Mt. Gox Liquidation Filing

One-time Bitcoin king Mt. Gox nears the end of the road

By on April 16, 2014 at 9:15 PM.

One-time Bitcoin king Mt. Gox nears the end of the road

Sorry, Bitcoin fans: You’re never, ever, ever getting all your precious pieces of cryptocurrency back from Mt. Gox. The Wall Street Journal reports that Mt. Gox, the one-time Magic Card trading website that transformed itself into the world’s largest Bitcoin exchange before it collapsed earlier this year, has filed for liquidation. More →

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Bitcoin Trends

The most ominous Bitcoin trend

By on April 2, 2014 at 8:50 PM.

The most ominous Bitcoin trend

Last week, Bitcoin’s value tumbled 9% in one day on news that China’s central bank had ordered banks and payment companies to close trading accounts belonging to more than 10 exchanges. Since then, Bitcoin has crashed by nearly another 10%, now hovering around $480. It’s a steep decline from the feverish highs above $1,100 last November. More →

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Silk Road Bitcoin Money Laundering Charges

Lawyer for Alleged Silk Road founder concocts the best defense against money laundering charges

By on April 1, 2014 at 9:15 PM.

Lawyer for Alleged Silk Road founder concocts the best defense against money laundering charges

Imagine how much easier life might have been for Breaking Bad’s Walter White if he could have laundered his meth money through Bitcoin instead of setting up a carwash as a cover business? Wired reports that attorney Joshua Dratel, who is representing the alleged founder of online drug den Silk Road, is arguing that his client couldn’t be guilty of money laundering because all of his alleged transgressions were done with Bitcoin, which the Internal Revenue Service recently said was not a currency. More →

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Video Redditor Eats His Hat

Video: Watch a Redditor literally eat his hat for being wrong about Bitcoin

By on March 27, 2014 at 2:44 PM.

Video: Watch a Redditor literally eat his hat for being wrong about Bitcoin

You have to tip your cap to a man who makes a very unwise bet but who nonetheless follows through on it. Digital Trends brings us the story of a Redditor who goes by the name of “Anndddyyyy” who made a bet that he would eat his hat if Bitcoin’s price didn’t rise above $1,000 by January 1st, 2014. It goes without saying that this didn’t come to pass and “Anndddyyyy,” who admits to being drunk when making the bet, was on the hook for one hat eating. But while many people would have welched on such a bet, “Anndddyyyy” decided to follow through and shoot of 45-minute video documentary of himself cutting up a bandana and slowly devouring it bit by bit. The video posted below is not safe for work, as “Anndddyyyy” swears quite a bit during his hat eating but is nonetheless worth watching for anyone who enjoys watching Internet nerds do things that are completely ridiculous. More →

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Google Play Malware Android Apps

Legit Google Play apps found to be covertly mining digital currency

By on March 27, 2014 at 8:45 AM.

Legit Google Play apps found to be covertly mining digital currency

In addition to Android apps sideloaded from unsecure third parties, which can contain malicious code that can turn devices into slow cryptocurrency miners, antivirus provider Trend Micro has discovered two legitimate Google Play apps that have between them over one million downloads. The firm also found that the apps can turn Android smartphones and tablets into digital currency miners without the users knowing what’s happening. More →

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Mt Gox News

The shadiest tale in bitcoin just got even shadier

By on March 21, 2014 at 7:25 AM.

The shadiest tale in bitcoin just got even shadier

Who would have thought that people would run into problems when a former hub for swapping “Magic: The Gathering” trading cards became the largest bitcoin exchange in the world? The Wall Street Journal on Thursday evening reported that Mt. Gox has found 200,000 missing bitcoins. The news comes nearly a month after the exchange’s loss of roughly 850,000 bitcoins drove it to file for bankruptcy protection in late February. More →

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Mt. Gox Fraud

Hackers call Mt. Gox CEO a liar, say he still controls ‘stolen’ bitcoin

By on March 10, 2014 at 8:45 AM.

Hackers call Mt. Gox CEO a liar, say he still controls ‘stolen’ bitcoin

Anonymous hackers on Sunday claimed to have published evidence that Mt. Gox CEO Mark Karpeles lied about the theft of more than $500 million worth of bitcoin. According to the hackers, Karpeles still controls all of the cryptocurrency he says was stolen recently in the biggest heist of bitcoin’s brief history. Mt. Gox was the world’s largest bitcoin exchange until about 850,000 bitcoin were allegedly stolen during a breach, forcing the exchange to shut down and file for bankruptcy protection. According to new claims from anonymous hackers, however, the heist never occurred and Karpeles still controls nearly 1 million bitcoin worth approximately $596 million at Monday’s exchange rate. More →

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Alleged Bitcoin Inventor Satoshi Nakamoto

Supposed Bitcoin founder denies any knowledge of Bitcoin

By on March 7, 2014 at 8:00 AM.

