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TheDomains.com

Mt. Gox Files For Bankruptcy Protection Loses 850,000 Bitcoins, 750,000 Of Customers

February 28, 2014 by Michael Berkens

Bitcoin

Mt.Gox the largest Bitcoin exchanged filed for bankruptcy protection overnight claiming it has outstanding debt of about $63.6 million.

The company disclosed that it had lost 850,000 units of Bitcoin, including 750,000 belonging to customers worth about $477 million, based on current exchange rates.  

Mt. Gox, at one point handled more than 80% of trades in the virtual currency.

Filed Under: Bitcoin

About Michael Berkens

Michael Berkens, Esq. is the founder and Editor-in-Chief of TheDomains.com. Michael is also the co-founder of Worldwide Media Inc. which sold around 70K domain to Godaddy.com in December 2015 and now owns around 8K domain names . Michael was also one of the 5 Judges selected for the the Verisign 30th Anniversary .Com contest.

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Comments

  1. BrianWick says

    February 28, 2014 at 8:55 am

    Bitcoin is a fad – just like the Internet 🙂

    Pick your fads wisely

  2. Donny says

    February 28, 2014 at 8:56 am

    I thought in Japan it was customary to fall on your own sword before filing bankruptcy. I will be waiting for the pictures.

  3. Michael Berkens says

    February 28, 2014 at 8:58 am

    Donny

    I think that was old school, now they just file bankruptcy like everyone else and start the next gig

  4. Steven Sikes says

    February 28, 2014 at 12:14 pm

    So much for the “invisible hand” & just letting “the market decide”. Digital currencies will become the norm in the future, abeit w/some measure of regulation. Otherwise just another case of “Treasure of the Sierra Madre”, or, ahem, Wall Street and “toxic assets” offloaded into clients’ portfolios/coffers. When “humans” mine the gold, silver or Bitcoins (either w/shovels, machines or algos), without supervision/accountability, you can expect resources to go missing.

  5. jose says

    February 28, 2014 at 12:47 pm

    actually placing exchanges in the process undermines the objective of any crypto-currency, specially the case of bitcoin.

    there are at least 140 crypto-currencies, and i think at least ripple includes an exchange mechanism in the protocol itself.

  6. DomainInvestor says

    February 28, 2014 at 1:04 pm

    pump…pump…pump…pop!

    When you see the local news stations talk about Bitcoin you know there is a MASSIVE bubble.

    MB, Did you ever sell that one Bitcoin of yours?

  7. Michael Berkens says

    February 28, 2014 at 1:09 pm

    Still have my one coin

  8. BrianWick says

    February 28, 2014 at 1:15 pm

    Michael –
    put that coin on the xmas tree next year


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