The report, posted on Sunday as an analysis of public logs, suggests that the systems of failed bitcoin exchange MtGox played host to automated bots that artificially pushed the bitcoin price skywards during 2013.
Bankrupt bitcoin exchange MtGox will enter liquidation, even as its lawyers hold out hope that it can recover $5 million in cash seized by Homeland Security.
The head of what was the world’s biggest bitcoin exchange will almost certainly not step foot in the US for an April 17 court appearance.
Just the week, bitcoin payment options have been springing up everywhere from newspapers to sports teams. But why is the price still dropping?
As Bitcoin exchange collapses go, this one is notable for its highly optimistic approach to overcoming insolvency.
The simultaneous rollercoasters of MtGox and Satoshi Nakamoto drag on.
MtGox really is a gift that keeps on giving: now in the throes of bankruptcy, the audit-averse Bitcoin exchange said late Thursday that it has found 200,000 bitcoins in an “old-format” wallet it previously thought was empty. That means it has only lost 650,000 bitcoins – 550,000 of which belong to its customers — rather than the 850,000 it previously thought had been pilfered by thieves (“evidence” that MtGox still has almost a million bitcoins is deeply suspect, accompanied as it was by fraudulent malware). The re-found bitcoins are worth around $116 million, which will interest the courts handling MtGox’s bankruptcy in Japan and the U.S., and customers clamoring for their money back.
The data appears to show MtGox CEO Mark Karpeles was lying when he said all the exchange’s bitcoins had been stolen, but it also comes with a nasty surprise for those who don’t take care where they click.
In the two months since Overstock started accepting Bitcoin payment, the e-commerce giant has accepted $1 million worth of sales in the cryptocurrency. What’s more, the firm, which partnered with Coinbase to handle the payments, said late Tuesday it now expects Bitcoin-based sales of between $10 to $15 million this year, which is twice or three times what it originally estimated. It’s still a small proportion of Overstock’s revenue, but it comes as validation for Bitcoin during troubled times, particularly as Overstock and Coinbase noted how low Bitcoin transaction fees improve net profitability for the retailer.
How does the Bitcoin ecosystem handle a hacking crisis? The Manhattan U.S. attorney wants to know. Meanwhile, everyone wants to know what went down at MtGox, which has reportedly failed to find a buyer for some strange reason.