NSW Non-Delivery of Purchased Bitcoins from Bitxoin

[Josh]

Yep this alll occured days before this thread appeared

 

[John R]

Q. If the deposits were used for a purpose other than supplying Bitcoins to Bitxoin customers, how were the deposits used?
A. Following response to the previous question, once funds hit bank, they are consolidated and losing the distinctiveness required to track their subsequent usage any further.
eg #1. If Alice deposits $1,200 and Bob deposits $300 and the bank deducts a fee of $250, given an opening balance of $50 and closing balance of $1,300, how much of Alice's money is still in the bank?
- answer is "uncertain though at least $950"
I am not at liberty to provide a complete balance sheet at the time of writing however, suffice to say, net liabilities are in the range of $150K to $300K. Of this, less than 10% relates to Unearned Revenue (being "disaffected customers").

Given the stated amount of net liabilities for Bitxoin Pty Ltd, it would be interesting to know what the other liabilities are and whether any steps have been taken by @DavidC, as sole company director of Bitxoin Pty Ltd, to recover bad debts and make good the deposits of "disaffected customers" that arguably should not have been "mixed" with other funds held by the Bitxoin Pty Ltd business.

For example, what steps have been taken by @DavidC to recover funds caused by events that he described on 20 July 2014, including the:

1. Embezzlement by former business partner - Has this been reported to police? Has debt recovery/litigation been started to recover the alleged embezzled funds?
2. Bank error, international wire problems and missing wire transfer amounts - Unless the bank account/s have been frozen for whatever reason, the money should ultimately be sitting in a bank account and its status able to be investigated and/or confirmed by Bitxoin's bank/s. From an archived copy of the Bitxoin website "allowing fast and safe purchase of bitcoin using cash at many participating banks across the country ...Thanks to our extensive network of banking institutions, we are proud to service multiple countries and currencies".
3. Coding error - If the Bitxoin source code was developed by someone else (the original business owner, contractor, etc.), potentially some funds can be recovered under their contractual warranties/guarantees, professional liability insurance, etc.?
4. Failure of large orders to complete - In the absence of Bitxoin operating like a ponzi scheme (that is, needing large orders to complete to get cash-flow to fund earlier orders), I assume that the alleged failure of large orders to complete were simply leads/enquiries and not confirmed orders?

 

[John R]

@Jezza90,
Any update on NCAT?

 

[Mateusz Nowak]

Any updates...?

 

[Jezza90]

Sorry for my long absence guys.
I have been going through alot in my own personal life and have had little emotional or mental energy to spend trying to chase this around.
I went to GC a few weeks back to try and suss things out.
All in short, the office has been closed down. David told me he was another couple hours north of Surfers Paradise and that he had been kicked out of Chevron Centre "for no good reason".

Basically, I went and spoke to one of the center managers, and he told me that David seems to be nothing but a con artist and an unstable person who fabricates realities and then believes them. He was removed from Chevron Center due to various complaints and issues, and Gold Coast Police have been trying to get him out of the town for a fair while.

Last time I spoke to David he told me he was moving to Hong Kong, doing this doing that. The same ol' s**t that he has been spouting for months now.

NCAT was postponed due to paper work error, however I have not heard back from the courts still about the proceedings, but due to the amount of time it has taken since the last hearing it seems like my case has just simply vanished?
As I said I havnt had much time to chase these things around lately.

I don't feel like much is happening in any case. David says he doesnt have a dollar to his name, but I could be 99% sure that he has a bank account somewhere in some name which has a fair few digits.

Seems like your typical con job to me! Well played.

Karma bites hard but, and I will be following closely until it does.
I know I sure wont be forgetting the name and the face!
Only a matter of time...

 

[Josh]

Could see this coming from day one, when my money dissapeared. Its a real shame the justice system cant act quickly upon these people.

It makes taking the law into your own hands too tempting and in this case im sure David will have his day.

 

[Norm]

Well there you have it ..... someone thought they were on to a get rich quick scheme and when it wasn't working out, rather than shut it down when they should, he decided to rob a load of people first. The good thing for him is that he was in Queensland or my son would be in Jail for murder right now. I sent him a text a few times recently with no reply then late one night he called and I just missed it and called him back -no ans...probably on drugs.

 

[Norm]

Found this on the net http://www.meetup.com/BitcoinBrisbane/events/144661432/

Looks like this Travis Cattach must have bailed... the hoopla didn't last long before it all went downhill fast

Travis C.
Hi Brissy Bitcoiners - Unfortunately, I am unable to be in Brisbane for this event but I hope to catch you next time around. As an intro - my business partner and I own Roosevelt Group as well as a couple of subsidiary entities' in the crypto-currency sector, one of which is a service to purchase bitcoin using cash-over-the-counter at local banks and we have office space in the heart of Surfers Paradise on the Gold Coast - bitXoin.

I believe some of our crew will be attending the Gold Coast Bitcoin meetup group next week which we sponsor and I am going to try and come along as well. If anyone is in the area and wants to talk BTC please stop by and say hello, offices are located adjacent above Infinity @ Chevron Renaissance Skyline Centre, Suite L[masked] Surfers Paradise Blvd, Surfers Paradise, QLD 4217. Please call[masked] for directions or visit www.bitXoin.com for more details.

I look forward to meeting everyone in the growing local bitcoin community.

Travis Cattach

2·December 11

 

[Benjanor]

So it's looking like we are not going to get our money back.
Is there anything we can do at this point?

 

[Michael T]

@Benjanor - look at @John R's previous posts in this thread which seem to set out things that you can do.

@DavidC - Are you going to fulfil these customer orders??