Bitcoin Exchange Mt. Gox Collapses, Throws the Currency Into Chaos

BitcoinThe Bitcoin community is on edge as a leaked document shows that the Mt. Gox exchange, a longtime pillar of the virtual currency, is missing hundreds of millions of dollars worth of customer money and is heading for bankruptcy. Meanwhile, the leaders of high profile Bitcoin companies, including Coinbase and Circle, issued a public letter promising to re-establish the trust “squandered” by Mt. Gox even as the value of bitcoin continues to fall. As the Winkdex shows, it’s off more than 17 percent in the last 24 hours (Update: the price has stabilized around $490 as of Tuesday morning). These are just some of the facts that came to light during a fast-moving series of events on Monday that also saw Mt. Gox’s website and Twitter account go blank, and that come on the heels of the CEO of Mt. Gox leaving the Board of the Bitcoin Foundation.

Read the full story at Giga OM.

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