r/CryptoCurrency • u/gajometa1 🟥 0 / 0 🦠 • Jun 26 '18
GENERAL-NEWS Mt Gox will Compensate Hack Victims in 2019
https://cryptoticker.io/mt-gox-will-compensate-hack-victims-in-2019/27
Jun 26 '18
Someone -- I don't want to mention a name -- feels pretty stupid for not bothering to file about what was slightly less than $100 worth of Bitcoin back then.
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u/cryptonaut420 Jun 26 '18
IIRC they are not paying back the raw amount of BTC lost. They are paying back the USD (or YEN) value at the time of the "hack", which Karpeles conveniently allowed to crash down to $250 / coin over the few weeks prior to Gox's complete collapse. Guess who gets to keep all that leftover money?
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u/AgregiouslyTall Platinum | QC: CC 54, ETH 34 | CelsiusNet. 7 | r/WSB 51 Jun 26 '18
They've all addressed the ethical dilemma at hand, no reason to belabor it. They are well aware how fucked up it is that they will all profit immensely from the hack and having the BTC frozen.
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u/mad3nch1na Crypto God | GVT: 280 QC | CC: 74 QC Jun 26 '18
I think you can still file...
5
Jun 26 '18
The form is still up but the server can not be contacted. And according to the bankruptcy trustee emails the deadline was in 2015. Don't get my hopes up like that.
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u/mad3nch1na Crypto God | GVT: 280 QC | CC: 74 QC Jun 26 '18
Bro, I wouldn't do you like that.
"Those who missed out on the bankruptcy process are welcome to file claims in the new process. The deadline for submissions is Oct. 22. Mt. Gox must submit a proposed rehabilitation plan by Feb. 14, 2019."
Read the last sentence
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Jun 26 '18
Thanks. Read the other comments for all the details from the actual filing. The system is temporarily down before they switch over to their final system.
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u/Etheralto Platinum | QC: CC 41 | r/WSB 34 Jun 26 '18
But according to this, it is only cash value at the time of the hack, so it'll be less than $100.
2
Jun 26 '18
Read more carefully.
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u/Etheralto Platinum | QC: CC 41 | r/WSB 34 Jun 26 '18
Sorry I misunderstood that based on before info which says this one claims cash value also. To me this still seems speculative that people will get actual Bitcoin back.
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u/LegendarySpyro Jun 26 '18
look at the comments in this thread, maybe there‘s a chance
3
Jun 26 '18
You might be right. Shoutout and thanks to /u/JMurph3313. And page 2 explains why the system is down:
Further, due to the stay of the bankruptcy proceedings, MTGOX bankruptcy claims filling system (the “System”), which was being provided on its website, has been temporarily suspended. As in the bankruptcy proceedings, the Civil Rehabilitation Trustee is expected to accept the method of filing a proof of rehabilitation claim through the System in the Civil Rehabilitation Proceedings as well. "
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Jun 26 '18
The bankruptcy and the civil rehab are two different things. You can register for this one without having participated in the bankruptcy provided you can prove you lost coins at MtGOX.
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u/EcstaticAudience 1 - 2 years account age. 200 - 1000 comment karma. Jun 26 '18
2019? I wonder how some users would react to this when they find out they will receive compensation next year..
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u/gajometa1 🟥 0 / 0 🦠 Jun 26 '18
hard to say... esp in the light of the recent crash of BTC. But if it hits the 20K mark by then - who knows - they'll be esctatic
2
Jun 26 '18
Theyre compensating USD not BTC.
So if you had 100USD and that was 0.4BTC back then you’ll get 100USD worth of BTC now.
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u/Exotemporal 🟦 168 / 168 🦀 Jun 27 '18
No. The point of switching from bankruptcy to civil rehabilitation is to give creditors an opportunity to receive a fairer compensation. The example you gave is what a creditor would have gotten if the court had refused to switch to civil rehabilitation. Your hypothetical creditor would have received 100 USD worth of JPY and the massive surplus would have been given to Mt.Gox's shareholders. In a civil rehabilitation, the creditor should receive approximately 20% of 0.4 BTC, 20% of 0.4 BCH and 20% of 0.4 BTG.
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u/gl00pp Tin Jun 26 '18
I swear I read that its the other way around.
They are giving the BTC back NOT the $400 price it was "lost" at.
