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Mt. Gox files for bankruptcy amid bitcoin loss scandal

If you are one of the many that has invested money in bitcoin, the virtual currency, some rough times are ahead. A scandal has broken over the last few months having to do with one of the biggest bitcoin exchanges around called Mt. Gox.

Feb 28 2014, 12:50pm CST | by

6 Updates
Mt. Gox files for bankruptcy amid bitcoin loss scandal

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Mt. Gox files for bankruptcy amid bitcoin loss scandal

Mt. Gox stopped withdrawals not too long ago citing some sort of bug that could allow users to be taken advantage of. Word then started to surface that the company had lost huge amounts of money in bitcoins. Mt. Gox has now field for bankruptcy according to the WSJ .

The bitcoin exchange reportedly has $63.6 million in outstanding debt. The bankruptcy filing was made in Tokyo District Court. At one point Mt. Gox handled over 80% of all trades in virtual currency. The failure and scandal surrounding Mt. Gox is said to be one of the biggest blows dealt to the virtual currency community yet.

Investors in Mt. Gox have said that they have little hope of getting their money back. Some individuals have said that they had bitcoins worth hundreds of thousands of dollars with Mt. Gox. At this time, it is unclear when or if the bitcoins will be returned to users. It's not clear if the bitcoins still exist.

So Far, it is unclear what happened to the allegedly missing funds. The bitcoins could have been stolen, but no confirmation of that has been made at this time. With the company filing for bankruptcy we may not know for a while exactly what happened. nvestors have little hope of getting their money back


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Update: 6

Mt. Gox Trustee Will Consider Returning Bitcoin Unconverted

Source: 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 converting it into regul ...
Source: Asia Home   Full article at: Asia Home 5 days ago, 9:32am CDT


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 ...
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 wha ...
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, ...
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 would say, 'Be sure to have 24-hour security guar ...
Source: The Business Insider   Full article at: The Business Insider Jun 27 2014, 9:11am CDT

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