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+ - MtGox files for bankruptcy protection, confirms rumours 4

Submitted by Sockatume
Sockatume (732728) writes "The beleaguered MtGox bitcoin exchange has officially filed for bankruptcy in Tokyo, as reported in various news sources via AFP. According to the Wall Street Journal (paywalled; see The Verge for re-reporting) Bitcoin held an impromptu press conference that addressed recent rumours. 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)."
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MtGox files for bankruptcy protection, confirms rumours

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  • There are around 16,000,000 bitcoins in circulation, meaning that almost 5% of all Bitcoins were involved in the loss.

  • From the AP Story [washingtonpost.com]

    a weakness in the exchangeâ(TM)s systems was behind a massive loss of the virtual currency involving 750,000 bitcoins from users and 100,000 of the companyâ(TM)s own bitcoins. That would amount to about $425 million at recent prices.

    The reactions of the various Japanese government officials are interesting. Essentially, there was no "theft" because Bitcoin is not a "real" currency.

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