Wednesday, 05 March 2014 13:06

Mt. Gox collapses under investigation in Japan

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Taro Aso, the Japanese finance minister, said that the local government is still investigating the case of Mt.Gox collapse, the best known Bitcoin exchange office, which was located in Tokyo. As word of possible criminal activity behind this case, it is possible to be a responsible and serious legal consequences.

He said that they still do not have a clear picture of the whole situation and that they do not know if a crime has been commited or was it just plain bankrupt. Just to remind you, Mt.Gox last week filed for bankruptcy after online stock market hackers stole almost half a billion U.S. dollars in Bitcoin equivalent.

Meanwhile, after a steep decline in value following the collapse of Mt.Gox, the value of Bitcoin has fully recovered, and today it is trading at a price of $678.

[Ed - As digital currencies continue to grow in popularity we expect to see more and more events like this simply because there is no regulation. An Exchange can simply close up shop and that is that. Users have very little recourse and their time is lost. The problem is that many Bitcoin users also like the lack of regulation as with regulation comes a requirement to track funds. This removes the anonymity from Bitcoin and all of its derivatives which is something most do not want.]

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Read 2191 times Last modified on Wednesday, 05 March 2014 14:34

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