Post
Topic
Board Service Announcements
Re: bitfloor needs your help!
by
Stephen Gornick
on 04/09/2012, 19:27:56 UTC
Disbursing funds to some customers and not others would be a criminal act under those.

I believe a court order (injunction) should be filed to help ensure the exchange operator proceeds as prescribed by law.

Bitcoins were stolen, not cash. That cash is not Bitfloors to distribute to other customers. It's mine.

Doesn't work that way in the U.S.

A quick search and I couldn't find the exact description about how customer funds are pooled (giving a net balance), regardless if the account had a balance of securities or cash, then disbursed.  

Here's from Canada, which is pretty much the same in the U.S.

Quote
The customer pool fund includes all securities owned by a bankrupt securities firm, and all securities and cash held by or for the account of both the securities firm and every customer of the securities firm, other than customer name securities. The customer pool fund is allocated first to cover the costs of administering the bankrupt estate and then to cover customer claims in proportion to each customers net equity position.

 -- http://www.cipf.ca/Public/FAQ/Coverage/PartXII.aspx