And it wasn’t to transform a role-playing card exchange into the vanguard of a financial future without fiat currencies or central banks. That was incidental.
If the Mt. Gox founder would like to avail his company of all of the wonderful protections offered by Chapter 15 of the U.S. Bankruptcy Code, he’s going to have to spend a bitcoin or two on a ticket to Dallas. Read more »
On the off chance that the Magic: The Gathering Online Exchange or CEO Mark Karpelès have any assets, real or imagined, in the U.S., the guy suing them—you know, over the small problem it’s had, re: losing all of the bitcoins it was supposed to be keeping tabs on—would like those assets to stay put, whatever that might mean. Read more »
Today, we learned two things about Mt. Gox CEO Mark Karpelès: He owns a suit and is, in fact, still in Japan, where he made a quick trip to Tokyo District court to place his collapsed bitcoin exchange into bankruptcy, after hackers made off with half a billion dollars worth of fake money.
Bitcoin exchange Mt. Gox said Friday it was filing for bankruptcy protection after losing almost 750,000 of its customers’ bitcoins, marking the collapse of a marketplace that once dominated trading in the virtual currency.
The company said it also lost around 100,000 of its own bitcoins. Together, the lost bitcoins would be worth approximately $473 million at market prices charted by the CoinDesk bitcoin index, although the price of Mt. Gox bitcoin had fallen well below that index after it stopped bitcoin withdrawals in early February….
“There was some weakness in the system, and the bitcoins have disappeared. I apologize for causing trouble,” Mr. Karpelès said during a packed news conference at the Tokyo District Court press club.
The company’s lawyer said at the news conference that Mt. Gox had outstanding debt of about ¥6.5 billion ($63.6 million) with assets worth ¥3.84 billion.
The sudden disappearance of what was once the world’s largest bitcoin exchange—and all of the bitcoins “contained” therein—is apparently not a good reason to stop speculating in fake currencies. Read more »
The ranks of the Bitcoin Foundation’s board are thinning at a less-than-ideal time for the fake-ish currency, as the CEO of Mt. Gox plans to spend a little more time dealing with his own exchange’s problems. Read more »