Mt. Gox goes offline leaving Bitcoin investors livid and worried


Detailed extensively by Reuters today, Bitcoin exchange Mt. Gox has halted all trading and the owners have replaced the site with a splash page. If you are unfamiliar with the concept of Bitcoin exchanges like Mt. Gox, the structure somewhat resembles how a traditional bank operates. People that purchase Bitcoins can deposit the digital currency at exchanges and convert it into the currency of other countries like U.S. dollars for instance. Investors that deposited Bitcoin at Mt. Gox currently have no way of accessing their currency and are extremely unhappy at the moment.

Targeting the message to Mt. Gox customers, the splash page on the now defunct site reads “In light of recent news reports and the potential repercussions on MtGox’s operations and the market, a decision was taken to close all transactions for the time being in order to protect the site and our users. We will be closely monitoring the situation and will react accordingly.” 

In addition, the company’s Toyko-based office is now empty. Providing an incredibly vague statement to Reuters, Mt. Gox CEO Mark Karpeles said “We are currently at a turning point for the business. I can’t tell much more for now as this also involves other parties.”

These recent events can be attributed to an alleged theft in which Mt. Gox lost approximately 744,000 Bitcoins or approximately $409 million based of the current exchange rate of around $550. Detailed within a crisis management document allegedly leaked by a Mt. Gox insider, Mt. Gox management is attempting to handle the theft starting with reducing liability by pursuing a bailout from other Bitcoin users and exchanges.


Other steps include announcing the departure of CEO Mark Karpeles blaming poor organization and technology for the security issue, moving the exchange to a new country, rebranding the exchange on social networks as Gox rather than MtGox and setup an entirely new management team. The target date for setting up the rebranded exchange is April 1, 2014 or later. When Gox is launched, trade limits will be put in place on both Bitcoin and cash withdrawals.

Picketing outside of Mt. Gox for the last week, bitcoin trader Kolin Burgess has been attempting to get back approximately $320,000 in Bitcoins from the exchange. Speaking with USA Today, Burgess said “I may have lost all of my money. It hasn’t shaken my trust in Bitcoin, but it has shaken my trust in bitcoin exchanges.” 

Interestingly, some Bitcoin investors believe that the fall of Mt. Gox will only lead to a more stable future for the currency. In an interview with Bloomberg, George Mason University technology director Jerry Brito said “It purges the final vestige of the first generation of infrastructure companies, Who’s left? It’s the serious people, who are doing this right.”

Other popular Bitcoin exchanges and businesses, such as San Fransisco based Coinbase, attempted to shore up support for the digital currency with a joint statement released yesterday. A portion of the statement reads “This tragic violation of the trust of users of Mt.Gox was the result of one company’s actions and does not reflect the resilience or value of bitcoin and the digital currency industry. There are hundreds of trustworthy and responsible companies involved in bitcoin…As with any new industry, there are certain bad actors that need to be weeded out, and that is what we are seeing today. “


The Fix PUBG campaign is over: What’s next for ‘PlayerUnknown’s Battlegrounds’?

The PlayerUnknown's Battlegrounds development team declared that the Fix PUBG campaign was over. Here are the results of the three-month campaign, as well as the future plans for the multiplayer Battle Royale shooter.
Home Theater

A recent Twitter leak may show the upcoming AirPods 2 model

Apple plans to release new AirPods much the same as it does new iPhones, and a wireless charging case, water resistance, and better Siri integration are among the improvements we can expect in future models.

Quick! Someone petition Ferrari to make this luscious tribute to the F40

Ferrari looks toward the future as it designs hypercars like the LaFerrari. Designer Samir Sadikhov turned his eye toward the past to create a modern interpretation of the 1987 F40 without venturing into full retro territory.

Lyft’s new rewards program promises ride discounts and comfier cars

If you're always hopping in and out of a Lyft car, then you'll be pleased to hear that the ridesharing service is about to launch a rewards program. Perks include discounts on future trips and upgrades to comfier cars.

Secure your Excel documents with a password by following these quick steps

Excel documents are used by people and businesses all over the world. Given how often they contain sensitive information, it makes sense to keep them from the wrong eyes. Thankfully, it's easy to secure them with a password.

Lost your router? Here's how to find its IP address to help track it down

Changing the login information for your router isn't always easy, that's why so many have that little card on the back. But in order to use it, you need to know where to go. Here's how to find the IP address of your router.

Crypto hangover could take blame for Nvidia’s potential GeForce RTX 2060 delay

Nvidia's delay in announcing a ship date for its GeForce RTX 2060 GPU could be due to a burst in the cryptocurrency mining bubble. Executives blamed the crypto hangover for an oversupply of inventory on existing GTX 1060 cards,

PDF to JPG conversion is quick and easy using these simple methods

Converting file formats can be an absolute pain, but it doesn't have to be. We've put together a comprehensive guide on how to convert a PDF to JPG, no matter which operating system you're running.

Save $900 on the ThinkPad X1 Carbon and more with Lenovo’s Cyber Monday sales

In the latest set of holiday sales, Lenovo is heavily discounting its fifth-generation ThinkPad X1 Carbon and other popular Windows laptops and 2-in-1s for the holiday shopping season.

Want to make one hard drive act like two? Here's how to partition in Windows

If you don't want all of your files stored in one place but only have one drive to work with, partitioning is your best way forward. Here's how to partition a hard drive in Windows 10, step by step.

Go hands-free in Windows 10 with speech-to-text support

Looking for the dictation, speech-to-text, and voice control options in Windows 10? Here's how to set up speech-to-text in Windows 10 and use it to go hands-free in a variety of different tasks and applications within Windows.

These cheap laptops will make you wonder why anyone spends more

Looking for a budget notebook for school, work, or play? The best budget laptops, including our top pick -- the Asus ZenBook UX330UA -- will get the job done without digging too deep into your pockets.
Smart Home

All the best Amazon Black Friday deals for 2018

Amazon may be an online-only retailer, but that doesn’t mean its Black Friday sales are anything to sniff at. In fact, due to its online status, Amazon has huge flexibility with the range of products and deals it can offer. Here's our…

Black Friday 2018: The best deals so far

Black Friday is the biggest shopping holiday of the year, and it will be here before you know it. If you can't wait until November 23 to start formulating a shopping plan, we've got you covered.