Bitcoin exchange Mt. Gox goes offline amidst insolvency rumours


One-time Bitcoin exchange powerhouse, Mt. Gox, had run into a spot of trouble this month. It now appears that the entire exchange has gone offline, fuelling rumours that Mt.Gox has disappeared for good.

 

Mt.Gox’s website has been wiped completely clean so when you try to browse the site, you get nothing but a white page. Interestingly, Mt.Gox’s Twitter too has been cleaned up; all tweets have disappeared and the account has unfollowed everyone it once did.

 

A Reddit user posted a screenshot earlier this morning to show that trading had been completely disabled on Mt. Gox and the exchange does not seem to be taking up any new signups either. The move comes only one day after Mark Karples, CEO of Mt. Gox resigned from the board of the Bitcoin Foundation.

 

Mt.Gox had halted withdrawals indefinitely thanks to unusual activities being detected in the marketplace. The exchange had claimed last week that it had found a workaround to the issues caused by transaction malleability. It said that withdrawals would be started soon, but recent developments are now fuelling rumours about Mt.Gox’s insolvency.

 

A group of Bitcoin organisations issued a joint statement regarding Mt.Gox’s fall from grace and the future of the crypto currency. “This tragic violation of the trust of users of Mt.Gox was the result of one company’s actions and does not reflect the resilience or value of bitcoin and the digital currency industry,” they wrote. “There are hundreds of trustworthy and responsible companies involved in bitcoin. These companies will continue to build the future of money by making bitcoin more secure and easy to use for consumers and merchants.  As with any new industry, there are certain bad actors that need to be weeded out, and that is what we are seeing today.  Mt.Gox has confirmed its issues in private discussions with other members of the bitcoin community.”

 

CEOs and Co-Founders of Coinbase, Kraken, Bitstamp.net, BTC China, Blockchain.info and Circle released the statement and said that the exchanges were working together and co-ordinating efforts to secure customer funding and reassuring customers that funds will continue to be handled in a safe and secure manner.

 

Of course, the news of Mt.Gox’s disappearance has not gone down well with the market and the price of the currency fell down to $500 yesterday.


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