Breaking: MtGox Appears to be Insolvent
It turns out the protesters may have had a real reason to camp outside of MtGox. A variety of sources are starting to report on the state of MtGox's insolvency. CCN's Caleb Chen started to report on today's crisis at MtGox earlier today. Here's what we know so far: It started with this docment leaked by Two Bit Idiot. The document claims to be a contingency plan in the face of MtGox's current outstanding liabilities. Coinbase, Kraken, Circle, and others are releasing a joint statement MtGox's insolvency. Someone has decided to purchase gox.com. It's important to remember that three letter....
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This altered photo of Mark Karpeles uploaded by /u/MorXpe on /r/bitcoin shows how some MtGox customers feel right now. A large chunk of the Bitcoin community has been ready to give up on MtGox for more than a few months, but the question still remains as to whether they are insolvent, incompetent, or just bad at public relations. While there is no need for a debate over whether or not this exchange has had problems in the past, there is little proof that Mark Karpeles and the rest of the staff over at MtGox are actually fraudsters. Although MtGox bitcoins are still being sold at a....
Bitstamp has announced they have a fix for their DDoS problems. Bitstamp has just released a statement about their intentions to resume Bitcoin withdrawals later today. It seems they've been able to implement the transaction malleability fixes created by Bitcoin developers, and they are now ready to fight back against the recent DDoS attacks. As of right now, there is no official word from MtGox on when they will be able to fix their own issues. Could This Stop the Bitcoin Crash? The Bitcoin price has continued to fall over the past few days, although the damage seems to be much more sever....
Roger Ver speaking at LeWeb 2013. Photo via LeWeb13. Roger Ver, also known as Bitcoin Jesus, is looking to buy MtGox bitcoins from people who believe the Bitcoin exchange may be insolvent. As reported yesterday, people are already selling their MtGox bitcoins at discounted rates on a new exchange that popped up overnight. Ver made a post on the bitcointalk forum where he stated his interesting in purchasing at least 100 bitcoins from other MtGox users. It's interesting to see this bid of confidence from Ver after so many people in the Bitcoin community have been bashing MtGox for the past....
Hong Kong’s lack of insolvency protection for companies makes a fate similar to MtGox more likely. Creditors, not Bitfinex, are the ones who get to decide whether to socialize losses. Socialized Losses? Not So Fast. Bitfinex, a bitcoin exchange based in Hong Kong, was hacked last week and suffered a loss of roughly $70M USD. The company appears insolvent....
Gox's troubles have instilled very little confidence from the Bitcoin community. MtGox has taken the first steps toward resuming normal operations today, as bitcoin withdrawals have slowly been resumed following last weeks "malleable transactions" public-relations fiasco. Early Saturday, MtGox announced scheduled maintenance with the intention of reinstating withdrawals. Following the maintenance was a 24 hour observation period to monitor MtGox's systems as a whole. It appears for now that this fix was successful. Additionally, we are anticipating MtGox to be subjected to a very large....