Bitcoin News: Bitcoin Plunges as Major Mt. Gox Exchange ‘Disappears’

by William White | February 25, 2014 10:48 am

Bitcoin value is plunging on news that the Mt. Gox exchange has disappeared[1].

bitcoin-news-mt.-gox[2]Mt. Gox is a Japanese company that deals with Bitcoin exchanges. The company’s website has shut down and users are unable to withdraw Bitcoins. No news has come from the company as to what is going on and some people are speculating that the company has shut down, is rebranding itself or that it is being acquired by another company, reports The Los Angeles Times.

Not helping the situation is a supposed leaked document from the company that claims 744,408 Bitcoins have been stolen. If this news is true, that would account for 6% of all Bitcoins in cirrculation. The document also claims that Mt. Gox could go bankrupt at any moment. The document then goes on to discuss if it would be better to shutdown Mt. Gox or if an attempt should be made to save it, the L.A. Times notes.

On the news of Mt. Gox’s disappearance, Bitcoin value dropped 3% to $490. This is the lowest that Bitcoin value has been at since November, reports CNN Money[3].

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Endnotes:

  1. the Mt. Gox exchange has disappeared: http://www.latimes.com/business/technology/la-fi-tn-mt-gox-collapse-threatens-to-bring-down-bitcoin-economy-20140225,0,2841826.story#axzz2uGNzFmji
  2. [Image]: https://investorplace.com/wp-content/uploads/2013/11/Bitcoins185.jpg
  3. CNN Money: http://money.cnn.com/2014/02/25/technology/security/mtgox-bitcoin/
  4. Mt. Gox CEO Resigns From Bitcoin Board: https://investorplace.com/2014/02/mt-gox-ceo-resigns-bitcoin-board/
  5. Bitcoin: It’s a Trade, Not an Investment: https://investorplace.com/2014/02/bitcoin-investing-bitcoins/
  6. Sick of Virtual Currency Bitcoin? Meet Dogecoin: https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=3&ved=0CE8QFjAC&url=http%3A%2F%2Finvestorplace.com%2F2013%2F12%2Fsick-virtual-currency-bitcoin-meet-dogecoin%2F&ei=BboMU67lGIyGogSJ5oH4AQ&usg=AFQjCNGq1_QXO_EHt-DkeChXluweaWyHLA&sig2=A0XP1LfG-w06YOMiPd0sYA&bvm=bv.61725948,d.cGU&cad=rja
  7. Bitcoin: Black Market Bait or Shrewd Investment?: https://investorplace.com/2013/12/bitcoin-black-market-bait-shrewd-investment/
  8. Bitcoin News: Bitcoin Hit by Denial of Service Attacks: https://investorplace.com/2014/02/bitcoin-news-bitcoin-hit-denial-service-attacks/

Source URL: https://investorplace.com/2014/02/bitcoin-news-mt-gox/

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