Mt. Gox

Mt. Gox63 posts

Mt. Gox was one of the first Bitcoin exchanges, a place where customers could convert their local currencies into the virtual currency. The site was located in Japan and run by Mark Karpeles, a young French programmer. As Bitcoin increased in value the site experienced technical difficulties, hacking and public relations crises, culminating in the exchanges’ bankruptcy in February 2014, and the loss of hundreds of millions of dollars of users’ funds.

25 Feb, 2014

Exchange goes offline

Closure

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.

Mar 2011

Karpeles buys Mt. Gox

Acquisition

Mt-Gox-LogoKarpeles buys Mt. Gox from an unemployed software hacker named Jed McCaleb.  Before the site started trading in Bitcoins, it was an online marketplace where people could buy and sell cards for the Magic: The Gathering trading card game. Mt. Gox  is short for “Magic: The Gathering Online Exchange” McCaleb, nervous about regulatory scrutiny on bitcoin, wanted rid of the exchange and sold it to Karpeles in for no upfront fee, people with knowledge of the deal said. Karpeles told others he had later paid McCaleb a small fee, calling it “a very good deal”.

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