Mt.Gox

Mt.Gox K. K. (English Mt.Gox Co. Ltd.. ) was one of the world's largest trading centers for Bitcoins. It was founded in 2009 as a place of exchange for trading cards, rededicated in 2010 to a Bitcoin exchange and quickly became one of the major competitors in the Bitcoin trade. In August 2013 60 % of the global Bitcoin trading volume on the platform were communicated. On February 28, 2014, the company announced at a Japanese district court for bankruptcy.

Operation

Users have at Mt.Gox two accounts: a Bitcoin account and an account with the money the user profile associated currency. The latter can, for example, through bank transfers, the former are filled by a Bitcoin transfer to an associated Bitcoin address. The Bitcoins are so centrally managed from Mt.Gox, an installation of the Bitcoin client on the user's PC is not required. The coins can be on another Bitcoin account, which is beyond the reach of Mt.Gox transferred at any time free of charge. About the web interface, the user can purchase or create sales quotes. Buyer can optionally specify a maximum price, a minimum price for the sale. The platform determines appropriate buying and selling requests determined by the required or proposed prices to the market price, and the transactions will be made automatically. 0.6 % ( in Bitcoin ) the transaction will be deducted from Mt.Gox as a fee.

History

Since Mt.Gox originally called Exchange for trading card game Magic: The Gathering was founded, the name derives from Magic: The Gathering Online Exchange from. The company was founded by Jed McCaleb, who in March 2011 to the present owner, Tibanne Ltd.. , Ceded possession. The stock market is currently led by Mark Karpeles.

Special events

On 13 June 2011, the user Allinvain explained that during a burglary at his computer, an amount of 25,000 BTC was stolen (at this time converted $ 502,750 ). The stolen credit was undetected mixed by the thief back into the circulation back.

On August 11, 2011, the Japanese operator company of Mt.Gox, Tibanne, announced that surprising to accept the Bitomat.pl service and to integrate the user into its own user base. The balances of the users would be full. The deposits of the users would be paid by Mt Gox and it will still be possible Polish zloty by local Polish bank transfers and withdraw.

On 19 June 2011, a vulnerability to MtGox.com caused a price collapse to one U.S. cent per Bitcoin, after a hacker access a Mt.Gox employee used to send a large number of Bitcoins in yourself. After a few minutes, the price corrected back to the previous trading price. Accounts with values ​​of more than 8.75 million U.S. dollars were affected.

On February 22, 2013 Dwolla some accounts were temporarily restricted after Dwolla has introduced new anti -money laundering conditions. As a result of transactions Mt.Gox accounts were terminated at Dwolla accounts, but not reversed at Mt.Gox. It was only on May 3, more than three months later, the amounts have been booked.

Suspensions of Trading

From 11 to April 12, 2013 sat Mt.Gox from trade to be " cool " the market. The price of Bitcoins fell after the resumption to a low price of 55.59 U.S. dollars before it stabilized to a value above 100 U.S. dollars.

On June 20, 2013 disbursements were suspended.

On July 4, 2013, the Company announced that payments would be fully carried out again, but until September 5, 2013 only a few U.S. dollar payments have been successfully performed.

Complaints and Legal

On May 2, 2013 announced CoinLab, the first foreign -financed Bitcoin company that it would Mt.Gox sue for breach of contract damages in the amount of USD 75 million and the business have been set.

On May 15, 2013, the Department of Homeland Security of the United States seized the accounts of online stock market Mt.Gox the payment service Dwolla because Mt.Gox had failed to register in the U.S. as a payment service.

The stock market is the Japanese company Tibanne Ltd.. operated, which was founded in 2009 and registered in the Tokyo Chamber of Commerce.

Insolvency

As of February 7, 2014 was Mt.Gox no more withdrawals to. On February 10, the company said in a press release that the withdrawal lock would remain for the time being due to the known as Transaction Malle Ability problem in the Bitcoin protocol. It would, however, been working on a solution.

Since 25 February 2014, the site of Mt.Gox was no longer available or contained only two short messages that you can continue working on a solution to the recent problems. In addition, the entire Twitter feed of Mt.Gox has been cleared. A few hours earlier was the head of the stock exchange, Mark Karpeles, resigned from his board seat in the Bitcoin Foundation.

On February 28, 2014 Mt.Gox presented at a Japanese district court an application for bankruptcy protection. In addition, 750,000 Bitcoins to customer deposits and 100,000 Bitcoins the company would have been lost. According to the current market price, this would correspond to a loss of 473 million U.S. dollars. The attorney for the company announced at the press conference with continue, the company had against supernatants debt of 6.5 billion yen ( about 63.6 million U.S. dollars), the 3.84 billion yen in assets.

On March 20, 2014 announced Mt Gox that 200,000 -lost bitcoins were resurfaced, bringing the total loss suffered reduced to 650,000 Bitcoins.