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by AndreLock 1315 days ago
This is absolutely wild and unprecedented. Imagine being a victim of Madoff's ponzi and - after already being traumatized by the unveiling of the fraud - discovering that the rest of the money had been stolen.

Madoff's ponzi was larger, but the recovery rate was 88%. It looks like customers who didn't withdraw in time will end up with 0%.
2 comments
sillysaurusx 1315 days ago
Can confirm. Lost 100% of my mtgox holdings in 2013. Theoretically my account balance is 7.73 BTC. I can still log in and see it. Maybe by the time I retire I’ll have recovered like 0.7 BTC. Which amusingly would be the sum of my original $11k investment.

A lot of this is just gambling. People need to go into it with the mindset that the money will be gone tomorrow, and then be pleasantly surprised if it doesn’t.

See this millionaire who is now worth $10k due to FTX: https://www.tiktok.com/t/ZTRxWq77B/

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rkagerer 1315 days ago
If you've been keeping up with your claim filings you should get around 1.1 to 1.25 BTC (estimate from https://blog.wizsec.jp/2021/02/mtgox-claim-calculator.html?m...)
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sillysaurusx 1315 days ago
Thank you for the claim calculator! I spent like an hour trying to understand the calculations manually, but the ~7 pages of dense legalese was hard to decipher.

(I’ll believe it when the coin is in my wallet though. Till then, I mentally moved on a long time ago. It felt like the end of the world at the time, since it was my father’s savings that he’d worked for a decade to save up for his kid one day. Wiping it out over night wasn’t a good feeling, to say the least. But, life goes on, and I was fortunate it was only $11k. An expensive lesson, but one I needed to learn.)

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Seattle3503 1315 days ago
> I can still log in and see it.

Who operates the site?

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sillysaurusx 1315 days ago
The Japanese government is handling this pretty well. They assigned a … I’m not sure the term. Manager? Basically some Japanese firm is handling everything related to Gox.

The process has been slow (we’re almost at the one-decade mark) but it does seem to be progressing.

Whereas it’s hard to imagine FTX creditors having any hope whatsoever after this.

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jl2718 1315 days ago
So, did Madoff's victims just end up with normal returns like they would have gotten any other way?
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cuteboy19 1315 days ago
The ended up with 0.9x their original capital
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jquery 1315 days ago
It’s important to note they ended up with .9x after thinking their capital had 2x’d or 3x’d.
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