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Major bitcoin exchange said to be insolvent

Date:
February 25, 2014
Source:
AP / Powered by NewsLook.com
Summary:
A major bitcoin exchange based in Japan has gone bust after secretly racking up catastrophic losses, a potentially fatal blow for the exotic new form of money. (Feb. 25) Video provided by AP


Related Videos

last updated on 2014-07-30 at 5:59 pm EDT

Bitcoin Plummets as MtGox Continues to Halt Withdrawals

Bitcoin Plummets as MtGox Continues to Halt Withdrawals

TheStreet (Feb. 10, 2014) — The price of bitcoin continues to fall on Monday after Tokyo-based bitcoin exchange MtGox said the virtual currency contains a bug that allows for fraud. MtGox said the bug causes problems when customers try to make transactions to a third party. The exchange said the bug makes it appear that the transfer did not go through, which can prompt multiple transfers unintentionally on behalf of the sender. The exchange halted bitcoin withdrawals over the weekend and said on Monday that withdrawals would not be allowed to resume until the issue has been properly addressed. Video provided by TheStreet
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IRS Rules Bitcoin Is Property and Subject to Capital Gains Tax

IRS Rules Bitcoin Is Property and Subject to Capital Gains Tax

TheStreet (Mar. 28, 2014) — The Internal Revenue Service has determined that bitcoin will be treated as property, not currency. In its first big ruling on the virtual currency on Tuesday, the IRS said that bitcoin does not have "legal tender status." As a result of bitcoin being regarded as property, it can be treated as capital assets, governed by the same rules as stocks and bonds. In addition, the IRS said that people who receive wages in bitcoins would also be subject to federal income and payroll taxes. Video provided by TheStreet
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Mt.Gox CEO Speaks Out After Shutdown of Bitcoin Exchange

Mt.Gox CEO Speaks Out After Shutdown of Bitcoin Exchange

TheStreet (Feb. 26, 2014) — The CEO of Mt. Gox has released a statement for the first time since the bitcoin exchange was shut down on Tuesday. Mark Karpeles said that he is still in Japan and that he is working very hard with the support of different parties to find a solution to the exchange's recent issues. The statement comes amid speculation the CEO was in hiding following reports of an estimated 744,000 bitcoins worth about $350 million was stolen. Tuesday's shutdown came after weeks of problems for Mt.Gox, which suspended withdrawals earlier this month. Video provided by TheStreet
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Mt. Gox Bitcoin Exchange Files for Bankruptcy

Mt. Gox Bitcoin Exchange Files for Bankruptcy

AP (Feb. 28, 2014) — The Mt. Gox bitcoin exchange in Tokyo filed for bankruptcy protection Friday and its chief executive said 850,000 bitcoins, worth several hundred million dollars, are unaccounted for. (Feb. 28) Video provided by AP
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