MagicalTux · 16日前

No, because all creditors are in JPY now and have given their consent.

The only thing we could do is if assets are over liabilities, end the bankruptcy and perform repayments directly. In that case we'll be able to use whatever extra assets there are to allow BTC repayment to remain around 20% instead of falling down further, and it'd also allow repayments in bitcoins rather than cash (doing that within the bankruptcy is pending court approval, so it might be possible or it might not be - thing is the trustee and the court would probably be happy if that headache was taken away from them).

MagicalTux · 17日前

Yes, claims can be transferred, and I hear there is something to that effect on the claims website, although I couldn't confirm because I do not have access to that.

MagicalTux · 18日前

No. The ~$480 value was only to convert claims from BTC to fiat (all in JPY now). If Bitcoin drops to zero, then creditors will be repaid with the remaining fiat assets, which would mean some 5% repayment rate (typical rate for bankruptcies is around 2% to 5%).

MagicalTux · 18日前

In that kind of case the trustee will likely only go through the evaluation step, stamp the asset as worthless and leave it.

MagicalTux · 18日前

Actually that's questionable.

The job of the trustee is to collect anything belonging to the company, so "receiving" is clearly part of the mission (even if in this case I'd say he doesn't really have a say, the coins will be there no matter what the trustee does).

Then, having a requirement to evaluate and sell all company assets, he will have to do something about these (sell or redistribute with court approval).

MagicalTux · 18日前

Trustee will be handling two kinds of coins instead of one, that might be some headache at first but there'll be enough time for the trustee to figure out how to handle that, as there will be no urgent need to do anything to secure the coins resulting from the chain split.

MagicalTux · 18日前

Yes, BTC→BTC would be ~20%. JPY is currently in the 44.76%~55.5% range.

MagicalTux · 19日前

Did the most recent meeting provide any insights on how much we might get back?

Nothing new.

I remember some talk of 20% Are you all still thinking that sounds about right?

For BTC creditors, yep. Fiat might get more or less depending on BTC value at which trustee will be selling the remaining coins.

MagicalTux · 23日前

Remaining assets would be distributed to shareholders: Tibanne and Jed. Tibanne is also bankrupt but if there were any assets coming from MtGox allowing all debts to be paid, they'd be distributed back to me.

That's one of the reasons why I want, in the case assets go higher than claims, to find alternatives that would allow distribution to customers who had BTC balance rather than to shareholders.

MagicalTux · 23日前

Just a few things...

You are here because you stole getting up towards a billion

Just my opinion there, but someone who had stole toward a billion (of USD I guess) or even just a few millions wouldn't be here anymore. Actually such a person would have little trouble buying a new identity and living a new life far from any trouble.

I have no merit being here you say?

You have no merit being here venting against me, I say. By "no merit" I mean this doesn't improve your life or anything. Of course you have merit reading information here on r/mtgoxinsolvency. I send anyone trying to access r/mtgox here too, since it is basically the only place remaining where people can have more updates than what is available on mtgox.com.

On that note how exactly have you helped people?

I update people on the status of the bankruptcy, new information, help translating documents, assist people who try to file things with the court or got any kind of question. Most part of this can probably be done by anyone who can speak both Japanese and English and who has knowledge of Japanese laws, but so far I seem to be the most active here.

because I know you did a decent enough job covering your tracks, hence no evidence.

Here you are mistaken too. There is a wealth of evidence, mostly in the form of the Bitcoin blockchain, available to track the actual theft, and that's one thing I'm contributing as much as I can to too, since catching the actual theft is probably one of the few things I could ever do that would convince people who like you seem to think I'm behind all of this. This involves working with investigators and - just like the trustee - there is a lot that cannot be disclosed because it could either affect people's privacy or hurt investigative efforts.

Anyway there are plenty of ways to be constructive and improve the situation, but saying and writing bad things will poison your mind and soul, and as a result you live enclosed on yourself unable to see around. For some reason you seem convinced things happened a specific way without any tangible basis except for your own feelings, which - as feelings often do - are misleading you.

MagicalTux

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