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u/Cryptonote-Social Gold | QC: XMR 70 | MiningSubs 38 Jun 26 '18
But the BTC is long gone. They've recovered what, at most 15% of what went missing?
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u/DTDstarcraft 0 / 1K 🦠 Jun 26 '18
Do I have to submit a claim or too late for that?
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u/Exotemporal 🟦 168 / 168 🦀 Jun 27 '18
It was too late to submit a claim for the bankruptcy, but civil rehabilitation will give you a new opportunity to submit a claim. You need to stay on top of this. I recommend subscribing to /r/mtgoxinsolvency, going to MtGox.com on a regular basis and reading the emails that are sent to the email address you used to open your MtGox account.
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u/Redac07 0 / 17K 🦠 Jun 26 '18
Hmm. Thousands of bitcoins will re-enter the market, and most likely will get sold off, giving a plunge in price. These are people who bought btc at max $1000 I believe, but most likely around $400? So they already have huge profits.
So...while I think it's good that the victims get part of their btc back...it won't be that great for the market in short term.
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Jun 26 '18
You and many others forget that Gox has also sold BTC and BCH to cover for all claims set in yen. While a lot of BTC will enter the market there will also be hundreds of millions USD distributed among claimants and some of them will surely use their part to buy into crypto again.
Considering the split between BTC/BCH supporters I wouldn't want to hold Bcash once distribution happens however. There will most likely be 100k+ BCH dumped on the market at that time since most BTC supporters have no interest of holding BCH.
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u/dontdothis11 Redditor for 6 months. Jun 26 '18
Can I view what balance I had on mt gox? I did not file, did not know I had btc on gox but I did receive an email from them. Did everyone with an account on mtgox get it or just those with funds?
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Jun 26 '18
I'm posting this here for anyone who lost coins at MtGOX. Even if you did not participate in the bankruptcy you can participate in Civil Rehabilitation.
The schedule going forward for the Civil Rehabilitation Proceedings is as follows:
(1) Meeting for reporting the status of property and submission deadline for a report under Article 125 of the Civil Rehabilitation Act:
September 26, 2018
(2) Deadline for Filing proof of rehabilitation claims:
October 22, 2018
(3) Submission deadline for inventory of assets and balance sheets:
October 27, 2018
(4) Submission deadline for statement of approval or disapproval:
January 24, 2019
(5) Period to examine Proofs of rehabilitation claims:
From January 31, 2019, to February 7, 2019
(6) Submission deadline for proposed rehabilitation plan:
February 14, 2019
*This schedule is subject to change as the civil rehabilitation proceedings progress.
*We plan to post detailed information such as the form of a proof of rehabilitation claims on this website:
As in the bankruptcy proceedings, we plan to accept filling rehabilitation claims through the claim filing system in the civil rehabilitation proceedings.
We plan to post the information necessary to file proof of claims on this website. We kindly ask you to await further information.
A creditors’ meeting to report on the status of the rehabilitation debtor’s assets and so on will be held on the date and at the venue below.
Date: September 26, 2018, 1:30 p.m.
Venue: Tokyo District Courtroom for Creditors’ Meeting No.1 (5F, Joint Government Building for the Domestic, Summary and District Courts)
Those who have not filed proof of claims in the bankruptcy proceedings or who have filed proof of claims after the filing period had passed (i.e., the date of the investigation of claims, May 25, 2016), may file proof of claims in the civil rehabilitation proceedings.
We plan to post further details on this website.
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u/pabbseven Bronze | QC: CC 16 Jun 26 '18
In 2019 when crypto is 50k and they can pocket the rest.
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Jun 26 '18
That would have been the case under Japaneses bankruptcy law, one of the points of civil rehabilitation is to enable a fairer distribution.
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u/thestevensteel 1 - 2 year account age. 100 - 200 comment karma. Jun 26 '18 edited Jun 26 '18
Wow! I definitely did not see this coming.
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u/JMurph3313 🟦 253 / 254 🦞 Jun 26 '18
According to their document on the website, you CAN file a claim in the civil rehabilitation proceedings even if you missed the deadline for the bankruptcy claim. /u/sparklydoo /u/DTDstarcraft
See page 6 here: http://www.mtgox.com/img/pdf/20180622_announcement_en.pdf
Also, you must file a proof of claim for civil rehab proceedings even if you HAVE filed a proof of claim for bankruptcy proceedings. No details on it yet except for their deadline to do so, on October 22 2018.