Earlier today, prices for nearly every cryptocurrency began to rapidly drop. Major cryptos like BTC, ETH, and LTC have fallen by nearly 9%, while lesser-known tokens like IOTA, NEM, and TRON have seen losses in the 15% range. While this kind of volatility is nothing new in cryptocurrency circles — three drops of similar scale […]
In a stunning announcement made earlier today, Tokyo-based cryptocurrency exchange Coincheck revealed that the company was the victim of the largest cryptocurrency heist in history. According to a report published by Japanese newspaper Asahi Shimbun (and translated by Coindesk), the hackers made off with over 500 million NEM (XEM) tokens, worth roughly $535 million (58 […]
The complex and glacially slow international bankruptcy process for shuttered bitcoin exchange Mt.Gox made significant progress yesterday when Judge Stacey Jernigan have final approval to the company’s Chapter 15 filing. The decision will allow Nobuaki Kobayashi, the court-appointed trustee in the Japanese case, to move forward with his investigation, as well as consider potential bids […]
Last month, Seattle-based bitcoin services company CoinLab filed an objection to a plan that begin the rehabilitation of shuttered Tokyo-based exchange Mt.Gox. Late last week, however, CoinLab announced that it was withdrawing its objection and is now supporting the Chapter 15 bankruptcy filing. The Wall Street Journal reports that while CoinLab does not change the […]
Although designed as a trustless payment network rather than as a true virtual currency, Ripple has been one of the best known and highest profile alt-coins for the last several years. The system’s native currency, ripples (XRP), have traded as high as $0.06 in recent memory, giving it a surprisingly high market cap for a […]
At a hearing in federal court yesterday, U.S. District Judge Gary Feinerman gave Sunlot Holdings and a collection of Mt.Gox creditors preliminary approval to move forward with a settlement plan for the defunct Tokyo-based bitcoin exchange. Under the agreement, Sunlot and its partners would acquire Mt.Gox’s debits and assets for a single bitcoin. The move […]
A proposed plan to revive the shuttered Mt.Gox exchange hit a roadblock today, as presiding Judge Gary Feinerman opted to delay further deliberation on the matter until May 13th. The delay was requested by Mt.Gox’s defense team, arguing that such a settlement would unfairly hinder CEO Mark Karpeles and parent company Tibanne KK in other […]
Speaking with Ars Technica, Mt.Gox founder Jed McCaleb revealed that he personally lost around $50,000 in the Tokyo-based bitcoin exchange’s collapse. Although he sold he site to French bitcoin entrepreneur Mark Karpeles in 2011, McCaleb retained a 12% stake in the company. Unlike many Mt.Gox users, however, McCaleb’s losses were in standard fiat accounts, rather […]
After nearly two months under bankruptcy protection, defunct bitcoin exchange Mt.Gox has officially ended all plans to rebuild. Earlier today, Mt.Gox’s attorney’s asked a Tokyo court to allow the company to begin the liquidation process. The move comes as a blow to the exchanges former customers, many of whom hoped a buyer for the company […]
In a report published by Reuters today, former staffers at failed bitcoin exchange Mt.Gox claim that client funds were used to cover internal costs. In a series of exclusive interviews with reporters, the former staffers claimed that they had voiced concerns to CEO Mark Karpeles in early 2012, but that no changes were made. By […]