Bitcoin exchange Mt. Gox goes offline amid serious trouble

Scorpus

Scorpus

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Update: Mt. Gox finally broke silence minutes ago with a short and vague statement about the sudden closure of its exchange: "In the event of recent news reports and the potential repercussions on MtGox's operations and the market, a decision was taken to close all transactions for the time being in order to protect the site and our users. We will be closely monitoring the situation and will react accordingly."

Original story below.

Major Bitcoin exchange Mt. Gox has been troubled in recent times, today going completely offline amid rumors of a possible acquisition or insolvency. Heading to their website at mtgox.com currently shows a blank page, and all tweets have been deleted from the company's Twitter account.

A Reddit user reports that Mt. Gox suspended all trading at around 8:59 PM ET, before the site went offline, while The Next Web also claims that new user registrations were prohibited around the same time. Mt. Gox are yet to release a statement on why they have disappeared, and users remain unsure about what will happen to any currency the exchange holds.

Several other digital currency exchanges - Coinbase, Blockchain, Circle, Kraken, Bitstamp, and BTC China - have slammed Mt. Gox in a joint statement, which claims the company is reponsible for a "tragic violation of the trust of [its] users". The statement goes on to say there "are hundreds of trustworthy and responsible companies involved in Bitcoin. These companies will continue to build the future of money by making Bitcoin more secure and easy to use for consumers and merchants."

A company spokesperson allegedly told Re/code that Mt. Gox has filed for bankruptcy, although that claim hasn't been verified. Looking at the source code for mtgox.com reveals placeholder text saying "put announce for mtgox acq here", which suggests the exchange has been acquired.

Mt. Gox has been in serious trouble for weeks now. The exchange halted all withdrawals on February 7th, and on Sunday CEO Mark Karpeles resigned. Not only that, but a leaked document suggests around 750,000 bitcoins (around US$350 million) belonging to customers have been stolen through security flaws over the course of several years, putting the company in crisis mode.

Issues with the exchange have had a flow-on effect for the entire Bitcoin community, with the price of the the cryptocurrency plummeting further at today's news. What will happen next at Mt. Gox remains to be seen, as we await a further news or an official statement.

Permalink to story.

https://www.techspot.com/news/55803-bitcoin-exchange-mt-gox-goes-offline-amid-serious-trouble.html

 
Huh, how did I miss this news. The crash of the biggest bitcoin exchange is sort of a big deal.
 
Well, the source on the size says:

<!-- put announce for mtgox acq here -->

An acquisition perhaps? A decoy more likely?
 
Well, the source on the size says:



<!-- put announce for mtgox acq here -->



An acquisition perhaps? A decoy more likely?
Click to expand...

You clever, clever shrew(family guy)
 
Skidmarksdeluxe said:
This is great, maybe AMD Radeon cards will become available and start selling at sane prices again.
Click to expand...

It's my understanding that Asic cards are the way to go for mining Bitcoins... so unfortunately it probably won't affect the price since other currency such as Litecoin currently run only on standard computer hardware and Asic can't currently be used for Litecoining.
 
Perhaps if there was some kind of, oh I dunno... Government Regulation in place to prevent this kind of thing, you nerds would still have your money. Real Money for the win!
 
[FONT=Arial]
Guest said:
Real currency is backed by an Army and nuclear weapons.
Click to expand...
Guest said:
Perhaps if there was some kind of, oh I dunno... Government Regulation in place to prevent this kind of thing, you nerds would still have your money. Real Money for the win!
Click to expand...

Soooo basically what you're saying is...

9YfEXoM.gif
[/FONT]
 
If it was a legitimate exchange, it would have been announced before they started freezing everything... unless their management is incompetent.
 
Nothing makes me happier than being one of the hundreds of thousands of users who was ripped off by that **** show of an exchange.
 
Guest said:
Nothing makes me happier than being one of the hundreds of thousands of users who was ripped off by that **** show of an exchange.
Click to expand...

I can't help but respect a man who chooses to feel ironically about his own misfortune. #LowBlow
 
Guest said:
Perhaps if there was some kind of, oh I dunno... Government Regulation in place to prevent this kind of thing, you nerds would still have your money. Real Money for the win!
Click to expand...

Yup. Just like they've regulated education into a massive success, and regulated financial institutions into sound lending practices, and legislated healthcare into perfection, and regulated business such that they can't cook their books. Gov't Regulation FTW!

/sarcasm
 
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BitCoin is not the only crypto-currency to go down in value. As far as I can see, all of them have gone down by about the same percent.
 
Guest said:
BitCoin is not the only crypto-currency to go down in value. As far as I can see, all of them have gone down by about the same percent.
Click to expand...
Because if the main ones reputation is tarnished it tarnishes all of them since most people see all crypto-currency as the same basic thing. The stock market is kind of the same way, usually if the biggest in one field has a huge problem others in the same field will feel the hit as well.
 
Camikazi said:
Because if the main ones reputation is tarnished it tarnishes all of them since most people see all crypto-currency as the same basic thing. The stock market is kind of the same way, usually if the biggest in one field has a huge problem others in the same field will feel the hit as well.
Click to expand...
Even the stock market has tangible property backing it up.GE has factories. Exxon Mobile has oil wells and refineries. In the case of commodities, it's usually speculative as to what crops are to be planted, and what will their value be at harvest

SO, Bitcoin is nothing like the stock market, it's pure bull s***, smoke and mirrors.
 
captaincranky said:
Camikazi said:
Because if the main ones reputation is tarnished it tarnishes all of them since most people see all crypto-currency as the same basic thing. The stock market is kind of the same way, usually if the biggest in one field has a huge problem others in the same field will feel the hit as well.
Click to expand...
Even the stock market has tangible property backing it up.GE has factories. Exxon Mobile has oil wells and refineries. In the case of commodities, it's usually speculative as to what crops are to be planted, and what will their value be at harvest

SO, Bitcoin is nothing like the stock market, it's pure bull s***, smoke and mirrors.
Click to expand...

Wait a minute. The stock market isn't smoke and mirrors?
 
SchrödingersCat said:
Wait a minute. The stock market isn't smoke and mirrors?
Click to expand...
No it isn't. It's more like the hysteria of a chicken running around with its head cut off, with a bunch of inbred, fat cats betting on it.

Bitcoin is an update to an old adage. "Life sucks, and then somebody steals all your bitcoins".

Where the heck did they go anyway? What did Gox do, reformat all its hard drives?

Whoops,.....:D But these things are real money, I could swear to it.:p
 
Last edited:
Some people believe that Mt.Gox might have done the defraud themselves.
 
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