Almost Half a Billion Worth of Bitcoins Vanish

Mt. Gox Says It Lost 750,000 of Customers' Bitcoin to Fraud

Updated Feb. 28, 2014 7:16 p.m. ET

Mt. Gox CEO Mark Karpeles bows in apology at a news conference at the Justice Ministry in Tokyo. Associated Press

Mt. Gox, once the dominant exchange for bitcoin trading, on Friday said more than $470 million of the virtual currency vanished from its digital coffers, kicking into high gear a search for the missing money by victims and cybersleuths.

Bitcoin exchange Mt. Gox said it was filing for bankruptcy protection and that 750,000 of its customers' bitcoins had been lost. Is the end of the crypto-currency or merely growing pains? Columbia Business School assistant professor Moshe Cohen discusses on MoneyBeat.

Acting alone and in groups, the people stepped up their efforts after Mt. Gox filed for bankruptcy protection in Japan and confirmed rumors it had lost almost 750,000 of its customers' bitcoins, as well as roughly 100,000 of its own.

Mt. Gox Chief Executive Mark Karpelès said technical issues had opened the way for fraudulent withdrawals, though he didn't provide details.

"There was some weakness in the system, and the bitcoins have disappeared. I apologize for causing trouble," Mr. Karpelès said at a packed news conference at a Tokyo courthouse after the bankruptcy filing.

MORE OF IT HERE

Views: 123

Replies to This Discussion

Lost... hahaha no they're in someones hard drive that colluded with someone at MtGox. You don't miss 750,000 bitcoins flowing out and say huh? no big deal!! They claimed they had cold storage which means someone had to notice that the hot wallet was empty then transfer over coins from the cold storage via usb stick. How many times would some jackass do this before going "hey we might have a problem here I keep ferrying over millions in bitcoins but our accounting system doesn't match up?" It's called a BANK HEIST!! Watch hackers are already digging and have gained 20 gigs of data from a gox server, this story is not over by a long shot. NO ONE is THIS incompetent expect criminal charges soon. http://www.reddit.com/r/Bitcoin/comments/1zeuoy/rumors_of_20gb_of_d... I applied for Life lock today as my documents where on their servers. Never managed to get my 1.65btc out due to their shitty AML requirements. Not huge for me but some lost everything. I'm hoping these hackers don't dox MtGox users as that would just be evil as we've lost so much already.

http://www.coindesk.com/gox-money-moving-through-block-chain/

Gox claimed only 2000 coins in assets in the bankruptcy filings now we see 180,000 bitcoins ($113 million) moving around in Gox accounts. Unlike normal banks that can secretly steal your money and say oops with Bitcoins public leger system the theft isn't so secret...

RSS

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

pohonemas33 team commented on DTOM's photo
Thumbnail

Orwell - Football, Beer & Gambling

"kalau kamu cari tentang trik dan tips main slot online biar gampang menang, coba cek di situs…"
22 hours ago
pohonemas33 team commented on tjdavis's photo
Thumbnail

DejaVu

"coba iin main game slot online di situs POHONEMAS33"
22 hours ago
tjdavis posted a video

I, Pet Goat VI by - Seymour Studios | I, Pet Goat 6

I, Pet Goat VI by - Seymour Studios | I, Pet Goat 6It's time for great JihadI presented the events in the Middle East as an animated short film based on the ...
Tuesday
tjdavis posted a photo
Monday
rlionhearted_3 posted photos
Monday
tjdavis posted a video

Official Trailer NOVA '78 directed by Aaron Brookner and Rodrigo Areias

NOVA '78 is a documentary about New York City's 1978 Nova Convention, the legendary counterculture gathering featuring William S. Burroughs, Patti Smith, Fra...
Sunday
Doc Vega posted blog posts
Saturday
tjdavis favorited Burbia's video
Feb 19
tjdavis favorited cheeki kea's photo
Feb 19
tjdavis posted a video

Peter Sellers - The Party (opening scene)

HQ HD "Does that include television sir ?" ... is still the best trolling paradigm in a movie.Support this channel: https://www.patreon.com/MusicPoints#Pet...
Feb 19
Doc Vega posted blog posts
Feb 19
Snakedaddy favorited Parrhesia's video
Feb 19
Doc Vega commented on Doc Vega's blog post The Rabbit Hole
"Cheeki kea, I pray that the insanity doesn't deepen and there's been an attack by some 18…"
Feb 18
Burbia's blog post was featured

Disgraced Former CNN Anchor Don Lemon Arrested

No longer an employed journalist, Don Lemon had been seen with far left agitator, Nekima Levy…See More
Feb 18
Doc Vega's blog post was featured
Feb 18
Less Prone favorited Doc Vega's blog post The Rabbit Hole
Feb 18
cheeki kea commented on cheeki kea's photo
Feb 17
cheeki kea posted a photo
Feb 17
cheeki kea commented on Doc Vega's blog post The Rabbit Hole
"Good poem for these times. I think it's only going to get worse though as we enter into the…"
Feb 17
cheeki kea posted a blog post
Feb 16

© 2026   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted