Japanese prosecutors charge Karpeles with embezzling 321 million yen ($2.66 million) by transferring clients’ funds deposited at Mt.Gox’s bank account to other accounts. Sources say the money was spent on buying computer software development rights and an expensive custom-built bed. Karpeles is suspected of falsifying data on the outstanding balance of the exchange. Karpeles has denied the charges, telling investigators the data falsification was done for the company and he had intended to pay back the money. He has been held without formal charge for six weeks, as allowed under Japanese law.
Rolling Stone publishes a profile of Karpeles and Mt. Gox, titled The Rise and Fall of a Bitcoin Kingpin. On stealing Gameboys and mobile phones as a teenager by hacking shopping websites:
A lot of people respected me for that. I did feel more important, in a way. If I need something, I press a button and I get it.
On what he felt like when he realized $650 million in bitcoins were gone:
It really felt unreal. I don’t know how to describe that. When you get a hospital operation without any anesthetic, it hurts at first, but at some point the pain reaches a point where you don’t feel anything anymore.
After three weeks with no formal charges Japanese police says they will issue a fresh arrest warrant accusing him of pocketing $2.6 million worth of Bitcoin deposits, which was mainly spent on buying software rights, but also includes $48,000 for a luxury bed. Police are also reportedly interested in questioning Karpeles about the disappearance of 850,000 coins worth 48 billion yen last year. They were valued at around $480 million at the time of the disappearance, and $387 million at current exchange rates.
Karpeles is arrested at his home by Japanese police who say he accessed a computer system and falsified data on its outstanding balance. Police say Karpeles protested at his arrest and said he will not sign any documents until his lawyer arrives. The Tokyo Metropolitan Police say they believe Karpeles had manipulated transaction records on a computer system that Mt. Gox used to swap Bitcoins for dollars, and had “unjustly inflated the balance” of an account held under his name:
He created false information that $1 million had been transferred into the account, when in fact it had not been.
Karpeles has not been formally charged. Police can detain him for up to 23 days before charging him.
The bankruptcy trustee extends the period for filing bankruptcy claims from May 29, 2015 until 12 noon July 29, 2015. After July 29, the only things that a user will be able to do through the online method will be to view bankruptcy claims filed by the user and transfer the bankruptcy claims to another person.
A notice (link) posted on Mt. Gox’s website, says customers can make bankruptcy claims by signing with their account at claims.mtgox.com. There is also an offline option. Those filing must sign up to, or already have, a Kraken account since any returned coins will be deposited via the service. Returns will be calculated at a rate of $483 per BTC with an additional 6 percent per annum. Mt. Gox customers have until May 29 to file their claim. The company’s creditors plan to make a decision on returns by September 9, 2015.
The bankruptcy trustee for Mt. Gox announces it will work with California-based Bitcoin exchange, Kraken, to return the money left in the estate to the company’s 127,000 creditors. Kraken CEO Powell says the company will help with the claims process, including evaluating the assets owed to creditors, and that it will assist in the investigation of Mt. Gox’s collapse. He says the trustee will have the final decision on payments in Bitcoin:
Allowing the creditors to go on without reinvestment, I think, would be very wrong. We’ve got to have the money that was locked up for the last 10 months returned as soon as possible.
On whether the exchange should be revived:
There are no assets, no brand. There is nothing to speak of to revive.
Karpeles agrees to an interview with PC World on the condition that he will not discuss other than in general terms what happened at the company, the police investigation into it and other litigation involving him. He says Tibanne now has 13 employees and still does Web and server hosting as well as Web and mobile application development. Tibanne’s graphics editing software subsidiary, Shade3D, has about 10 staff.
I’ve been trying to keep Tibanne and Shade3D running well so we can maybe assist with the Mt. Gox bankruptcy…I cannot apologize enough for what happened. While I believe I did everything I could do to prevent this from happening, it still happened. Right now, I’m trying to do my best to cooperate with the bankruptcy process and the ongoing investigation.
Karpeles says Bitcoin needs the kind of physical security measures that are used to protect gold, including 24-hour operation centers manned by guards and accessed only through hardware tokens, with staff who have undergone extensive background checks.
[Without major investments in security infrastructure] most likely we’re going to see more companies getting hacked, or bitcoin being stolen.
Karpeles is interviewed by Tokyo-based journalist, Nathalie Stucky. On whether the Japanese police have enough knowledge to investigate Mt. Gox:
I think that those who think that the Japanese police is “incapable” slightly underestimate them if they think that they are not advancing. I don’t have all the details, but I have more details than usual people. So I have seen things that others won’t ever see. And based on that, I think the Japanese police are quite efficient. But I totally support the idea that several people start their own investigations. It is generally a good idea to have different people having different way of seeing the same problem. The police does not report into details on what they are doing, that’s why it might seem like they are not doing anything but they are actually working on this. As for understanding the situation, I think I gave them enough training so that they can now go on. It is a recurrent fact that the Japanese police arrest innocents and make them confess that they did the thing. So, I simply hope that they won’t do anything insane. That is something that is not guaranteed though.
A question he wishes people would ask:
I wished that someone had asked me how I’m doing. I think everyone sees me as “Mr. Mt Gox,” and not enough like a human being, or just a person. Although I don’t always agree with what human beings think, or the way they react, it’s sometimes disappointing, everyone needs human interaction.
The WSJ interviews Karpeles at his home on the top floor of a 33-story building in Tokyo’s Meguro neighborhood. It is first media interview since a news conference when Mt. Gox filed for bankruptcy in February.
All I can say is I am deeply sorry. But I did what I could, and I swear I haven’t been doing anything too luxurious.
We had some cases where a stranger sneaked in and took things away. We also have at least one former employee stealing the company’s data.
On what he had done wrong:
Management. I was too busy and couldn’t lay out an adequate corporate structure. I wish I had five of me, as I was too busy with meetings with banks, lawyers and business partners. That was all painful, I wish I had more time to do engineer-type of work. We tried [to hire experienced professionals] but we didn’t have money and also often they turned us down.
Asked when he found out the Bitcoins were gone:
I always worried about ‘What if all the bitcoins were gone?’ Since that actually happened, I have gone through many sleepless nights. Scared, frustrated and angry—-so many emotions were occupying my mind.
He wishes someone should buy the exchange and says that Bitcoin has the potential to change the world but is too easy to use for illegal activities.
U.S. Bankruptcy Judge Stacey G. Jernigan accepts Mt. Gox’s U.S. filing and recognizes Mt. Gox’s Japanese bankruptcy as the foreign main proceeding. The ruling empowers the company’s Japanese trustee to examine witnesses, gather and review evidence, and oversee assets in the U.S. She says
This is really going to be all about the customers, who make up almost all of the creditors, and trying to get them a recovery
The Bankruptcy Trustee sets April 24 as the date for the start of bankruptcy proceedings, at Mt Gox offices in Shibuya, Tokyo. A creditors’ meeting for reporting on the status of the assets will be held on July 23 at the Tokyo District Court. Creditors do not have to attend the meeting; the proceedings will be posted to the Mt Gox website. Bankruptcy claims must be submitted to the trustee before Nov 28, using a form provided by the trustee. Claims will be assessed on Feb 25, 2015.
The original founder of the site explains his relationship with Karpeles in an interview with Ars Technica.
I met [Karpeles] I think on bitcointalk.org. The Bitcoin community was very small at that time and I asked him to do some software development for me. He did that task and I was looking for someone else to run Mt. Gox so I could focus on other things. We discussed the possibility of him buying Mt. Gox from me and I ended up selling it to him in 2011.
I have not had any involvement with Mt. Gox other than as a minority shareholder since early 2011 when I sold it to Mark Karpeles, whom I have never even met in person,” he said. “It is my understanding that Mark also rewrote the entire codebase sometime in 2011 shortly after the sale and none of my code remained in use. Aside from the sale, I have never received any distributions or profits from Mark
McCaleb also tells Ars he lost around $50,000 (held in dollars, not bitcoins) when the exchange closed.
According to a statement and court filings, U.S. and Canadian customers have agreed to settle their proposed class action lawsuits by supporting a plan by Sunlot Holdings to buy the exchange and accept their share of bitcoins still held by Mt. Gox. Sunlot plans to buy Mt. Gox for one Bitcoin (less than $500).
The customers will share in a 16.5 percent stake after Mt. Gox is sold to Sunlot, a firm backed by child actor-turned entrepreneur Brock Pierce and venture capitalist William Quigley, and split the 200,000 bitcoins that Mt. Gox said it found after seeking bankruptcy protection. They will also split up to $20 million held by the administrator for Mt. Gox. Jay Edelson, the lead attorney in the U.S. case said:
This is the customers’ best option and the only chance they have for full restitution
The settlement releases Jed McCaleb, and Gonzague Gay-Bouchery, who have committed to help pursue the class action against the remaining defendants: Karpeles, Tibanne, Mizuho Bank Ltd and others.
The Tokyo District Court dismisses an application for civil rehabilitation and appoints an administrator of the company’s assets in place of Karpeles.
Karpeles: There are no prospects for the restart of the business. The dismissal of the application for commencement of a civil rehabilitation procedure will create great inconvenience and concerns to our creditors for which we apologize
The administrator, lawyer Nobuaki Kobayashi, said in a separate statement that the court will probably order the start of bankruptcy proceedings. How the company is treated will be decided by taking into account factors including whether there is any candidate to buy the business, Kobayashi said. Kobayashi also said any investigation of the liability of Karpeles will be conducted as part of the bankruptcy proceedings.
U.S. Bankruptcy Judge Stacey Jernigan orders Karpeles to appear on April 17 in Dallas at the offices of Baker & McKenzie, the law firm that represents Mt. Gox. Last month, Karpeles asked a Dallas court to grant Mt. Gox Chapter 15 bankruptcy protection, in part to put a stop to a class action that had been filed by U.S. customers in Chicago federal court. Under Chapter 15, Mt. Gox must prove at a May 20 hearing that it should be granted such protection from creditors. Judge Jernigan:
If he avails himself of this court, my God, he is going to get himself over here.
A Baker & McKenzie attorney said the company may replace Karpeles as the “foreign representative” of Mt. Gox in the U.S. bankruptcy court.
According to interviews with Reuters, in 2012 a small group of employees met with Karepeles to ask him to address their concerns that Mt. Gox was overspending. Costs included rent in a Tokyo high-rise, high-tech gadgets such as a robot and a 3-D printer and a souped-up, racing version of the Honda Civic imported from Britain for Karpeles. They were also concerned that company expenses were being paid from the same bank account used for customer deposits. Karpeles told the group that customer money was not being used to fund the business. Several of the staff left the meeting frustrated that Karpeles would not share proof that client deposits had been protected, while Karpeles believed he had thwarted a challenge to his leadership by staff who had no right to see the books of a firm he owned and was funding.
In response to a motion filed Tuesday 25 March, where Gregory Greene and Joseph Lack ask a U.S. judge to order Karpeles, as CEO of Mt. Gox to go to the U.S. to testify in the U.S. in order to protect domestic creditors, Karpeles proposes to go to Taiwan instead, where he would allow lawyers to question him in person or via video link. The plaintiffs offer to pay all travel expenses. Steven Woodrow, a Colorado-based lawyer for the plaintiffs, said:
Most foreign representatives, from our research, who have availed themselves of the United States courts, are more than willing to come to the United States to justify the relief that they’re seeking,” Woodrow added. “For some reason, Mr. Karpeles seems averse to coming to the United States. His attorneys won’t tell us why.
According to a team at ETH Zurich University (report), only 302,000 bitcoins have ever been lost due to transaction malleability with 386 BTC (approximately $200,000) being lost by Mt. Gox. The exchange has claimed 744,408 bitcoins lost in the attack.
In a filing, Karpeles discloses Mt. Gox has discovered 200,000 bitcoin in a digital wallet, which is worth about $118 million at current exchange rates. The Bitcoin was discovered in one of the “old-format wallets” that Mt.Gox had used in the past and assumed no longer held any bitcoins. The recovered 200,000 bitcoin brings Mt.Gox’s total loss down to 650,000 bitcoin.
Customers are able to login to the Mt. Gox site and check their balances. A notice on the site says:
This balance confirmation service is provided on this site only for the convenience of all users. Please be aware that confirming the balance on this site does not constitute a filing of rehabilitation claims under the civil rehabilitation procedure and note that the balance amounts shown on this site should also not be considered an acknowledgment by MtGox Co., Ltd. of the amount of any rehabilitation claims of users.
Canadians with deposits in Mt Gox announce a class action for $500 million in compensation for losses on the exchange. The lawsuit targets Mt. Gox, Karpeles and Jed McCaleb, and Mizuho bank, one of the largest banks in Japan, according to a notice of action to Ontario Superior Court. Toronto litigation lawyer Ted Charney said:
We’re never going to find out what’s going on unless we start a lawsuit because it’s the only way we’re going to get access to the records. It’s really the only way to get the thing going.
The notice of action, a summary of the case, gives lawyers a month to file a substantive statement of claim.
According to a sworn declaration in Mt. Gox’s U.S. bankruptcy filing, the company may have collected a large sum in trading fees in the weeks before its closure, even though it was already aware that a vast number of Bitcoins had gone missing. Even though Mt Gox told customers it was investigating possible fraud on Feb 7, due to a security issue called transaction malleability, buying and selling on the exchange continued until Feb. 25.
According to Bitcoincharts.com, an average of 49,912 bitcoins were traded daily on Mt. Gox between Feb. 7 and Feb. 25, at an average weighted price of $380.54 per bitcoin.
U.S. District Judge Gary Feinerman issues a temporary order freezing money and property belonging to the Mt. Gox Inc. (the U.S. affiliate of Tibanne), Tibanne KK, and principal Mark Karpeles. The order is issued without opposition from the frozen entities, who are not represented in court, and in the presence of lawyers for Mt.Gox Co. Feinerman’s order expires March 25 and does not cover Mt. Gox Co, which has sought bankruptcy protection in Japan and expires on March 25. Citing what he called a “very limited record,” Feinerman said plaintiff Greene established a “sufficient likelihood of success” on his claims to warrant the freeze.
Fienerman: It may turn out there are no such assets
After the hearing, lead plaintiff’s lawyer Jay Edelson said he plans to immediately question Karpeles under oath.
The Company files for U.S. bankruptcy protection in Dallas late Sunday saying without protection it will spend substantial funds defending itself against Gregory Greene’s class action. Greene is scheduled to ask a federal judge on March 11 to freeze Mt. Gox’s U.S.-based servers and other computer equipment and to set up a trust over Mt. Gox’s U.S. assets. The Chapter 15 filing allows Mt. Gox to ask the U.S. Bankruptcy Court to recognize its foreign bankruptcy and to assist in the Japanese proceedings by protecting its U.S.-based assets. U.S. creditors can contest Mt. Gox’s request for Chapter 15 protection.
Hackers take over Karpeles’ Reddit account and personal blog adding a post alleging that the exchange has actually kept at least some of the bitcoins that the company had said were stolen from users.
It’s time that MTGOX got the bitcoin communities wrath instead of [the] Bitcoin Community getting Goxed
“Goxed”– is a term that users use suffer from Mt. Gox’s technical glitches. The hackers also post a 716MB file to Karpeles’ personal website that they said comprised stolen data from Mt. Gox’s servers, which includes an Excel spreadsheet of over a million trades, company balances, admin files and Karpeles’ home address and CV. Forbes reports that the file includes malware and that the personal details of all Mt Gox customers appears to have been put up for sale.
The company opens a call center for customers inquiring about the status of their Bitcoins held with the exchange.
Karpeles appears before Japanese TV news cameras in Tokyo, bowing deeply for several minutes.
Mt. Gox officially files for bankruptcy protection with outstanding debts of ¥6.5bn ($63.6m), against assets of ¥3.8bn ($37.4m). A notice posted on their website admits that “although the complete extent is not yet known”, 750,000 of its customers’ bitcoins and 100,000 of the company’s own have “disappeared” due to “illegal access through the abuse of a bug in the bitcoin system”. At this time they “cannot confirm the exact amount of missing deposit funds and the total amount of bitcoins which disappeared.”
In order to increase repayments to our creditors, it is necessary to explore the possibility of having MtGox Co., Ltd. continue its business. This is why the civil rehabilitation procedure has been chosen, rebuilding MtGox Co., Ltd under the supervision of the court in a legally organized procedure while giving proper explanations will not be for the sole benefit of the company but for that of the whole bitcoin community.
Gregory Greene, of Illinois, files a class action lawsuit against Mt. Gox for its loss of approximately 750,000 Bitcoins valued at more than $400 million. Filed in the U.S. District Court in Chicago, the 32 page legal complaint accuses Mt. Gox and Mark Karpeles of consumer fraud and negligence for failing to provide the necessary security to prevent theft of the Bitcoin reserves, as well as claims they are guilty of breach of fiduciary duty, breach of contract, and unjust enrichment. Although Greene is the only named plaintiff in the suit, the complaint lists “all persons in the United States who had Bitcoins or Fiat Currency stored with Mt. Gox on February 7, 2014.”
