GoldCoin Talk
Main Category => GoldCoin Discussion => Topic started by: MicroGuy on May 25, 2016, 11:04:06 AM
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As many of you know, the last tweet from Big Vern's account, on April 12, indicated that the exchange had been turned over to the court-appointed receivership.
(http://puu.sh/oZYdM/6678890e8f.png) (https://twitter.com/cryptsy/status/719773151098327040)
https://twitter.com/cryptsy/status/719773151098327040
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Since the time of that tweet, I have been monitoring some of the known Cryptsy cold wallet addresses. This is easy to do by matching rich addresses to dates and deposit behaviors. Two days ago, on May 19, the coins started moving.
The person in charge of the coins appears to be a competent crypto professional. I assume the receivership hired this individual.
In the case of Goldcoin (GLD), the receivership appears to have combined the hot wallets and cold wallets into a single address. Using the ownership claim feature of the block explorer, this individual even took the time to claim the address. He labeled it, "Cryptsy Receiver Wallet."
(http://puu.sh/oZYTv/8207b4ef97.png) (http://gld.cryptocoinexplorer.com/rich)
http://gld.cryptocoinexplorer.com/rich
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Based on this behavior, I would think this is a good sign that the coins of former Cryptsy customers are in good hands. Hopefully, these users will have their coins returned in the near future.
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This should help to remove much of the uncertainty from the market by easing the fears of investors. :)
The coins stored in that address belong to hundreds of individual investors and adopters. It is important that we get the word out to these users that their coins will be returned. The main reason it's been so quiet in the community is because many adopters had thought their coins were lost forever.
Now that progress is being made on returning these coins to our people, their motivation and incentive to contribute to Goldcoin's success can also return. I will do everything in my power to make sure these coins are returned to their rightful owners. United we will stand strong.
Once I have more information, I will provide it promptly in this thread.
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Lot's of coins being moved around. This looks like good news for people with coins on Cryptsy. :D
https://bitcointalk.org/index.php?topic=527500.msg14975740#msg14975740
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Sorry to burst your bubble but it is highly unlikely that the receiver will return any GLD to anyone. All of cryptsy's assets will be combined and sold for USD. It is unlikely that the receiver will receive fair market value in the bulk liquidation of these assets. The USD will then be distributed proportionally to all those holding claims against cryptsy...but not until AFTER the receiver takes a fee. The receiver charges a fee, similar to the rate of a common attorney: several hundreds of dollars per hour. Sorting through cryptsy files. moving digital assets, contacting creditors, etc will be hundreds of billable hours.
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Sorry to burst your bubble but it is highly unlikely that the receiver will return any GLD to anyone. All of cryptsy's assets will be combined and sold for USD. It is unlikely that the receiver will receive fair market value in the bulk liquidation of these assets. The USD will then be distributed proportionally to all those holding claims against cryptsy...but not until AFTER the receiver takes a fee. The receiver charges a fee, similar to the rate of a common attorney: several hundreds of dollars per hour. Sorting through cryptsy files. moving digital assets, contacting creditors, etc will be hundreds of billable hours.
This is incorrect. The frozen altcoins are not the property of Cryptsy and are not subject to liquidation.
The receivership is in the process now of doing a full accounting to determine the coin owners so they can be safely returned. The court never authorized the property of others to be stolen, only that the receiver should act as custodian.
https://www.scribd.com/doc/306964085/2016-4-4-De-33-Order-Appointing-James-Sallah-as-Receiver-Corporate-Monitor-for-Crytpsy
All 'exchange property' including computer hardware, bank accounts, intellectual rights, and real estate, etc., is however subject to forfeiture. I will be providing additional details as soon as possible.
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I spoke at length with the receivership attorney yesterday and a forensic investigator. They had hoped to reconstruct the Cryptsy website but it appears that Vern deleted the databases and wiped the disks the day of his departure.
The problem at this point is determining which coins belong to which users. The hired experts are attempting to recover the databases, but at this point it looks doubtful.
We will be asking the receivership to recommend to the courts that the coins be returned to the various communities whereby a system can be worked out to fairly redistribute the coins. In any case, I was told the legal process could possibly drag out for years.
There will be more details released during our weekly Team meeting this Sunday at 1:00pm. You can join in here: https://discord.gg/0s44ZF1V4kAxQGwT
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I spoke at length with the receivership attorney yesterday and a forensic investigator. They had hoped to reconstruct the Cryptsy website but it appears that Vern deleted the databases and wiped the disks the day of his departure.
The problem at this point is determining which coins belong to which users. The hired experts are attempting to recover the databases, but at this point it looks doubtful.
We will be asking the receivership to recommend to the courts that the coins be returned to the various communities whereby a system can be worked out to fairly redistribute the coins. In any case, I was told the legal process could possibly drag out for years.
