MtGox

Green Mile

I bought 7 bitcoins for €4.5k with MtGox, the most reputable exchange at the time.
Anyone else have bitcoins with MtGox and have their bitcoins locked-in with the court proceedings?

I’ve been dipping into updates issued by the liquidator a while now and while there has been court dates extensions after extensions, it kinda feels it’s nearing a resolution after all this time.

The liquidator offered the option to receive whatever proceeds in euro or in bitcoin. I’ve opened a Kraken account and selected to receive whatever is left of bitcoins to to that account.

I believe when all settles. I’ll get some of the forks too?

Would love to read replies from other people in a similar situation.

Lex Luthor

so about 150,000 -200,000 to be returned approx depending on what you read

which is about 20% ish of what was hacked

how do we think this will affect the market?

Green Mile

Lex Luthor wrote: »

so about 150,000 -200,000 to be returned approx depending on what you read

which is about 20% ish of what was hacked

how do we think this will affect the market?

It’s a good question, there’ll be an influx of sellers all of a sudden, reducing the market price. Or perhaps the current market is priced taking this into consideration already.

There’s meant to be an announcement tomorrow, it could be another extension date.

Lex Luthor

Over $1,000,000 in Bitcoin was just transferred out of a Mt. Gox cold wallet

Green Mile

Looks like another deadline extension

Green Mile

Rather frustrating waiting all this time

Green Mile

According to the draft distribution plan, it seems the value of the payout will be set as 749,318.83 Yen per BTC regardless of the current market price.

Am I correct, that there will ll be approx 5,700 per BTC paid out or is the payout a fraction of this? More like 20% of the 5.7k?

Just trying to figure out what may be due if I have 6.9 BTC with MtGox. I’m probably not understanding it properly.

I know there is s Bitcoin cash too but I am not too worried about that.

Mellor

Here’s a calculator.
https://blog.wizsec.jp/2021/02/mtgox-claim-calculator.html?m=1#calculator


Looks like a €50k/$60K payout.

Green Mile

Mellor wrote: »

Here’s a calculator.
https://blog.wizsec.jp/2021/02/mtgox-claim-calculator.html?m=1#calculator


Looks like a €50k/$60K payout.

That’s brilliant, I’m so glad I asked.

Step 4: Choice of Early Lump-Sum Payment or Final Payment. I don’t remember having a choice. I wonder if this is part of the voting that is due in March 2021?

Mellor

Green Mile wrote: »

That’s brilliant, I’m so glad I asked.

Step 4: Choice of Early Lump-Sum Payment or Final Payment. I don’t remember having a choice. I wonder if this is part of the voting that is due in March 2021?

I’m only going off the calculator and what the reported agreed figure is. I don’t know if that is bone fide or whatever. But it’s certainly good news. I hope it works out for you.

I’d imagine step 4 is upcoming. The final payout will likely be higher. But who knows how much longer it will take to finalise. Besides the early payout if reinvested will likely be worth much more by then too.

JibJabWibWab

Green Mile wrote: »

That’s brilliant, I’m so glad I asked.

Step 4: Choice of Early Lump-Sum Payment or Final Payment. I don’t remember having a choice. I wonder if this is part of the voting that is due in March 2021?

It's great news that you're getting something back after so long, but it would sicken me that after all the effort, time and stress, Revenue will now come looking for their pound of flesh (at least 33%).

If the payout was in the form of BTC there would be no taxable event until you decide to convert it into cash...

Mellor

If the payout was in the form of BTC there would be no taxable event until you decide to convert it into cash...

A crypto trade is a taxable event. Nothing to do with converting it back to cash. Whether the gain is in Crypto or in cash is irrelevant.

In this case, it could argue as it's the process of compensation, not it's not capital gains.

JibJabWibWab

Mellor wrote: »

A crypto trade is a taxable event. Nothing to do with converting it back to cash. Whether the gain is in Crypto or in cash is irrelevant.

In this case, it could argue as it's the process of compensation, not it's not capital gains.

If the payout was in the form of BTC there would be no taxable event. Period.

Good luck with arguing that the payout is compensation, rather than a gain.
OP is getting paid a discounted rate for BTC he already owned, and that rate is way higher than the price they paid for the BTC.

