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Bitcoin Shocker as One-Time Largest Exchange Closes Its Doors

Written by:
Aaron Goldstein
Published on:
Feb/25/2014
Bitcoin Shocker as One-Time Largest Exchange Closes Its Doors

In yet another blow to the anonymous digital currency bitcoin, the largest exchange has shut its doors.

Mt.Gox posted an update to its site Tuesday saying a "decision was taken to close all transactions for the time being," citing "recent news reports and the potential repercussions on MtGox's operations.

"We will be closely monitoring the situation and will react accordingly," the website said.

An executive at the exchange was said to have stepped down.

On Tuesday morning, the average price of bitcoin on all exchanges was hovering around the 500 mark.

Mt.Gox had halted all withdrawals earlier in the month citing “transaction malleability” issues.

In an emailed response to a question of whether the Tokyo-based exchange was dead, CEO Mark Karpeles told Reuters: "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."

Mt.Gox, however, is not the only game in town.

Six leading bitcoin exchanges distanced themselves from Mt. Gox in a statement, calling the exchange's activities a "tragic violation of the trust of users of Mt. Gox."

The online gambling sector has slowly come to embrace bitcoin though the recent developments with Mt.Gox are likely to slow down that process somewhat.

- Aaron Goldstein, Gambling911.com  

 

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