Supposed Bitcoin founder denies any knowledge of Bitcoin

Did Newsweek pick the wrong guy for its big Bitcoin exposé? In an interview with The Associated Press, 64-year-old Temple City, Calif. resident Satoshi Nakamoto has denied that he ever heard of Bitcoin until his son mentioned it three weeks ago after getting a call from Newsweek. Nakamoto admitted that Newsweek got several details of his background right in its massive profile of him, including his education, his work history and his hobbies. However, Nakamoto is insistent that Newsweek got the biggest detail about his life wrong: That he had anything to do with the creation of Bitcoin. More →

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Bitcoin Inventor Satoshi Nakamoto Found

This could very well be the man who really created Bitcoin

By on March 6, 2014 at 11:10 AM.

This could very well be the man who really created Bitcoin

According to Bitcoin lore, the cryptocurrency got its humble beginnings in a white paper called “Bitcoin: A Peer-to-Peer Electronic Cash System” written by a man calling himself Satoshi Nakamoto. For years, though, no one knew Nakamoto’s actual whereabouts or even if he really existed at all… until now. Newsweek has done some impressive detective work and has tracked down whom it claims to be the real Nakamoto at his home in Temple City, California. More →

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Why Did Mt. Gox Collapse

Are Bitcoin exchanges just Nigerian scam emails for gullible nerds?

By on March 3, 2014 at 2:45 PM.

Are Bitcoin exchanges just Nigerian scam emails for gullible nerds?

The next time the deposed prince of Nigeria has a massive inheritance to send you, will he offer to give it to you in Bitcoins? Cornell associate computer science professor Emin Gün Sirer has written a lengthy post that details why we shouldn’t believe bankrupt Bitcoin exchange Mt. Gox’s official explanations for how it lost nearly $500 million worth of Bitcoins. Essentially, Sirer just doesn’t think incompetence alone can’t explain such a stunning loss and alleges that there had to have been at least one person working within Mt. Gox who was either masterminding or aiding and abetting the theft. More →

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Mt Gox Statement

Mt. Gox finally tells its side of the story after $500 million in Bitcoin vanishes

By on March 3, 2014 at 10:21 AM.

Mt. Gox finally tells its side of the story after $500 million in Bitcoin vanishes

Those who follow virtual currency Bitcoin with even the slightest interest have no doubt read of the major breach and subsequent bankruptcy filing of Mt. Gox, formerly the world’s largest Bitcoin exchange. The Tokyo-based company had been eerily silent over the past few weeks as customers continued to panic as their investments in Bitcoin, some worth millions, had vanished;  Mt. Gox went offline some time ago, and rumors of a breach began to swirl immediately. Now, the company has confirmed that more than $500 million worth of Bitcoins were lost in a major heist that completely wiped out the exchange, and it gave a loose explanation of how it thinks the monumental robbery occurred. More →

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Mt. Gox Bankrupt Bitcoin

The failure is complete: One-time Bitcoin king Mt. Gox is bankrupt

By on February 28, 2014 at 9:05 PM.

The failure is complete: One-time Bitcoin king Mt. Gox is bankrupt

Who would thought that a former online Magic Card market wouldn’t be a safe place to invest your money? The Wall Street Journal reports that Mt. Gox, which until last week had been the world’s largest Bitcoin exchange, has filed for bankruptcy. Mt. Gox admitted on Friday that it had lost around 750,000 of its customers’ Bitcoins along with 100,000 of its own Bitcoins, which the Journal estimates all have a combined worth of $473 million. More →

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Mt. Gox Bitcoin Fraud

Why Bitcoin owners should expect to get ripped off again and again

By on February 27, 2014 at 4:32 PM.

Why Bitcoin owners should expect to get ripped off again and again

This has been a rough week for many Bitcoin owners who have lost substantial amounts of money due to the collapse of Mt. Gox, which had been the world’s largest Bitcoin exchange. However, Bitcoin owners who escaped the fraud that took down Mt. Gox shouldn’t rest too easy: This is likely just the end of the beginning of a burgeoning Bitcoin fraud wave. In fact, American Banker has taken a look at the early history of online payment platform PayPal and has concluded that Bitcoin’s immediate future can be boiled down to just two words: “More fraud.” More →

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