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Mt. Gox files for bankruptcy amid bitcoin loss scandal

Feb 28 2014, 12:50pm CST | by , in News | Other Stuff

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.

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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