There will be more details released during our weekly Team meeting this Sunday at 1:00pm. You can join in here: https://discord.gg/0s44ZF1V4kAxQGwT
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I had a mixture of various coins in Cryptsy. The estimated value would be approximately $1500. Can anyone offer any advice as to what the best course of action is?
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I had a mixture of various coins in Cryptsy. The estimated value would be approximately $1500. Can anyone offer any advice as to what the best course of action is?
The forensic team is still trying to recover the deleted user database showing which accounts held which coins. If this process is unsuccessful, then we will recommend to the courts that the coins be returned to the various communities. The main problem at that point will be how to redistribute the coins.
There is also the possibility that Bigvern will grow a conscience and provide a backup so the exchange website can be fully restored. Then the exchange could be put into "withdrawal only mode" and users would be able to login and retrieve their coins.
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I had a mixture of various coins in Cryptsy. The estimated value would be approximately $1500. Can anyone offer any advice as to what the best course of action is?
The forensic team is still trying to recover the deleted user database showing which accounts held which coins. If this process is unsuccessful, then we will recommend to the courts that the coins be returned to the various communities. The main problem at that point will be how to redistribute the coins.
There is also the possibility that Bigvern will grow a conscience and provide a backup so the exchange website can be fully restored. Then the exchange could be put into "withdrawal only mode" and users would be able to login and retrieve their coins.
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OK, Thanks for the advice.
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I had a mixture of various coins in Cryptsy. The estimated value would be approximately $1500. Can anyone offer any advice as to what the best course of action is?
The forensic team is still trying to recover the deleted user database showing which accounts held which coins. If this process is unsuccessful, then we will recommend to the courts that the coins be returned to the various communities. The main problem at that point will be how to redistribute the coins.
There is also the possibility that Bigvern will grow a conscience and provide a backup so the exchange website can be fully restored. Then the exchange could be put into "withdrawal only mode" and users would be able to login and retrieve their coins.
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Do you think there is a realistic chance that the victims will get their coins returned? Mine were a mixture of bitcoin, litecoin, gold, quark and infinite.
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Do you think there is a realistic chance that the victims will get their coins returned? Mine were a mixture of bitcoin, litecoin, gold, quark and infinite.
Yes. I think there's a realistic chance. We should know more about the potential and process over the coming weeks.
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The story has really started to pick up steam on BCT: https://bitcointalk.org/index.php?topic=1173703.msg15085366#msg15085366
UNU discussion from today: https://bitcointalk.org/index.php?topic=527500.msg15086401#msg15086401
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Unfortunately, I didn't make screen shots that showed my account balances before they went offline. I had around GLD (13,000), DOGE (18,000) and BTC (1.0) and perhaps 10 of BitcoinDark. Of course I was trying many things to try to get my coins out. Since BTC wasn't working and GLD got stuck on its way out (the transaction wasn't sent - Cryptsy had a transaction hash though), I tried to buy other currencies in order to transfer the coins out. Dogecoin and BitcoinDark failed to get sent out as well.
I figured that all was lost in January, so I made no effort to prove that I owned anything. It will be good if some or all the GLD can be recovered.
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luckily i made screenshots since i had 10 btc worth of coins in cryptsy hopefully my pics help me get some coins back
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Do you think there is a realistic chance that the victims will get their coins returned? Mine were a mixture of bitcoin, litecoin, gold, quark and infinite.
Yes. I think there's a realistic chance. We should know more about the potential and process over the coming weeks.
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The story has really started to pick up steam on BCT: https://bitcointalk.org/index.php?topic=1173703.msg15085366#msg15085366
UNU discussion from today: https://bitcointalk.org/index.php?topic=527500.msg15086401#msg15086401
Do you think it is helpful to keep the log in times that Crptsy provided each time a trade was conducted. I think I can prove my litecoins which amount to about 400 us dollars. Do you have any idea how the currencies will be returned? I also have about 1 bitcoin and some quark and infinitecoin,
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Cryptsy coins won't be returned to their owners. Big Vern destroyed the database. Coins will be sold through an exchange.
However, this doesn't apply to GLD which doesn't have a high liquidation value.
http://cryptsyreceivership.com
Latest document from 16 Sep 2016:
http://cryptsyreceivership.com/v1/wp-content/uploads/2016/06/Receivers-Motion-for-Authorizing-to-Liquidate-Certain-Cryptocurrencies-Secured-by-the-Receiver.pdf
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New PDF's released on http://cryptsyreceivership.com .
This includes information on how to submit a claim if you hold crypto-currency at Cryptsy (page 37):
http://cryptsyreceivership.com/v1/wp-content/uploads/2016/06/Oct-26-2106-Class-Action-and-Receivership-Settlement-Agreement.pdf
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The Goldcoin team is working closely with the Florida receivership in the Cryptsy matter.
