Samsung medium format?

There are rumours on the internet that Samsung is going to introduce a medium format camera system, based on a 36 x 36 mm sensor. There are even photos suggesting that much. I don’t know if these rumours are true, but I do know that one argument that is put forward for the sensor size is not. The claim “A 36 x 36 mm sensor makes sense, because it means that one could use existing 35mm (36 x 24 mm) lenses on such a system” is simply nonsense. A 35mm lens needs a image circle that has the same diameter as the diagonal of a 36 x 24 mm rectangle. A 36 x 36 mm square has a bigger diagonal and so it does not fit into that circle. The image below illustrates this. The blue circle fits the red 24 x 36 mm frame exactly. The green 36 x 36 mm frame does not fit inside that circle.