Once Mighty Bitcoin Exchange Mt. Gox Is Offline, Likely Dead

Feb 25 2014, 3:43am CST | by

Mt. Gox, the one-time monarch of the Bitcoin kingdom, appears to be dead, or at least in a very serious coma. The troubled exchange for the volatile crypto-currency has been offline since at least 10:30 p.m. Eastern time on Monday. Earlier in the evening, the site was online but logins appeared to be disabled.

Mt. Gox not long ago claimed to be the largest of the online Bitcoin exchanges, but began to run into problems in the fall of last year when customers started to report long delays being able to withdraw funds from accounts. Earlier today, Mt. Gox CEO Mark Karpelès resigned his seat on the board of the Bitcoin Foundation and all tweets on the Mt. Gox Twitter account have been mysteriously erased.

Bitcoin prices on Mt. Gox had been hovering well below that of other Bitcoin exchanges, likely due to suspicions that it was nearing insolvency. Now it appears that the lights have finally gone out atop what was once one of the tallest peaks in the virtual crypto-currency range.

Business Insider also has posted a joint statement from the leaders of other Bitcoin exchanges about the situation.

I’ll continue to look into this story and update this post as I learn more. Please share any experiences you’ve had with the exchange today in the comments.

UPDATE:  This might not be the last we hear of Karpelès and his Gox-related doings. It’s being reported that he purchased the domain name Gox.com this week, which could indicate that the Bitcoin mountain will rise again under a different but similar brand.

To jack in to my brain and get more on the latest in science, tech and innovation, follow me here on Forbes, as well as on Twitter @ericcmack and on Google+.

Source: Forbes Business

 
 
 

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