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ExtraTorrent.cc > Articles > Bitcoin Exchange Filed for Bankruptcy in Japan

Bitcoin Exchange Filed for Bankruptcy in Japan

Bitcoin Exchange Filed for Bankruptcy in Japan

Added: Monday, March 10th, 2014
Category: Recent Headlines Involving File Sharing > Current Events
Tags:ET, p2p, Torrent, Piracy, Peer To Peer, Network, Hackers, Internet, BitTorrent, Google, utorrent, bitcomet, extratorrent, 2013, www.extratorrent.cc
MtGox claimed it has debts of $63 million and assets of just $38 million. The company’s CEO Mark Karpeles even had to bow in apology at a press conference at the Justice Ministry in Tokyo last week.

Screen_Hunter_02_Mar_11_00_30.jpg

Once the largest Bitcoin exchange filed for bankruptcy protection in Japan, with MtGox blaming a weakness in its system for the sudden collapse. The company’s CEO Mark Karpeles, bowing, had to apologize at a news conference for causing trouble to so many people. He said that he wanted to start a criminal complaint against the hacking attack which killed the service. However it appeared that he had no specific means to do so.

At the moment, MtGox had liquid liabilities of $63 million, dwarfing its total assets of $38 million. The exchange admitted it had 127,000 creditors in bankruptcy, more than 1,000 of whom are from Japan.

The news conference in Japan was MtGox CEO’s second public statement since the BitTorrent exchange took down its website a few days ago, following a terse comment released at the same time.

The “weakness” Karpeles was talking about is believed to be a problem related to “transaction malleability”, a loophole in the Bitcoin system that was exploited by hackers to get free Bitcoins from the website. Some of the currency traders think that MtGox filing for bankruptcy isn’t the end of Bitcoin, but it still marks the beginning of the end of Bitcoin in its current form. They point out that within the last year the market has seen ever-increasing usage of cyber currency, and with its huge volatility in value and blows from banks and regulators, there were growing pains as Bitcoin evolved and the MtGox bankruptcy was part of that.

Posted by:  SuperAdmin
Date:  Monday, March 10th, 2014



Comments (4) (please add your comment »)

1
posted by Trusted UploaderSite FriendET junkieET loverKitty (2014-03-10 16:56:17)
Radioactive avatarnever thought of Bitcoin database to be hacked .. thanks for posting awesome topic ozi

2
posted by (2014-03-10 20:49:16)
alexanderlecard avatarhmmm a digital currency made up, no regulation,no central over site there's a surprise.

3
posted by (2014-03-10 20:53:55)
ihaveabluewaffle avatarthis gives me gas

4
posted by ET junkieET loverSupermanmen (2014-03-18 16:30:53)
sn3h1t87 avatarif you're not trading you should never leave a significant amount in any exchange or any online wallet. If it's online, there's always a chance someone can hack it. Using a wallet in your local machine (with backups of course) or a paper wallet is the proper place to hold your btc.
If you want to sell it only takes a few minutes to move it to an exchange. So you can still trade and take advantage of big jumps without storing on an exchange. Unless you day trade (trade constantly according to small minute to minute fluctuations) but that's a small minority of people.



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