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MT Gox Coins on the Move
1851 sats \ 24 comments \ @grayruby 28 May bitcoin
Looks like Mt Gox distributions might be beginning. Short term who knows but long term this is good for Bitcoin. Just another piece of FUD that will be conquered.
It is my understanding that the two largest creditors are riding it out until all the bankruptcy proceedings are done which could take a few more years.
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388 sats \ 1 reply \ @DarthCoin 28 May freebie
For those new to Bitcoinlandia, here is some context, must watch:
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20 sats \ 0 replies \ @grayruby OP 28 May
Great resources to learn more. Thanks Darth.
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32 sats \ 9 replies \ @Satosora 28 May freebie
How many coins are they going to be moving? I remember they made a bunch of coins magically disappear, did they find them? lol wow....2.94 billion dollars worth!
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41 sats \ 8 replies \ @grayruby OP 28 May
They lost 800,000 in the hack. They currently have 137,000 coins to distribute.
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20 sats \ 7 replies \ @Satosora 28 May
I guess the price of each coin has risen quite a bit. Are they able to cover all of their losses?
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20 sats \ 6 replies \ @grayruby OP 28 May
I think the claimants will have done well at least in fiat terms even though they won’t get all their bitcoin back.
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30 sats \ 5 replies \ @Satosora 28 May
Thats better than nothing.
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10 sats \ 4 replies \ @riberet19 28 May
But more than 600,000 Bitcoins were actually lost, so the ones who really gained are Mt.Gox, I don't think there was any hack, to tell the truth, rather a "self-hack"
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10 sats \ 3 replies \ @Satosora 28 May
Im not saying it is right. It just worked out for them that the value of each bitcoin went up, so they were able to replace everyones fiat...and maybe a little gain. Wouldnt the situation be worse if they werent able to give anything back?
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0 sats \ 2 replies \ @riberet19 28 May
The price of bitcoin in 2014 was between 400 and 800$ more or less, so the investment has multiplied x100 or so, they are returning 1/4 of the bitcoins, so in terms of fiat, everyone is winning.
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10 sats \ 0 replies \ @moel 28 May
I remember some years ago that I got an email in Japanese (I thought it was Chinese, I was wrong) on an old email address that I don't use anymore.
I wanted to discard it as a SPAM mail, but it turned out to come from the Mt Gox lawyers who wanted to know if/how much they owe me.
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21 sats \ 1 reply \ @Cje95 28 May
Holy Shit it is FINALLY going to happen... I remember reading about Mt. Gox years ago I can't believe it still hasn't been settled.
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0 sats \ 0 replies \ @grayruby OP 28 May
Yes, this have been a long drawn out process. It looks like all the MT Gox coins moved last night and then again this morning so distributions probably happening. Gotta make sure you don't fat figure those addresses when moving 30,000 plus coins at a time. Haha
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20 sats \ 5 replies \ @supratic 28 May
I wonder if the claimants will get only the monetary value (or a percentage) of the coins owned at the time of the event. I doubt they will get back BTC, more likely the monetary value in $. Maybe I'm wrong?
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21 sats \ 4 replies \ @grayruby OP 28 May
I believe they get the BTC unless they opted for early resolution.
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20 sats \ 3 replies \ @supratic 28 May
I wish they do. It's disclaimed somewhere? or maybe they will do a mix between USD and BTC?
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69 sats \ 2 replies \ @marcbarbosa 28 May
It will be a mix of BTC, BCH and JPY Ref.: https://blog.wizsec.jp/2021/02/mtgox-claim-calculator.html
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20 sats \ 0 replies \ @supratic 28 May
that's super useful! Thanks
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0 sats \ 0 replies \ @grayruby OP 28 May
Yes, thanks.
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0 sats \ 1 reply \ @nullama 29 May
Are they going to be compensated for the amount of BTC they had or the value in fiat at the time of the loss?
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0 sats \ 0 replies \ @grayruby OP 29 May
BTC. But they are only recovering a small portion of what they had on Mt Gox originally. Fortunately for claimants BTC price has gone up a lot since 2014.
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0 sats \ 0 replies \ @TheBTCManual 29 May
Hanging on for a decade man that must be nuts, so most people are likley down bad on their bitcoin position, but up crazy on their fiat position, so my question is how many are going to dump?
Can we get 58k gang again?
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