MtGox Files For Bankruptcy Protection

Sockatume writes "The beleaguered MtGox bitcoin exchange has officially filed for bankruptcy protection in Tokyo. According to the Wall Street Journal, Bitcoin held an impromptu press conference that addressed recent rumors. They state that they have over $60m in liabilities against just $30m in assets, and confirm the loss of over $500m worth of Bitcoins, split between customers' balances (750,000 BTC) and company assets (100,000 BTC). Owner Mark Karpeles said, 'There was some weakness in the system, and the bitcoins have disappeared. I apologize for causing trouble.'"

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[Anonymous Coward]

Owner Mark Karpeles said, 'I'm a bad widdle boy', then jumped in his solid gold flying Lamborghini and flew to to his 50 acre estate in Barbados.

Legitimization

[mkg]

This debacle should only help legitimize bitcoin, as corruption surrounding the currency is now a public matter.

Re:Ha ha

[Anonymous Coward]

Well, that's OK. I'm sure it's FDIC insured.
Oh, wait .... WHAT?!?!!!!
Why wasn't this regulated by the government?!!?
Wait, what am I saying? Government is bad!
[Brain assplodes]

Re:Ha ha

[Anonymous Coward]

A little too soon son...
As far as I know, the US dollar hasn't died yet.

"I apologize for causing trouble."

[rmdingler]

Sure. Alright. That's all the folks who lost Bitcoins could ask for is a heartfelt apology.

Your stewardship of Mt Gox resulted in a fairly significant black eye for the very currency you've plundered and/or allowed to be plundered.

I find your lack of remorse disturbing.

Re:Ha ha

[tysonedwards]

And next time someone comes in and robs them blind, will the perpetrators be buttpirates?

Re:Ha ha

[nitehawk214]

For a start, I doubt you understand what FUD means.

I also fear you didn't actually read the article, just summary borked by Slashdot "editing".

I'm uncertain what they meant to say, but I guess they meant either "Bitcoin Foundation" (Karpeles was one of board members there and now resigned) or "Bitcoin exchange" (i.e. MtGox).

Well done sir.

How am I going to exchange my Magic cards now?

[jfengel]

Yeah, yeah, millions in bitcoins, but what about the Magic the Gathering Online Exchange? I keep all my wealth in Moxes. How will I exchange them now?

Re:Ha ha

[BasilBrush]

Always a pleasure to say "I told you so" to people with objectionable belief systems.

Re:Ha ha

[Anonymous Coward]

And everyone knows that continual, compounding, never stopping, never ending growth is a good thing. And that it is even possible in a closed system!