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Mt Gox admits that everybody's money is gone, files for bankruptcy

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http://valleywag.gawker.com/bitcoin-kingpin-admits-everyones-money-is-gone-1533315083?utm_campaign=socialflow_gawker_facebook&utm_source=gawker_facebook&utm_medium=socialflow

 

(Starts at 00:25, but it's in Japanese, so ya... Here's the English translation though.)

7dMoK.png

At the current BTC exchange rate on BTC-e, that would equal roughly $415,350,000. 

 

Japan-based Mt.Gox CEO Mike Karpele—who may or may not be Chris Farley reanimated with the soul of Reddit—just copped to some very bad news: yes, he lost all your money.

 

We still don't know why all the money is gone, or where it went, but a combination of theft and titanic incompetence is likely. The bottom line of anyone who used the Mt.Gox exchange: your account balance is now zero.

 

I'm just gonna say this right now: He's on some kind of legitimate hit list, he's gotta be. Millions of Dollars - gone. Millions of customers - pissed. Hopefully this won't effect the Bitcoin economy too much, and at least Gox didn't steal it, but still though...

 

There's no way that Gox is coming back online after this, and if they do, nobody would want to use their exchange anyways.

 

UPDATE:

 

Mt Gox has also filed for bankruptcy. It's official - Gox is never returning. 

 

http://techcrunch.com/2014/02/28/mt-gox-files-for-bankruptcy/

 

Mt.Gox has filed for bankruptcy protection and has outstanding debt of about $63.6 million, a lawyer for the Bitcoin exchange said today during a press conference at the Tokyo District Court, reports the WSJ.

COMIC SANS

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glad im not using bitcoins.

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Glad my stuff isn't in Mt. Gox lol...

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Such disgrace for those people

this is one of the greatest thing that has happened to me recently, and it happened on this forum, those involved have my eternal gratitude http://linustechtips.com/main/topic/198850-update-alex-got-his-moto-g2-lets-get-a-moto-g-for-alexgoeshigh-unofficial/ :')

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haha yeah so you know you guys gave me all that money... so yeah I accidentally... My bad!

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wait wait

how did the cash get stolen

people who had sold bitcoin in mtgox ???

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wait wait

how did the cash get stolen

people who had sold bitcoin in mtgox ???

 

It was a bug inherent in the transaction process that existed right from the start, meaning that if they only noticed now then it was already too late because bitcoins have been leaking from Mt. Gox's inception since the very beginning, disappearing without a trace. Other depositories have had similar transaction bugs, but they all addressed the issues relatively quickly; the fact that it took Mt. Gox this long to address it means their staff is inherently lacking confidence. If you're an American, think of the GM bailout (or Fisker for that matter). The distress signals were there, but they didn't notice it until it was too late and that has resulted in an upset community.

 

At the time of bankruptcy filing, Mt. Gox reported 850,000 bitcoins had gone missing (750,000 belonging to customers); a more recent look at the transaction bug this month provides a slightly more accurate number of 744,000.

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How does this not surprise me

Spoiler

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the people who had coins in MT gox where dumb people :) no regret at all for those people :) you are stupid leaving your coins on a website :)

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Good. I hope this leads to the death of all crytocurrency.

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Well its sad i guess..

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Well I wouldnt put the hate on Bitcoin, its MtGox's fault, bitcoins are fine, I still like mining them for fun and already made a few bucks out of it selling it privately  :lol:

But I feel sorry for everyone who had a lot of Bitcoins in MtGox, Imagine those people who put almost had everything they had into Bitcoins/MtGox and now all that is lost  :(

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This really is like investing in the stock market. It's being a huge deal cause it's the first scenario of this happening with a crypto currency but I don't see how it's that different from investing in a company or buying stock that never took off.

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Well this is what happens when you trust companies to hold all your money for you.

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In old days, they would commit seppuku if they failed like this..

If he was honorable, but somehow I don't think he has the same honor as a samurai...

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First, thank god i didn't have my coins there, secondly he should be forced to pay back every single dollar by himself for letting this happen.

 

Preferably by mining salt in some russian saltmine.

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So uhhhh...

Does this mean I can start to see affordable AMD cards again?

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