Earlier quoted context omitted.
Not only that but Michael Patryn turned out to be MikeXBT a known frequent poster on /r/bitcoinmarkets often bragging about and showing proof of his big market moving trades on Bitmex...likely with QuadrigaCX customers' money. It's like something from a movie.
What the hell?! Where did you get that info from?
Experts cracked laptop of crypto CEO who died with $137M, but the money was gone
301–310 of 345 posts
Re: Experts cracked laptop of crypto CEO who died with $137M, but the money was gone
#302Earlier quoted context omitted.
And the widow is left with just the 17 properties, 2 cars, yacht and plane that he earned through honest hard work. Another thing you could work into the plot is $9m appears to be with WB21 "Banking Redefined" which claimed a million users but was discovered to only have 135 downloads of its app (now removed), is run by a convicted fraudster and was awarded "Global Banker Award 2018" in a black tie ceremony that they…
That "award" ceremony video is both surreal and ridiculously cringe-inducing at the same time. It wouldn't surprise me if he actually felt like he had "achieved" something when he gave himself that award, either. It was like you were watching his fantasy of what people would say about him if he was a productive member of society instead of a criminal and fraud.
When you have the chance to fulfill your childhood wet dreams fantasy you go for it. Those fake claps, the huge bouquet, beautiful ladies...
Re: Experts cracked laptop of crypto CEO who died with $137M, but the money was gone
#303Earlier quoted context omitted.
I lost some 2010 BTC (trading at ~$30) in the MtGox failure, and then missed the window to make a claim. Harsh.
But it was trading at around $600 during the MtGox meltdown. Are you thinking of the first MtGox crash (June 2011) that they recovered from?
Tinco is correct, I bought before the MtGox crash at around $30 but used them as my exchange to do the trade, and never pulled them into a wallet.
Re: Experts cracked laptop of crypto CEO who died with $137M, but the money was gone
#304My take on this is that they probably were insolvent for a long time already due to previous hacks/theft. The CEO just decided to lie about the supposedly 137M in funds 'safely' stored on his laptop. This is also what happened at MtGox, except that at MtGox they 'lost' wel over a million BTC. Edit: relevant listening: https://darknetdiaries.com/episode/9/
And this is the problem. These guys are not regulated. There is no transparency. There are no external auditors. There is no control. When we find out, it is always too late. Every "cryptocurrency bank" is a potential Enron. I fear both the involvement of Central Banks and at the same time the lack of it. If EY (or anyone else serious about this) 'follows the money' then that would be a very interesting report to rea…
Is it a problem though.
The risks of not using your own cold storage is real. The ability to store your own is outlined by numerous tutorials, explanations.
Nobody is crying for those who sent money to the nigerian prince, I don't think we should cry for anyone here either.
These player are smart enough to know most folks are uneducated on the topic and can be readily swindled by players looking and talking the part.
This happens every day in so many realms outside of blockchain; the opportunity for transparency, the lack of sympathy or control to help those with a lack of understanding, there are certain elements here that can change an environment that is so aggressively finance driven. This is the hope, something different.
The regulation, the trickery, etc it all gets sorted in time to a level we choose to accept. The question is if the potential for change is worth putting up with it until then.
Re: Experts cracked laptop of crypto CEO who died with $137M, but the money was gone
#305Earlier quoted context omitted.
> > These guys are not regulated. There is no transparency. There are no external auditors. There is no control. > But that's a feature, not a bug, at least according to the crypto people. But, so far, all they have managed to do is rediscover lessons about the need for regulation, oversight and accountability that the financial industry has learnt decades or even centuries ago. I feel this is only true for people wh…
Yes, cryptocurrency can't fail, it can only be failed. If 99.9% of people are using a technology "wrong", then I would suggest it's bad technology. If we aren't making a technology with actual users in mind, then we're just doing some sort of high-concept performance art.
I think this and the chain that follows is the conversation to be had.
It can be done but there is a meeting in the middle from many sides.
I believe it centers around the simple laws of thermodynamics, the path of least resistance will be taken.
Tools are coming out to make development easier, tools are coming out to make consumption easier.
Think about computing and how much has changed, been misunderstood, and misstated, and flipped on its head in the past thirty years. The ease and accessibility is still being pushed.
This will too.
Re: Experts cracked laptop of crypto CEO who died with $137M, but the money was gone
#306Earlier quoted context omitted.
> > These guys are not regulated. There is no transparency. There are no external auditors. There is no control. > But that's a feature, not a bug, at least according to the crypto people. But, so far, all they have managed to do is rediscover lessons about the need for regulation, oversight and accountability that the financial industry has learnt decades or even centuries ago. I feel this is only true for people wh…
So you can truly gain the benefits of crypto if you make your life as inconvenient as a drug dealer stashing wads of bills in random locations to dodge taxes? I hope people who do this have either a great memory or a great filing system.
Compare that to ten years into what banking was.
The spreadsheets, math tables, the manual toil...you aren't looking at it realistically. Things don't just pop into existence perfectly but iterate into a local and idealistically global minimum from the reality of what people want and need, not what devs and larger organizations think they want and need.
Re: Experts cracked laptop of crypto CEO who died with $137M, but the money was gone
#307Earlier quoted context omitted.
Plot twist: 10) The CEO was really an actor... hired by the "wife", who masterminded the whole thing Alternative plot twist: 10b) Both the CEO and wife are hired actors. The head of the orphanage was the mastermind
SCP Twist: the orphanage itself was the mastermind; it manifests when a blockchain fintech startup launches and exists solely to de-materialise the founders and redistribute crypto funds. The children of the orphanage are yet to be identified, though it is speculated that they are the disappeared fintech founders.
Plot twist: the adoption of the orphans is in fact the canonical blockchain transaction and the recent slowdown in verifications is due to a lack of orphans. This need for more orphans is the fuel for global warfare ultimately turning the purpose of humanity into that of being slave to the blockchain.
Re: Experts cracked laptop of crypto CEO who died with $137M, but the money was gone
#308Earlier quoted context omitted.
Did you miss the second claim window as well? We got the trustee to change the bankruptcy format, and it reopened the claim window until I think November. Did you not get any emails about the claims?
Everything I used to buy the BTC was anonymized (cash deposit, throwaway email address). I have all my MtGox login information but can't access the email address I used to verify anything. Any way I can still file a claim?
I think you're too late, but you can make an account here and ask: forum.mtgoxlegal.com
It's a forum organized by creditors who together pay for a lawyer and an activist to represent us in the bankruptcy.
Re: Experts cracked laptop of crypto CEO who died with $137M, but the money was gone
#309Re: Experts cracked laptop of crypto CEO who died with $137M, but the money was gone
#310Earlier quoted context omitted.
it's a feature of the blockchain that you can track each and every transaction.
You can't track the off-chain stuff, though. Plenty of coin movements in an exchange aren't going to make it onto the chain. If I sell on Coinbase and someone else on Coinbase buys it, there's no reason for Coinbase to incur fees to publish that to everyone; they can just shuffle money around on paper.
This reminds me of how chit fund scams worked in India in the 80s.
Often people in the same family(cousins etc) would invest. Always in a fashion, where one of them owed money to the fund, and the other was owed.
If the fund went underwater, they would just go to the chit fund office, and do what was called book adjustment. Basically the fund would not give anything or take anything. On paper it would appear as fund gave money to one cousin, and took from another. In reality the cousin who was supposed to get money from the fund, would get the money from his cousin. And the fund, would mark in his ledger as the debt was paid.
This way people didn't make losses.