Mt Gox’s business plan for 2014-2017 is released.
In an IRC chat with Fox Business Karpeles says he hasn’t given up:
FB: Is that Crisis Strategy Draft even legit?
MK: more or less. as the name suggests it’s a draft and it’s a bunch of porposals to deal with the issue at hand, not things that are actually planned or done. This said document was not produced by MtGox.
FB: Are you stepping down as CEO and away from gox too? (if you can’t legally disclose, then just say so)
MK: can’t disclose that yet
FB: So you guys are still actively trying to save it though?
MK: we haven’t given up
FB: How much did you lose yourself?
MK: Well technically speaking it’s not “lost” just yet, just temporarily unavailable
The Mt. Gox website goes offline with no explanation. The Company’s Tokyo office is empty and a handful of protesters remain outside. Karpeles tells Reuters in an email:
We should have an official announcement ready soon-ish. We are currently at a turning point for the business. I can’t tell much more for now as this also involves other parties.
After Mt. Gox goes bankrupt, Ver makes a statement, expressing his regret at making the previous video:
About 7 months ago, purely as a favor to Mtgox, I made a video stating that their fiat withdrawal problems were not being caused by a lack of liquidity. I made no claims regarding their solvency. While everything I said in the video was factually true, today I have come to regret making it for them. It ended up causing the community put additional trust in an entity that deserved none.
He says the problem were caused by poor programming skills and a total lack of bookkeeping in a single mismanaged company and that the Bitcoin protocol is “stronger than ever before”.
A statement is issued by the founders of other Bitcoin exchanges, distancing themselves from Mt. Gox:
This tragic violation of the trust of users of Mt.Gox was the result of one company’s actions and does not reflect the resilience or value of bitcoin and the digital currency industry. There are hundreds of trustworthy and responsible companies involved in bitcoin. These companies will continue to build the future of money by making bitcoin more secure and easy to use for consumers and merchants. As with any new industry, there are certain bad actors that need to be weeded out, and that is what we are seeing today.
A document titled “Mt. Gox Crisis Strategy” is released by Bitcoin entrepreneur Ryan Selkis. The document shows that Mt Gox cannot account for over 740,000 Bitcoins (with a value of $350 million):
For several weeks MtGox customers have been affected by bitcoin withdrawal issues that compounded on themselves. Publicly, MtGox declared that “transaction malleability” caused the system to be subject to theft, and that something needed to be done by the core devs to fix it. Gox’s own workaround solution was criticized, and eventually a fix was provided byBlockchain.info.The truth, it turns out, is that the damage had already been done.
At this point 744,408 BTC are missing due to malleability-related theft which went unnoticed for several years.
The cold storage has been wiped out due to a leak in the hotwallet.The reality is that MtGox can go bankrupt at any moment, and certainly deserves to as a company.
The document, prepared by Mt. Gox representatives and employees at global consulting firm Mandalah is confirmed by Karpeles as “more or less authentic” during an interview the next day with Fox Business.
According to a source, the same junior staffer who published the business plan document also attended an alleged emergency investor meeting just one day after the “Crisis Strategy Draft” was created. According to that source, it was at this meeting in which Karpeles and colleague Gonzague Gay-Bouchery first outlined the extent of Mt. Gox’s losses.
This meeting triggered a chain reaction of events in which the solicited investors rebuffed Karpeles and his colleagues, demanded they come clean to customers and stakeholders immediately, and then notified other industry executives, including those at the Bitcoin Foundation, of the catastrophic losses at Mt. Gox. This group of executives promptly reached out to regulatory authorities and began crafting a joint statement condemning Mt. Gox. They also restricted their own employees from buying or selling bitcoin.
Karpeles resigns as one of the industry representatives on the board of the Bitcoin Foundation, which advocates for the virtual currency.
We have now implemented a solution that should enable withdrawals and mitigate any issues caused by transaction malleability. With this new system in place, MtGox should be able to resume withdrawals soon. At the beginning we will do so at a moderated pace and with new daily/monthly limits in place to prevent any problems with the new system and to take into account current market conditions.
