BIOL 1001 Chapter : CH 10 PART 3 Outline Spring 2014
Document Summary
Gox1, the tokyo based bitcoin2 firm that at the time was responsible for seventy percent of all bitcoin transactions, shut its site down and filed for bankruptcy in both japan and the united states (keng). Two weeks before, the website stopped allowing its users to exchange normal fiat currency3 for the popular cryptocurrency4 and vice versa. Millions of dollars were frozen, but the company declared that this shutdown would only be temporary. Gox blamed it on a number of factors, but signs were starting to show that the shut down of the website was something more serious than initially thought. Gox moved out of its offices in tokyo, ceo mark karpeles stepped down from the bitcoin foundation5, and mt. Gox deleted its tweets from its official twitter account (keng). It was then discovered via a leaked mt. Gox document that the company had lost 850,000 bitcoins, which at the time was worth roughly ,000,000.
