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Bitcoin Exchange Mt. Gox Goes Offline, Joint Statement Issued

The famed Bitcoin exchange site known as Mt. Gox went AWOL (absent without leave). Trouble had been brewing for some time and as the story goes the site just vanished without a word from cyberspace.

Feb 25 2014, 7:17am CST | by

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Bitcoin Exchange Mt. Gox Goes Offline, Joint Statement Issued
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Bitcoin Exchange Mt. Gox Goes Offline, Joint Statement Issued

The level of fraud and injustice to the users is simply unthinkable. Already there were signs all over the place. Bitcoin and Mt. Gox had been partners in crime and the full-fledged scandal erupted recently. 

Mt. Gox along with all its accoutrements just left behind a blank in the place of their website. While not all those concerned are guilty of this bankruptcy of Mt. Gox, it does seem that some are guiltier than others. In a joint statement given by several companies, to clear their name, the point was reiterated. 

The lost credibility will hardly get mended in a short span of time. It will take a lot of amends to gather the sympathies of the people again. The fact that there are bad apples among the rest of the normal variety and they spoil the whole bunch cannot be emphasized enough. 

The inside story remains just that…information known to insiders. There has been talk of a major theft that took place at Mt. Gox. The cyber-thieves siphoned off huge funds from the Bitcoin treasury stored away at the Mt. Gox exchange. This triggered the obvious problem of insolvency. 

"In order to re-establish the trust squandered by the failings of Mt. Gox, responsible bitcoin exchanges are working together and are committed to the future of bitcoin and the security of all customer funds," according to a join statement on the Coinbase blog.

Now all this does not mean that there aren’t decent and responsible parties among the whole mix. That is the reason why these few companies issued the joint statement to clear their names from the list of the guilty. Among the ethically clean companies are included: Coinbase, Kraken, BitStamp, Circle and BTC China. 

The transparency of functioning that will be required means that Bitcoin dealers and possessors will have to show some critical custodial skills. The reparation process may take some time but that does not mean that it is an impossible task. Since Bitcoin is still in its nascent phase, it has a long way to go. 

The crises it must face along the journey are a natural yet difficult and ugly truth. As for the disappearance of 750,000 Bitcoins from the coffers of Mt. Gox, it is a problematic issue alright. Yet it is not exactly insurmountable since the culprits could be caught with a little effort on the part of the authorities.

Source: Matt Vukas, Coinbase Blog

 

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Update: 9

Mt. Gox suitors seek support to save bitcoin exchange

Source: NDTV

Major Bitcoin Exchange Mt. Gox Goes Offline
A group of investors seeking to buy Mt. Gox has launched a website to garner support from creditors of the bankrupt bitcoin exchange to prevent liquidation of its assets ...
Source: NDTV   Full article at: NDTV 1 day ago, 1:56am CDT
 


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Update: 8

Save MtGox - Bitcoin Important Implications of Going Down

Source: The Market Oracle

Major Bitcoin Exchange Mt. Gox Goes Offline
Cutting right to the chase: short positions might be the way to go now (stop-loss at $550). A group of investors has come up with an initiative to convince the Tokyo Distric Court to not liquidate Mt. Gox's assets but instead give a go-ahead to the plan to rehabilitate the failed exchange. A website Save Gox has b ...
Source: The Market Oracle   Full article at: The Market Oracle 1 day ago, 10:29pm CDT
 

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Update: 7

Mt. Gox suitors seek support to save bitcoin exchange

Source: NDTV

Major Bitcoin Exchange Mt. Gox Goes Offline
A group of investors seeking to buy Mt. Gox has launched a website to garner support from creditors of the bankrupt bitcoin exchange to prev ...
Source: NDTV   Full article at: NDTV 2 days ago, 8:56pm CDT
 

Update: 5

Mt. Gox has filed for liquidation in Japan, says report

Source: PC World

Major Bitcoin Exchange Mt. Gox Goes Offline
Bitcoin exchange Mt. Gox has abandoned its bid for revival and filed for liquidation with a Japanese court, The Wall Street Journal reported Wednesday.Tokyo-based Mt. Gox, once the world’s largest trading place for the digital currency, collapsed in February with liabilities of ¥6.5 billion (US$63.6 million), saying nearly half a billion dollars worth of bitcoin was unaccounted for and that hackers had exploited a software problem.It has asked the Tokyo District C ...
Source: PC World  Full article at: PC World 4 days ago, 4:10am CDT
 

Update: 4

Mt. Gox founder shunning US subpoena probing bankruptcy

Source: Ars Technica

Antana/Flickr The founder of Mt. Gox, Mark Karpeles, won't head to the US to respond to a Treasury Department inquiry concerning the Japanese bitcoin exchange's bankruptcy flap. Karpeles filed for bankruptcy in Tokyo in late February after Mt. Gox, which was once the world's largest Bitcoin exchange, reportedly lost about 750,000 customer Bitcoins and 100,000 of the company's own Bitcoin reserves. On Marc ...
Source: Ars Technica   Full article at: Ars Technica 4 days ago, 11:30am CDT
 

Update: 3

Karpeles Says No To US FinCEN Subpoena On Mt. Gox Bankruptcy

Source: Ebeling Hefferman Live Trading News

Major Bitcoin Exchange Mt. Gox Goes Offline
Karpeles Says No To US FinCEN Subpoena On Mt. Gox Bankruptcy Mark Karpeles, founder of Mt. Gox, said he will not go to the United States to answer questions about the Japanese Bitcoin exchange’s US bankruptcy case, Mt. Gox lawyers told a federal judge Monday. In the court filing, Mt. Gox lawyers cited a subpoena from t ...
Source: Ebeling Hefferman Live Trading News   Full article at: Ebeling Hefferman Live Trading News 5 days ago, 2:51am CDT
 

Update: 2

Mt. Gox asks for postponement of Karpeles' deposition in U.S. court

Source: PC World

Mt. Gox CEO Mark Karpeles, who was ordered to appear before a U.S. bankruptcy court to answer questions, has asked for a postponement of his deposition.In an emergency motion, Karpeles seeks to appear before the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, tentatively on May 5 rather than at a Thursday appearance set by the court.The filing on Monday by the failed ...
Source: PC World  Full article at: PC World 5 days ago, 2:05am CDT
 

Update: 1

Mt. Gox asks for postponement of Karpeles' deposition in U.S. court

Source: NetworkWorld

Mt. Gox CEO Mark Karpeles, who was ordered to appear before a U.S. bankruptcy court to answer questions, has asked for a postponement of his dep ...
Source: NetworkWorld   Full article at: NetworkWorld 5 days ago, 1:52am CDT
 

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<a href="/latest_stories/all/all/20" rel="author">Sumayah Aamir</a>
Sumayah Aamir (Google+) has deep experience in analyzing the latest technology trends.

 

 

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