Mt. Gox Files for Bankruptcy, $63.6m Debt, hacked $468 million

[adultmobile]

Mt. Gox Files for Bankruptcy, Claims $63.6m Debt, blames hackers for $468 million loss

http://www.reuters.com/article/2014/...A1R0FX20140228
http://www.coindesk.com/mt-gox-files...ms-63-6m-debt/
http://arstechnica.com/business/2014...cy-protection/
http://www.bbc.com/news/technology-25233230
http://www.businessinsider.com/r-mt-...-media-2014-28

[MaDalton]

congrats to the winners


(that's a lot of money in motion)

[Barry-xlovecam]

It wont effect me in any way financially.

[baggg]

Yup,money is in motion,do not worry you will be paid....oh wait.

[lucas131]

the guy is laughing hard ... but i bet he is not sleeping well anymore and maybe not for long ...

[Wellness Cash]

Anyone who lost money at GOX deserves everything they got.

The writing was on the wall for well over a year.

[seeandsee]

lol hackers blame always in BC cases

[CaptainHowdy]

Act surprised ...

[lucas131]

[AsianDivaGirlsWebDude]

Mt. Gox said the exchange, used overwhelmingly by foreigners, had lost 750,000 of its users' bitcoins and 100,000 of its own. At the current bitcoin price of about $565, that would total some $480 million - representing about 7 percent of the estimated global total of bitcoins.

Ouch...that really sucks for people that wanted to believe in Bitcoin.



ADG

[SplatterMaster]

Them bitcoins up and vanished like a fart in the wind

[adultmobile]

[Nurgle]

so fucking funny, wouldnt this go down as one of hte biggest heists of all time?

[AsianDivaGirlsWebDude]

Sounds like the actual loss to the Mt Gox bitcoin holders impacted by the Mt Gox bankruptcy, and the subsequent public disclosure about the 750k lost bitcoins (fucked up enough), will be a lot less than the $468 million being bandied about by the press (they like to go with the largest most sensational figure).

$468 million was arrived at by multiplying the "current" value of bitcoin, and not the price which people actually paid for their bitcoins initially, which is all that they had to hard lose (the rest is unrealized value).

It still sucks, but the actual exposure from this debacle from what I've been reading is more like $110 million (and about a fifth or more of the lost coins supposedly belonged to the owners of Mt Gox themselves - which makes it even more amazing they didn't catch the problem as it was occuring).



Still a lot of unanswered questions about Mt Gox and Bitcoins.



ADG

[adultmobile]

[Sin_Vraal]

Originally Posted by AsianDivaGirlsWebDude

Sounds like the actual loss to the Mt Gox bitcoin holders impacted by the Mt Gox bankruptcy, and the subsequent public disclosure about the 750k lost bitcoins (fucked up enough), will be a lot less than the $468 million being bandied about by the press (they like to go with the largest most sensational figure).

$468 million was arrived at by multiplying the "current" value of bitcoin, and not the price which people actually paid for their bitcoins initially, which is all that they had to hard lose (the rest is unrealized value).

It still sucks, but the actual exposure from this debacle from what I've been reading is more like $110 million (and about a fifth or more of the lost coins supposedly belonged to the owners of Mt Gox themselves - which makes it even more amazing they didn't catch the problem as it was occuring).


Still a lot of unanswered questions about Mt Gox and Bitcoins.



ADG

very correct sir. in fact I suspect its even less, its been impossible to get out of mtgox for a long time.

but more to the point, that scum bag was likely in on it. either he knew about it and was hiding it, or he was part of it.

this is always the retirement plan of an shady payment processors.. probably couldnt get an offer for his biz of any reasonable (to him) value with all that debt. so he did it bandito style.

[adultmobile]

[AsianDivaGirlsWebDude]

ADG

[Barefootsies]

[javbucks]

It'll bounce back haha

[AsianDivaGirlsWebDude]

Originally Posted by javbucks

It'll bounce back haha

Of course, now that the Libertarian Police Department is on the case...

I was shooting heroin and reading ?The Fountainhead? in the front seat of my privately owned police cruiser when a call came in. I put a quarter in the radio to activate it. It was the chief.

?Bad news, detective. We got a situation.?

?What? Is the mayor trying to ban trans fats again??

?Worse. Somebody just stole four hundred and forty-seven million dollars? worth of bitcoins.?

The heroin needle practically fell out of my arm. ?What kind of monster would do something like that? Bitcoins are the ultimate currency: virtual, anonymous, stateless. They represent true economic freedom, not subject to arbitrary manipulation by any government. Do we have any leads??

?Not yet. But mark my words: we?re going to figure out who did this and we?re going to take them down ? provided someone pays us a fair market rate to do so.?

?Easy, chief,? I said. ?Any rate the market offers is, by definition, fair.?

He laughed. ?That?s why you?re the best I got, Lisowski. Now you get out there and find those bitcoins.?

?Don?t worry,? I said. ?I?m on it.?

I put a quarter in the siren. Ten minutes later, I was on the scene. It was a normal office building, strangled on all sides by public sidewalks. I hopped over them and went inside.

?Home Depot? Presents the Police!®? I said, flashing my badge and my gun and a small picture of Ron Paul. ?Nobody move unless you want to!? They didn?t.

?Now, which one of you punks is going to pay me to investigate this crime?? No one spoke up.

?Come on,? I said. ?Don?t you all understand that the protection of private property is the foundation of all personal liberty??

It didn?t seem like they did.

?Seriously, guys. Without a strong economic motivator, I?m just going to stand here and not solve this case. Cash is fine, but I prefer being paid in gold bullion or autographed Penn Jillette posters.?

Nothing. These people were stonewalling me. It almost seemed like they didn?t care that a fortune in computer money invented to buy drugs was missing.

I figured I could wait them out. I lit several cigarettes indoors. A pregnant lady coughed, and I told her that secondhand smoke is a myth. Just then, a man in glasses made a break for it.

?Subway? Eat Fresh and Freeze, Scumbag!®? I yelled.

Too late. He was already out the front door. I went after him.

?Stop right there!? I yelled as I ran. He was faster than me because I always try to avoid stepping on public sidewalks. Our country needs a private-sidewalk voucher system, but, thanks to the incestuous interplay between our corrupt federal government and the public-sidewalk lobby, it will never happen.

I was losing him. ?Listen, I?ll pay you to stop!? I yelled. ?What would you consider an appropriate price point for stopping? I?ll offer you a thirteenth of an ounce of gold and a gently worn ?Bob Barr ?08? extra-large long-sleeved men?s T-shirt!?

He turned. In his hand was a revolver that the Constitution said he had every right to own. He fired at me and missed. I pulled my own gun, put a quarter in it, and fired back. The bullet lodged in a U.S.P.S. mailbox less than a foot from his head. I shot the mailbox again, on purpose.

?All right, all right!? the man yelled, throwing down his weapon. ?I give up, cop! I confess: I took the bitcoins.?

?Why?d you do it?? I asked, as I slapped a pair of Oikos? Greek Yogurt Presents Handcuffs® on the guy.

?Because I was afraid.?

?Afraid??

?Afraid of an economic future free from the pernicious meddling of central bankers,? he said. ?I?m a central banker.?

I wanted to coldcock the guy. Years ago, a central banker killed my partner. Instead, I shook my head.

?Let this be a message to all your central-banker friends out on the street,? I said. ?No matter how many bitcoins you steal, you?ll never take away the dream of an open society based on the principles of personal and economic freedom.?

He nodded, because he knew I was right. Then he swiped his credit card to pay me for arresting him.

ADG