Mt Gox closes it's doors without warning, apparently declaring insolvency

[Bonsai99]

It appears the company has gone dark deleting everything on its twitter feed and rendering its website inaccessible. What will this mean for Bitcoin and other cryptocurrencies in the long run? Will more government intervention come because of this? Will anyone ever get their money or Bitcoins back?

 

Original Source: http://newsbtc.com/2014/02/24/trading-mt-gox-disabled-website-currently-offline/

New Ars Technica Article with a few additional details: http://arstechnica.com/business/2014/02/mt-gox-once-the-worlds-largest-bitcoin-exchange-shuts-down/

Joint statement from the other Bitcoin exchanges: http://blog.blockchain.info/2014/02/25/joint-statement/

Apparent internal document from Mt. Gox regarding the shutdown: http://www.scribd.com/doc/209050732/MtGox-Situation-Crisis-Strategy-Draft

Tokyo-based Mt. Gox has seemingly gone silent. With user reports that trading has been disabled (see this thread on Reddit), a joint statement that originally declared the company’s insolvency (but was edited later to remove the word “insolvency”), and the fact the website is offline, the community is abuzz with theories and speculation — none of which are particularly optimistic.

But the overwhelming consensus is that the beast has fallen. We can’t confirm this independently, but whatever is going on at Mt. Gox definitely isn’t good.

Earlier this evening, The Two-Bit Idiot published an unconfirmed report that Mt. Gox had lost thousands of user bitcoins. His post was followed up with a “situation crisis strategy” document (again, unconfirmed) that outlined plans for the company moving forward.

The Bitcoin Foundation made the following statement to Business Insider:

“We are shocked to learn about Mt. Gox’s alleged insolvency. While we are unable to comment on whether or not Mt. Gox’s business operations employed operational best practices and reasonable accounting procedures, we can assure the public that the Bitcoin protocol is functioning properly.”

All of this put together — in the matter of one evening — is quite a lot to take in. It isn’t helped by the fact that the company has decided to remain silent — further perpetuating fear, uncertainty, and doubt.

We’ll be keeping you updated as this breaking news develops.

[upliftsleet1974]

Wow this is bad

[CoolBeans]

That is what you get for investing in Bitcoins

[upliftsleet1974]

That is what you get for investing in Bitcoins

Unless you got in low....Or are trading right now

[TheMissxu]

http://en.wikipedia.org/wiki/Ponzi_scheme?

I just know this is bad for Bitcoins publicity

[IPCharger]

This is going to be a rough week...

[Bonsai99]

This is going to be a rough week...

I wonder if /r/Bitcoin will put up that suicide hotline number again like they did previously when the price of Bitcoin tanked. I imagine a lot of people had lots of money stuck in Gox and at this point they aren't just looking at losing part of their money, all of their money is just completely gone.

[IPCharger]

I wonder if /r/Bitcoin will put up that suicide hotline number again like they did when the price of Bitcoin tanked. I imagine a lot of people had lots of money stuck in Gox and at this point they aren't just looking at losing part of their money, their investment is just completely gone

I actually thought of that 10 mins ago lol 

*internet brofist*

Good thing I only have 0.16 B that I got from mining so I don't care about the price. 

[Xsilent(X)]

i made this tread already http://linustechtips.com/main/topic/120195-mtgox-resigns-from-bitcoin-foundation%E2%80%99s-board-clears-twitter-account/

[lhikary]

i made this tread already http://linustechtips.com/main/topic/120195-mtgox-resigns-from-bitcoin-foundation%E2%80%99s-board-clears-twitter-account/

k

[Ineko]

repost

 

http://linustechtips.com/main/topic/120195-mtgox-resigns-from-bitcoin-foundation%E2%80%99s-board-clears-twitter-account/

[Bonsai99]

i made this tread already http://linustechtips.com/main/topic/120195-mtgox-resigns-from-bitcoin-foundation%E2%80%99s-board-clears-twitter-account/

repost

 

http://linustechtips.com/main/topic/120195-mtgox-resigns-from-bitcoin-foundation%E2%80%99s-board-clears-twitter-account/

That post was about them resigning from the board, not them shutting down and suddenly dissapearing off the face of the earth along with everyone's money.

[JAKEBAB]

if i had bitcoins i would of sold awhile ago.

[ajoy39]

YES! DEATH TO CRYPTOCURRENCY!

[Askew]

Does this mean we can have graphics cards again?

[crystal6tak]

Umm, cryptocurrency or bitcoin in general is far from dead... mt gox finally dying is actually good for cryptocurrency in the long run. If it survived and got out of the trouble it was in mt gox would just be a scar in the future hurting cryptocurrency.

[Toxiclegend]

Cryptocurrency won't die or go away any time soon, it just needs to change a little and evolve and be more usable. Mt Gox dieing is a good thing I guess, but I'd be p***ed if I had a bunch of coins on there I was trying to sell.

[TOMPPIX]

:mellow:  http://www.guru3d.com/news_story/bitcoin_exchange_mt_gox_goes_offline_350_million_hack.html

[FluffyNuggets]

In other words, they stole all the bitcoins, sold them, closed down shop. That's what you guys get for messing with a fake bank!

[qwertywarrior]

mtGox has doors ?

[Toxiclegend]

:mellow:  http://www.guru3d.com/news_story/bitcoin_exchange_mt_gox_goes_offline_350_million_hack.html

Hacked... A whole year without noticing, doesn't sound right to me... I think the guy below says it best.

 

In other words, they stole all the bitcoins, sold them, closed down shop. That's what you guys get for messing with a fake bank!

 

 

mtGox has doors ?

Big boulders, they used TNT to hide the entrance locking themselves inside with the 350mil they stole.

[koksik202]

I knew bitcoin isnt a future

[CjlabanG]

Reset process T-minus 3 to 5 years.

[rashdanml]

I knew bitcoin isnt a future

Bitcoin isn't, but conceptually, it represents something that would be great for the future.

It's too bad world economics won't let that happen. 

[Toxiclegend]

Bitcoin isn't, but conceptually, it represents something that would be great for the future.

It's too bad world economics won't let that happen. 

I agree I really hope that digital currency becomes a thing, It would address a lot of problems with global price differences (Potentially) and no longer having to use metal and paper for currency means they can be used for other things.