Mellor

JibJabWibWab wrote: »

If the payout was in the form of BTC there would be no taxable event. Period.

On what basis would being paid in BTC make a difference.
Currency has no impact on CGT. It's either taxable or it's not.

Good luck with arguing that the payout is compensation, rather than a gain.OP is getting paid a discounted rate for BTC he already owned, and that rate is way higher than the price they paid for the BTC.

I know it's a long shot. But it's literally the proceeds of legal proceedings.
I don't think revenue can pretend his claim of the remaining assets were guaranteed and appreciating for the last 7 years.

JibJabWibWab

Mellor wrote: »

On what basis would being paid in BTC make a difference.
Currency has no impact on CGT. It's either taxable or it's not.

If the payout was in BTC he could reasonably say he was just getting back some of the BTC he already owned.
There would be no taxable event until he sold or traded the BTC.

Mellor wrote: »

I know it's a long shot. But it's literally the proceeds of legal proceedings.
I don't think revenue can pretend his claim of the remaining assets were guaranteed and appreciating for the last 7 years.

It's not the proceeds of legal proceedings.
It's the proceeds of a liquidation. OP is a creditor.

I have no idea where you're getting the 7 years thing from. The payout is happening now.

Mellor

JibJabWibWab wrote: »

If the payout was in BTC he could reasonably say he was just getting back some of the BTC he already owned.
There would be no taxable event until he sold or traded the BTC.

I doubt it would hold up as it was out if his possession. As I said, currency has no bearing in CGT.

It's not the proceeds of legal proceedings.
It's the proceeds of a liquidation. OP is a creditor.

Bankruptcy is legal process in itself.

It’s looking like a good result. But I don’t think it should be treated the same as somebody who just held on for years with BTC in cold storage. Maybe revenue don’t care. But I think OP should consider it.

I have no idea where you're getting the 7 years thing from. The payout is happening now.

The 7 years part isn’t complicated.
2014 was 7 years ago.

Green Mile

To be honest, after all this time, I’d be happy to get back what I put in.

I did opt to receive it in BTC, plan is to hold it.

Green Mile

Looks like there is an end in sight end of this year (October) hopefully.

Status of creditors meeting image below.

One More Toy

What's the best we can hope for here? Restitution early 2022?

Green Mile

One More Toy wrote: »

What's the best we can hope for here? Restitution early 2022?

Voting system for creditors is now live, have you voted?

I think you’re right, early 2022 would be earliest at best.

One More Toy

Green Mile wrote: »

Voting system for creditors is now live, have you voted?

I think you’re right, early 2022 would be earliest at best.

Got the email, didn't vote yet because I'll have to dig out an old phone with the 2FA code on it but will tonight

One More Toy

One More Toy wrote: »

Got the email, didn't vote yet because I'll have to dig out an old phone with the 2FA code on it but will tonight

Dug it out, voted in favour of the plan.

Hopefully a nice Yen cheque come 2022

magic_murph

I bought BTC many years back and was stored on MTGox - not exactly sure what I had but think 3-4k.

Is there anything specific I need to do
I just found this article so will follow the voting and sign up steps - I didn't realise this case was still pending and just assumed it was done with

https://www.coindesk.com/voting-proposal-reimburse-mt-gox-victims-begins-today

Del Griffith

magic_murph wrote: »

I bought BTC many years back and was stored on MTGox - not exactly sure what I had but think 3-4k.

Is there anything specific I need to do
I just found this article so will follow the voting and sign up steps - I didn't realise this case was still pending and just assumed it was done with

https://www.coindesk.com/voting-proposal-reimburse-mt-gox-victims-begins-today

If you haven't submitted a claim it's very unlikely you will be able to get a claim in now.

magic_murph

Thanks - there appears to be an offline form available. Granted that doesn't mean it will get approved but sure no harm sending a letter out into the either and seeing what happens.

Green Mile

There are new documents issued today. Again a lot of legal jargon that my small brain can't fully grasp 😵

My creditor number starts with an "X" so I don't think there's action to take? At least not yet.

