Mt. Gox Allegedly Loses $350 Million in Bitcoin (744, 400 BTC), Rumoured to be Insolvent

A document has come up suggesting that troubled Japan-based bitcoin exchange Mt. Gox will close for one 30 days as part of a four-step rebranding plan, and that CEO plus former Bitcoin Foundation table member Mark Karpeles will certainly step down from their executive position as part of the procedure.

The bitcoin price has been tumbling almost all morning amid the news, striking a low of $ 419 so far this morning.

Entitled “Crisis Strategy write, ” the document recommend the company’s increasingly serious financials are greatly affecting the decision. By Mt. Gox’s own estimates, they say, it has only 2, 000 BTC and approximately $ twenty two. 4m in fiat foreign currencies in its possession.

Continue reading at CoinDesk


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