We believe that we've discovered a way to turn this situation into an exciting opportunity. There are several investors (some institutional) we are currently in contact with that wish to make substantial investments into Goldcoin. Until now, this has been impossible due to insufficient market volume.
An attorney for the receiver, Patrick J. Rengstl, has assured the team via conference call that the auctioning of the remaining Cryptsy coins will be carefully executed in a manner that will protect Goldcoin. The coins will be broken into multiple lots, bidders will be prohibited from bidding on more than 1 lot, and an auction covenant will require that successful bidders hold their coins for a period of time after winning.
The Goldcoin team through its retail arm, Goldcoin Partners, will work diligently over the coming months to attract additional quality investors and negotiate the finer terms and conditions of these upcoming auctions.
This is a very positive development for Goldcoin, as now, for the first time ever, we have a doorway for major investors to come on board where none had existed before.
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Links:
http://cryptsyreceivership.com/
http://www.payton-law.com
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great news, and excellent work on preventing a worse fallout from the whole cryptsy incident.
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The Goldcoin team is working closely with the Florida receivership in the Cryptsy matter.
We believe that we've discovered a way to turn this situation into an exciting opportunity. There are several investors (some institutional) we are currently in contact with that wish to make substantial investments into Goldcoin. Until now, this has been impossible due to insufficient market volume.
An attorney for the receiver, Patrick J. Rengstl, has assured the team via conference call that the auctioning of the remaining Cryptsy coins will be carefully executed in a manner that will protect Goldcoin. The coins will be broken into multiple lots, bidders will be prohibited from bidding on more than 1 lot, and an auction covenant will require that successful bidders hold their coins for a period of time after winning.
The Goldcoin team through its retail arm, Goldcoin Partners, will work diligently over the coming months to attract additional quality investors and negotiate the finer terms and conditions of these upcoming auctions.
This is a very positive development for Goldcoin, as now, for the first time ever, we have a doorway for major investors to come on board where none had existed before.
~~
Links:
http://cryptsyreceivership.com/
http://www.payton-law.com
Excellent! It's refreshing to see someone working for us instead just themselves. Thank you!
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Hi,
I was a user of Cryptsy and I used years ago, this week I release I left my dogecoins in the Cryptsy account.
I have been reading about the situation in several places but I don't know how it is going the process and if it is possible to recover my crypto currency.
I know this forum is about GoldCoin but if you could provide a bit info to head to the right place would be very kind.
The only thing I have done is register in http://cryptsyreceivership.com.
In my account I had around 4 million dogecoins.
New PDF's released on http://cryptsyreceivership.com .
This includes information on how to submit a claim if you hold crypto-currency at Cryptsy (page 37):
http://cryptsyreceivership.com/v1/wp-content/uploads/2016/06/Oct-26-2106-Class-Action-and-Receivership-Settlement-Agreement.pdf
I have read the page 37, but I don't know how to do it, (is only for US residents?)
Thanks for your help
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In my account I had around 4 million dogecoins.
The Dogecoin currency has already been liquidated at market as per the published court documents. These proceeds will be used to pay attorney fees with any remaining funds distributed to the included parties.
To make sure you are included in any potential distribution, you must contact the receiver using the information provided on its website.
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Thanks @microGuy
When you mention the receiver, do you mean the website "http://cryptsyreceivership.com/" ?
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Thanks @microGuy
When you mention the receiver, do you mean the website "http://cryptsyreceivership.com/" ?
Yes. That is the official website of the Cryptsy receivership.
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I had ALL my Goldcoins in Crypsty, and they are gone. I had over 4k of them. How do I get them back?
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I had ALL my Goldcoins in Crypsty, and they are gone. I had over 4k of them. How do I get them back?
To be eligible for financial compensation, you must contact the attorneys in Florida and provide them with your details.
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If you are a Cryptsy account holder and are unable to access your Goldcoin, you could get money from two different class action settlements. If you have not done so, you should file a claim immediately: http://www.cryptsysettlement.com/
The deadline for submitting a claim form is May 17th, 2017.
As part of our continued effort to support the community, the Goldcoin team has also raised money to create an internally funded compensation program that will match paid claims in the above action(s). To be eligible for this internal program, you must submit a claim at the link provided above and provide proof of receiving a paid claim from the above action(s).
There will be restrictions and limits TBD on the individual amounts paid by this separate internally funded claims matching program. Our goal and objective is to provide as much relief as possible to those adversely affected by Cryptsy's abrupt closure.
Perhaps one of the bright lights in all of this has been the valuable lesson that it is generally considered not best-practice to store funds long-term on a crypto exchange. :)