Might see something when BTC drops to €0.01 in the far future.😅

One More Toy

https://www.coindesk.com/business/2021/10/20/mt-gox-rehabilitation-plan-worth-billions-in-compensation-approved-finalization-to-follow/

Green Mile

Could see something within the first quarter of 2022

One More Toy

https://www.boards.ie/discussion/comment/118376645#Comment_118376645

How are they going to pay out? The claim is in JPY

Green Mile

https://www.boards.ie/discussion/comment/118376645#Comment_118376645

I wish things would just move on. Last update was 14/02/2022.

It's like they're waiting for creditors to just die off

One More Toy

Anyone have a look at the latest documents?

antimatterx

https://www.boards.ie/discussion/comment/119305750#Comment_119305750

What happened?

One More Toy

https://www.boards.ie/discussion/comment/119305761#Comment_119305761

Email sent out today but I'm not able to access the system as I'm not home

https://www.bloomberg.com/news/articles/2022-07-07/mt-gox-creditors-inch-closer-to-repayment-as-bitcoin-dump-looms

...

Green Mile

Like all their documents, it's hard to decipher.

When I log into the "system", there's nowhere to select an option of the early payout so I'm assuming the document is merely outlining its to come at a later date. Is that your understanding?

One More Toy

https://www.boards.ie/discussion/comment/119307509#Comment_119307509

Seems to be, having had a quick scan of the documents.

Most interesting to me is the possibility of PayPal payment

circadian

My understanding is this is being finalised and payments will be made in the next month or so. I know many sold off their claim to hedge funds a while back for an insanely discounted price. Hope you guys get everything you're owed.

One More Toy

Is there actually a page to select payout method yet?

Green Mile

I read more into it. The document is just another holding document. It just outlines a plan of action and what’s to come. You’ll be asked to select how you want payment. If fiat, you need to supply bank details. If another exchange, you need to supply your wallet ID (but not yet).

You’ll also be asked if you want to hold for the full payout (which will take years) or an early payout.

You’re probably thinking what I thought, “didn’t I already select early payment option?” That was in fact a survey only.

There is no action for us at the moment.

One More Toy

https://www.boards.ie/discussion/comment/119342762#Comment_119342762

Waited this long, I can wait a while longer :)

One More Toy

Thoughts on the latest installment? Have yet to log in or read the email in detail

Green Mile

I've completed the steps within the claims website "the system",

Verified myself with ID and input my Kracken account details. I've also updated my bank details for any of the fiat currencies, even though i had non in in MT Gox anyway.

I've also selected Early Payout.

I just have to sit tight now and wait for the deadline to pass in January 2023 to see what's next.

All seems to be moving along now which is a good sign,

One More Toy

Sorry guys, my brain isn't working

I performed identity validation, and linked my PayPal. However I must have missed the bit where I could select early payout. I've trawled the system and can't find it anywhere, could anyone point me in the right direction?

Green Mile

Screenshot 1.jpg

This whole process just numbs the mind, there just so much jargon.

So log into the system, then select the blue button that is titled: Selection of Repayment Method and Registration of Payee Information

You should see it right there.

Attached is a screenshot of what I see.

One More Toy

https://www.boards.ie/discussion/comment/119742973#Comment_119742973

Cheers, thanks for that. Pretty sure I have top and bottom options but not the middle one. Will look again properly tomorrow when I have my authenticator

Green Mile

MTGox has paid out some of its cash holdings. I've received money in my bank account today from the trustee. I'm guessing the crypto will follow into my Kraken account soon (soon as in the next 25 years).

Green Mile

I got my bitcoins from MtGox yesterday.

Total of 1.16 BTC, was great to see such a large injection to my Kraken account. Not sure what to do with it. I think i'll just hold it.

That ends the long long wait.

antimatterx

https://www.boards.ie/discussion/comment/122419092#Comment_122419092

Congrats

erlichbachman

https://www.boards.ie/discussion/comment/122419092#Comment_122419092

Just out of interest, does that equal the dollar value you lost, or the BTC you lost?

Green Mile

I paid in €4,500 and had 7 BTC. I ended up receiving 1.16 BTC back but thankfully the increase in value means I got my €4,500 back, plus more.