A CoinDesk poll of nearly 3,000 readers (Started on Feb 4) finds that a majority of Mt. Gox customers have been waiting months for their withdrawal requests to be fulfilled, despite being ‘verified’ or ‘trusted’ account holders. Poll respondents describe frustration with the exchange’s customer service, calling it slow, opaque and providing “canned responses”.
Kolin Burges from London travels to Tokyo to find out if he can withdraw his 250 bitcoins from MtGox. He forms a one-man protest outside the Mt. Gox office and asks Karpeles if he will get his Bitcoins back.
The exchange announces the reason for the suspension of withdrawals is the detection of unusual activity on transactions from the exchange’s Bitcoin wallets to external wallets, known as “transaction malleability”.
An individual could request bitcoins from an exchange or wallet service, alter the resulting transaction’s hash before inclusion in the blockchain, then contact the issuing service while claiming the transaction did not proceed. If the alteration fails, the user can simply send the bitcoins back and try again until successful.
The price of Bitcoin drops 8 percent after the exchange halts withdrawals, citing technical malfunction.
In order for our team to resolve the withdrawal issue it is necessary for a temporarily pause on all withdrawal requests to obtain a clear technical view of the current processes.
Mt. Gox and bitcoin business incubator, Coinlab had formed a business partnership last November, giving CoinLab the exclusive license to market Mt. Gox’s services in North America. But CoinLab had filed a complaint on May 2, claiming $75million damages, alleging that Mt. Gox had withheld information it needed to market to customers, instead continuing to sell into North America itself. In response, Mt. Gox alleges that CoinLab was not able to operate lawfully as its partner in the US, the reason for the $5.5m damages suit.
After meeting with Karpeles, Ver makes a video statement:
Today I’m at the Mtgox world headquarters in Tokyo Japan. I had a nice chat with MTGOX CEO, Mark Karpeles, about their current situation. He showed me multiple bank statements, as well as letters from banks and lawyers. I’m sure that all the current withdrawal problems at MTGOX are being caused by the traditional banking system, not because of a lack of liquidity at MTGOX.
Following the recent arrest of five people from Liberty Reserve in the US, Mt. Gox takes steps to avoid action from US authorities announcing it will no longer accept anonymous accounts. It continues to allow Bitcoin deposits and withdrawals but any currency transactions need ID checks. New staff have been hired to verify accounts within 48 hours.
The US Department of Homeland Security (DHS) issues a warrant (document) to seize money from Mt. Gox’s US subsidiary’s account with payment processor Dwolla. The warrant suggests the US Immigration and Customs Enforcement (ICE), an investigative branch of the DHS, feels the subsidiary, which should have been licensed by the US Financial Crimes Enforcement Network (FinCEN), has been operating as an unregistered money transmitter in the United States.
In order to accept funds in dollars, Mt. Gox opened a Wells Fargo business account for Mutum Sigillum LLC (Mt. Gox’s American subsidiary). The company had to complete a document that states whether it provides money services or not. The warrant reads: “That document was completed on May 20, 2011, and identified Mutum Sigillum LLC as a business not engaged in money services.”
In particular, Karpeles answered no to two important questions: “Do you deal in or exchange currency for your customer?” and “Does your business accept funds from customers and send the funds based on customers’ instructions (Money Transmitter)?”
Coinlab’s files a Federal lawsuit inWashington State. Coinlab alleging that Mt. Gox has breached a contract clause which was supposed to give Coinlab exclusive access to the North American market. The lawsuit states:
Defendants have breached the exclusivity provisions of the Agreement by directly servicing customers in the United States and Canada since the Agreement took effect
Despite repeated requests to do so, Mt. Gox has failed to deliver all passwords, Yubikeys, administrative logins and any other security information required so that CoinLab may assume operation of the Bitcoin exchange services for customers in the United States and Canada.
Coinlab is demanding $75 million in damages, and even that, it says, “likely underestimates the actual damages.”
Reuters interviews Karpeles, who while sitting on a big blue ball, explains that the currency needs more merchants to adopt it so it can grow,
The price of one bitcoin breaks through the milestone $100 barrier for the first time. Mt Gox is processing 76% of all bitcoin trades or $6 million worth of Bitcoin trades per day, which equates to $60,000 in daily revenue for the company which has 18 employees.