Posts tagged Exchange

Whoops! Failed Exchange Mt. Gox Finds 200,000 Bitcoins In ‘Forgotten’ Wallet

Failed bitcoin exchange Mt. Gox said it found 200,000 bitcoins on March 7 in a “forgotten” wallet the company thought no longer held bitcoin. Mt. Gox said in a statement the bitcoins were discovered in an “old-format” wallet used prior to 2011.

The company allegedly found the wallet one week after Mt. Gox filed for bankruptcy protection because it allegedly lost bitcoin deposits worth $380 million.

According to Reuters, Mt. Gox acknowledged finding the bitcoins only after a U.S. judge in Chicago overseeing a class-action lawsuit against Mt. Gox allowed the exchange’s bitcoins to be tracked. 

In an email to Reuters, the lawyer for the plaintiff in that case said he had been previously monitoring the bitcoins, and Mt. Gox decided to come forward only after realizing they had been tracked.

Today in court we got relief … specifically to track the 180,000 bitcoins, which we’ve been monitoring. Hours later, Mt. Gox claimed it “found” these bitcoins … it appears Mt. Gox realized we were close and decided to acknowledge that it owned these 180,000-200,000 bitcoins.

The sudden discovery of the forgotten bitcoins will likely provide only more questions than answers surrounding the collapse of Mt. Gox. It is still unclear how thieves stole 744,408 bitcoins—well, make that 544,708 bitcoins—and caused Mt. Gox to crumble. 

Image courtesy of BTC Keychain on Flickr

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Can Bounce Exchange Reduce Site Bounce Rate? A Tool Review

Like many of you, I’m always on the lookout for cool new ways to drive conversions and leads on my site. When it comes to finding genuinely useful software tools to help my business accomplish this, it can be tough — after all, new products launch almost daily, and it’s difficult…

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Bitcoin Exchange Mt. Gox Files For Bankruptcy Protection

Mt. Gox, the world’s largest Bitcoin exchange, filed for bankruptcy protection on Friday after losing roughly $380 million worth of customers’ bitcoins.

This comes just days after CEO Mark Karpeles shared in an online chat that Mt. Gox hadn’t “given up.”

“There was some weakness in the system, and the bitcoins have disappeared. I apologize for causing trouble,” Karpeles told reporters at Tokyo District Court after the filing, the Wall Street Journal reported.

The company’s lawyer said at the conference that Mt. Gox had an outstanding debt of about $63.6 million, and only about half of that in assets. The company reported that it had lost roughly 100,000 of its own bitcoins, worth about $55 million, in addition to almost 750,000 customer bitcoins.

The price of bitcoin held steady on the news, consistent with the belief of many Bitcoin proponents that Mt. Gox’s problems reflected mismanagement and not deeper problems with the cryptocurrency. It continues to hover at $550 per bitcoin, according to Coindesk

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Former Bitcoin Exchange CEO Arrested In Silk Road Drug Trafficking Scheme

Here’s yet another reminder that Bitcoin, while private, is not truly anonymous. The feds can still locate and arrest folks who use the cryptocurrency for alleged criminal activity. 

A federal criminal complaint unsealed Monday charges Charlie Shrem, former CEO of the former bitcoin exchange BitInstant, with conspiracy to commit money laundering and operating an “unlicensed money transmitting business.” The complaint alleges that Shrem and an “underground bitcoin exchanger” named Robert Faiella (aka “BTCKing”) sold more than $1 million in bitcoin to users of the former Silk Road, a den of online iniquity in which users could reportedly buy and sell drugs, weapons and assassination attempts.

Or, as the press release from the U.S. attorney for the southern district of New York put it, Shrem and Faiella “schemed to sell over $1 million in Bitcoins to criminals bent on trafficking narcotics on the dark web drug site, Silk Road.” Shrem, currently a vice chairman at the Bitcoin Foundation, was arrested at JFK airport on Monday. The feds shut down Silk Road last October.

The director of an exchange typically has no idea why people are buying and selling bitcoin, but the complaint alleges that Shrem personally bought drugs on Silk Road and that he knew from communications with Faiella that his alleged co-conspirator was operating a bitcoin exchange service for Silk Road users.

BitInstant previously made headlines after the Winklevoss twins invested $1.5 million in the exchange, and again as the subject of a class action suit for allegedly misrepresenting the speed of its service. BitInstant ceased operation last July, according to the complaint. Redditors discussed its apparent disappearance last August in this thread.

Read the full criminal complaint below:

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Yandex Does What Google Can’t: Provides Bitcoin Exchange Rates

How much is one US dollar in UK pounds? Google will give you a direct answer to that and many other currencies with the conversion tool that’s built into its search results. But when it comes to Bitcoin, Russian-based Yandex seems to have won the honor of being first to support conversion of…

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