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Bitcoin down as Mt. Gox files for bankruptcy

Published 04/16/2014, 05:53 AM
Updated 04/16/2014, 05:53 AM

Investing.com - Bitcoin prices fell on Wednesday after the Japanese bitcoin exchange Mt. Gox asked a Tokyo court to allow it to be liquidated following a crippling data breach in February.

(BTC-eUSD) fell to a session low of $485.01 on Slovenia-based BitStamp, before trimming losses, and was last trading at $507.02.

The price of a Bitcoin on Bulgaria-based BTC-e was $500.00.

Mt. Gox, once world’s leading bitcoin exchange, suspended trading February 25 after announcing the disappearance of 850,000 bitcoins, valued at close to half a million dollars at the time.

Mt.Gox blamed the bitcoins' disappearance on a bug in the cryptocurrency's framework called "transaction malleability."

Since then 850,000 of the lost Bitcoins have been recovered, leaving 200,000 bitcoins, valued at around $325 million at today's market prices, unaccounted for.

Liquidation will mean that the company is brought to an end and could see creditors recoup less of their investments.

Latest comments

"850,000 bitcoins, valued at close to half a million dollars". . really?. . check what you've written.
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