The History of the Mt Gox Hack: Bitcoin's Biggest Heist
Collapse of Mt. Gox - Bitcoin Wiki
A brief history of Mt. Gox, the $3B Bitcoin tragedy that ...
Bitcoin Is Now Legal In Japan. Could More Support From Other Countries Take Ot To The Next Level?
This is the best tl;dr I could make, original reduced by 68%. (I'm a bot)
Bitcoin trade in Japan accounts for almost 50% of the global trade volume compare that to the US which contributes around 25%. The number has surged since the government passed a new law earlier this year recognizing the digital currency as a legal form of payments. There are already more than 4500 stores that let you pay with Bitcoin. Mai Fujimoto, also known as Miss Bitcoin in Japan, has been blogging and tweeting everything about Bitcoin. She started investing in Bitcoin back in the year 2011 when Bitcoin's price was roughly around $10, a price that has jumped more than 500% since. Three years ago the first major Bitcoin exchange Mt.Gox collapsed and declared bankruptcy after hackers raided its accounts. With Bitcoin still banned in China, Japan can possibly take the lead. However, for Japan, cryptocurrencies like Bitcoin sit within the realm of Fintech.
Cryptocurrency exchanges about to take off in Japan (Nikkei)
May 2, 2017 2:00 am JST - Tax cuts, higher standards are boosting demand for bitcoin-like investments Investors in Japan will have an easier time trading virtual currencies like bitcoin as more exchanges crop up. TOKYO -- More than 10 Japanese companies are launching exchanges for bitcoin and other virtual currencies, with an eye to tap growing demand after legal changes that make such trades cheaper and easier in the country. SBI Holdings has set up SBI Virtual Currencies, an exchange between the yen and cryptocurrencies like bitcoin and that of the Ethereum platform. The GMO Internet group is also establishing its own company, with plans to increase the number of digital currencies it trades based on demand. Kabu.com Securities and foreign exchange trader Money Partners Group plan to enter the field as well. Starting July, Japan's consumption tax will no longer apply to purchases of virtual currencies. Exchanges in Japan have also been required since April to obtain a special license, which has requirements for finances and asset management structures, from the Finance Ministry. "We didn't even have minimum guidelines" back in 2014, when the bitcoin exchange Mt. Gox collapsed, "so users will now feel more secure," an SBI Virtual Currencies representative said. Around 18 companies are currently planning to apply for a license, according to the Japan Cryptocurrency Business Association. This includes the more than 10 companies newly entering the market, as well as existing exchanges like bitFlyer. Japan's three megabanks, however, are not planning at this time to start trading digital currencies. Many new players are interested in turning such currencies into a new investment option. The price of bitcoin has tripled in the past year, and some estimate the total value of all virtual currencies at over 4 trillion yen ($35.8 billion). "There is demand among our clients for cryptocurrencies, given their rising value," said a source at one company. But the currencies tend to have low liquidity and high volatility. Because a large volume of bitcoin trading occurs in China, that country's monetary policies have a significant impact on its value. Some foreign banks are also refusing dollar wires to and from virtual currency exchanges. Digital currencies still occupy a small space in Japan. But they could catch on as a cheap way to settle payments and transfer funds in the future.
A federal judge in Chicago has rejected class status for investors accusing Japan’s Mizuho Bank of hiding problems at the defunct Mt Gox bitcoin exchange, increasing the investors’ losses when the exchange collapsed in 2014.
Mt Gox had liquid liabilities of 6.5bn yen (£38m), dwarfing its total assets of 3.84bn yen (£22.6m), the company said. It had 127,000 creditors in bankruptcy, just over 1,000 of whom are Japanese. Mt. Gox’s ex-owner Mark Karpelès is due to face court in Japan this Friday, which means the long-running case of its “missing” Bitcoin BTC is reaching a crescendo. It’s been over five ... The bitcoin exchange fell prey to a flaw in bitcoin, but that alone wasn’t enough to guarantee its downfall . Skip to main content. The Guardian - Back to home. Support The Guardian Available ... At the beginning of 2014, Mt Gox, a bitcoin exchange based in Japan, was the largest bitcoin exchange in the world, handling over 70% of all bitcoin transactions worldwide. By the end of February of that year, it was bankrupt. Anyone who was using Mt. Gox lost access to their assets, and it has been a cautionary tale for crypto investors. While the assets weren’t all lost, anything that was ... The arrest of Mt Gox CEO Mark Karpeles on Saturday is the latest twist in a lengthy plot surrounding the now-defunct bitcoin exchange. Arrested in Japan over allegations he manipulated Mt Gox’s ...
In the second part of my series of interviews relating to Mt. Gox, I talk with Mark Karpelès, the CEO of the now bankrupt Bitcoin exchange. We discuss how he... Mark Karpeles, the former CEO of of the MtGox Bitcoin exchange, was arrested by Japanese police on Saturday in connection with the disappearance of hundreds ... This video is unavailable. Watch Queue Queue. Watch Queue Queue In the second part of my series of interviews relating to Mt. Gox, I talk with Mark Karpelès, the CEO of the now bankrupt Bitcoin exchange. We discuss how he acquired the site, how it was hacked ... Bitcoin exchange Mt. Gox has disappeared from the internet. The owner cannot be found, and an office in Tokyo is suddenly empty. The owner, Mark Karpeles, re...