Mt. Gox

Mt. Gox was a bitcoin exchange based in Shibuya, Tokyo, Japan. Launched in July 2010, by 2013 and into 2014 it was handling over 70% of all bitcoin transactions worldwide, as the largest bitcoin intermediary and the world’s leading bitcoin exchange.

In February 2014, Mt. Gox suspended trading, closed its website and exchange service, and filed for bankruptcy protection from creditors. In April 2014, the company began liquidation proceedings. Mt. Gox announced that approximately 850,000 bitcoins belonging to customers and the company were missing and likely stolen, an amount valued at more than $450 million at the time. Although 200,000 bitcoins have since been “found”, the reason(s) for the disappearance—theft, fraud, mismanagement, or a combination of these—were initially unclear.

New evidence presented in April 2015 by Tokyo security company WizSec led them to conclude that “most or all of the missing bitcoins were stolen straight out of the Mt. Gox hot wallet over time, beginning in late 2011.

By May 2016, creditors of Mt. Gox had claimed they lost $2.4 trillion when Mt. Gox went bankrupt, which they asked be paid to them.The Japanese trustee overseeing the bankruptcy said that only $91 million in assets had been tracked down to distribute to claimants, despite Mt. Gox having asserted in the weeks before it went bankrupt that it had more than $500 million in assets. The trustee’s interim legal and accounting costs through that date, to be paid ultimately by creditors, were $5.5 million.

In March 2018, the trustee Kobayashi said that enough BTC has been sold to cover the claims of creditors

What is the Safest Way to Store Your Crypto?
October 26th, 2018

No matter how deep you’ve immersed into the crypto sphere, if you hold at least some of the digital assets, it’s worth to know how to properly store your funds. Check out all the ins and outs of today’s storage alternatives in this post.

Mt. Gox Trustee Sold Over $230M Worth of Crypto, the Entire Market Corrects
September 26th, 2018

The Mt. Gox trustee has disclosed some more details on the company’s rehabilitation process and confirmed the sale of over $230 million worth of crypto.

Mt Gox CEO Mark Karpeles Asks US Court Drop the Fraud Lawsuit
August 28th, 2018

Once again unlucky CEO of the despoiled exchange got under the fire as his former U.S. customers brought on a fraud lawsuit to the federal judge in the state of Illinois.

The Story Continues: Mt Gox Launches Online Claim Filing System for Cheated Creditors
August 24th, 2018

The victims of infamous cyber attack on the Mt.Gox exchange are eligible to file proof of their claims in a newly-approved rehabilitation process.

Mt Gox Creditors Continue Their Fight for Lost Assets
August 3rd, 2018

The leading crypto exchange lost its status in February 2014 and turned into a bankrupt because of the 744,000 Bitcoin theft. The creditors do not lose hope to get their money back. The petition to reclaim the lost funds was started in November 2017, but the first repayments are expected in summer 2019.

Despite a Major Correction Bitcoin ‘Isn’t Dead’, Says Crypto Trader Brian Kelly
June 25th, 2018

Kelly believes that the current developments in the cryptocurrency market might give a short-term pain but will prove to be fruitful in the long-run.

Mt. Gox’s Creditors May Recoup in Cryptos As Exchange Enters Civil Rehabilitation
June 22nd, 2018

The victims of Mt.Gox multimillion heist has finally won the battel for their faded funds, as the Tokyo District Court approved a petition to commence civil rehabilitation proceedings.

Bitcoin Price Is Down 8% as Mt. Gox Triggers Massive Selloff on Moving 8200 BTC
May 12th, 2018

The major cyrptocurrencies experienced a decline yesterday, following another major Mt. Gox selloff and a recent raid on the Korean crypto exchange UPbit.

Crypto Exchange Paybis Announces 50% Discount and New Currencies Buyable for Fiat
May 8th, 2018

Paybis cryptocurrency exchange is trying to stand out from the hundreds of others by offering volume discounts and broad options for buying with fiats.

16,000 Bitcoins Worth $150 Million Moved Away from Mt. Gox Wallets
April 27th, 2018

Speculations are that Mt. Gox trustee Nobuaki Kobayashi is selling more BTC tokens in order to compensate its creditors.