Lesser-Known Chinese Bitcoin Exchange 'Gox BTC' Announces Closure
Gox BTC, a bitcoin exchange based in Mainland China, announced over the weekend that it will cease its operations on 18th January. The company cited "increasing operational costs and legal uncertainty" as key catalysts for its closure. In a statement published on its website, the exchange said: "Due to reasons well-known, the operating costs and legal uncertainty for running bitcoin [businesses] have increased in China. As such, we decided, albeit unwillingly, to close the platform that we built from scratch. No words can describe our sadness at the moment. We firmly believe that bitcoin....
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Following an alleged December breach, the trading platform now says it will close and repay users any remaining funds.
Yet another bitcoin stock exchange is about to bite the dust. BitFunder has announced it is closing down. The site, which launched in December 2012 and held around $16m in assets in July, will cease trading on 14th November and transfer out any leftover bitcoins held by users on 2nd December. BitFunder owner Ukyo, aka Jon Montroll, made the announcement in a post on the BitFunder website and on the Bitcoin Talk forum, saying: "As of November 14, 2013, no BitFunder user will be able to enter into any new positions or sell positions on the BitFunder website. "... As of the date of this....
The Chinese mining crackdown forced many miners to stop their operations and relocate. But another group of miners is planning to pivot to new, more efficient mining schemes to keep operating in the country. Lesser-known tokens and proof-of-stake-based systems are now in the sights of these miners as ways to continue their work away from government oversight. Chinese Miners Pivoting to Other Crypto Activities The recent mining and trading crackdown in China affected the lives of thousands of miners that had to stop their operations due to new policies established by the government. While a....
This article has been updated with additional comment and information from Cavirtex regarding the exchange closure. Canadian bitcoin exchange Cavirtex has announced that it will shut down operations next month following the compromise of sensitive security information, including password hashes and two-factor authentication secrets. The company announced the closure in a 17th February post on its website, citing the risks of continued operation due to damage done to the exchange's reputation. The post stated that Cavirtex remains solvent and that client funds were unaffected during the....
Coin and Huobi, bitcoin price has shown gains to breach the $1,000 milestone to settle at the new ceiling. While price has bounced up every day since the drastic drop, activity has shown drops under $1,000. The last time price dipped under the milestone was midday Tuesday (UTC). At the time of publishing, bitcoin is trading to the dollar at $1,011.49 on the BPI. With increasing scrutiny from the PBoC, the influential Chinese bitcoin trading market bears little resemblance compared to the thriving activity witnessed at the turn of the year. Repeated meetings as a part of the ongoing PBoC....