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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: 6

Mt. Gox Trustee Will Consider Returning Bitcoin Unconverted

Source: WSJ.com: Asia Home

An official responsible for the assets of Mt. Gox tells creditors he will consider returning the bitcoin that remains with the defunct exchange without c ...
Source: WSJ.com: Asia Home   Full article at: WSJ.com: Asia Home Jul 23 2014, 9:32am CDT
 


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Update: 5

BitOcean Japan To Bid For Mt. Gox: Where Is The Digital Currency Heading?

Source: bidness etc

A joint venture between BitOcean, a Chinese bitcoin (BTC) ATM maker, and Atlas ATS, an American exchange platform provider, intends to launch a new bitcoin exchange in Japan this August. The new joint venture, BitOcean Japan, is looking to acquire the assets of Tokyo-based Mt. Gox, once the largest bitcoin trading platform. Mt. Gox received a serious blow when hackers robbed the company of 850,000 bitcoins, the equivalent of $500 million at a price of $588 per bitco ...
Source: bidness etc   Full article at: bidness etc Jul 14 2014, 5:58am CDT
 

More From the Web

Update: 4

Mt. Gox revival threatens customer's remaining Bitcoins, says CEO

Source: Engadget

First, one of the world's largest Bitcoin exchanges went dark, then it filed for bankruptcy, suffered further hacking attacks and even faced a lawsuit. Now Mark Karpelès, Mt. Gox's CEO, tells the Wall Street Journal that he's liquidating ...
Source: Engadget   Full article at: Engadget Jun 27 2014, 5:24pm CDT
 

Update: 2

No More Bitcoins Will Be Found, Says Mt. Gox Chief

Source: bidness etc

Mt. Gox Chief Executive Officer Mark Karpeles said today that no more bitcoins, from the 850,000 that were stolen earlier this year, will be found, according to the Wall Street Journal. The theft had led to the closure of the Bitcoin exchange. Mt. Gox closed its operations in February this year after the exchange lost 850,000 bitcoins in a hacking attack. The Japan-based exchange lost more than half a billion dollars due to a flaw, known as transaction malleability, in the a ...
Source: bidness etc   Full article at: bidness etc Jun 27 2014, 1:18pm CDT
 

Update: 1

MtGox CEO: We Should Have Hired Security Guards

Source: The Business Insider

Good call. In a new interview with the Wall Street Journal, Mt. Gox CEO Mark Karpelès says that what was once the world's largest Bitcoin exchange should probably have hired more security, revealing that there were physical break-ins at the firm's Tokyo office.  Those would be in addition to the online hack that drained the company of hundreds of thousands of Bitcoin. "If anyone wants to start a Bitcoin exchange, I ...
Source: The Business Insider   Full article at: The Business Insider Jun 27 2014, 9:11am 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 trends.

 

 

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