Mt. Gox CEO: No more bitcoins likely to be found


Mt. Gox CEO Mark Karpeles no longer believes that any more of the 850k bitcoins (BITCN, BTCS) that were lost when the exchange collapsed will be found.

This past February, the now defunct exchange lost 850k bitcoins, approximately $500M, after a series of hacking attacks hit its systems. A month later Mt. Gox found 200k of the coins, and kept the search going to find the rest.

Two weeks ago, the company received approval to file bankruptcy proceedings in the U.S., and is still awaiting approval for a settlement and sale of its business.

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Comments (2)
  • Quoth the Raven
    , contributor
    Comments (2063) | Send Message
     
    "We're sorry," he said in fluent Japanese, "we got a little carried away staying up late playing 'Call of Duty' and drinking orange soda. We totally spaced on the Bitcoin thing."

     

    That's my rough translation anyway. The full video is here:
    http://seekingalpha.co...
    27 Jun 2014, 08:04 AM Reply Like
  • WhitneyB
    , contributor
    Comments (895) | Send Message
     
    If you Google the Willy Report, and follow what's been reported on dailytech.com, there is some fairly compelling evidence that distinct portions of the overall body of missing coins can be accounted for in 3 distinct series of events: (1) the creation of phony accounts and users on Mt. Gox servers with bottomless wells of imaginary money which were used to buy small numbers of bitcoins every few minutes from accounts of other users, incessantly, for months, even when the system was down; (2) the creation of a hack, or alternatively a cover-up, where a user with the same credentials as CEO Mark Karpeles bought large numbers of bitcoins for the exact same dollar amount of $15.13 over and over and over again; and (3) the sudden division of Mt. Gox's big wallet into thousands of smaller wallets to effect the sale of depositors' Bitcoins on other exchanges while Mt. Gox was temporarily closed as a means of siphoning off $75M to cover expected damages from a U.S. breach of contract suit.
    The idea that the losses could be blamed on a glitch, or transaction malleability, and that Mt. Gox is the victim and not the perpetrator, has a real stink to it if you look closely at the nature, extent, and breadth of the transactions that caused the loss. It has all the trimmings of a Ponzi scheme gone wrong, a lot like the theft of player deposits at FullTiltPoker. Who knew you couldn't trust degenerate gamblers with your money?
    29 Dec 2014, 10:48 PM Reply Like
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