de | cn | ru

Market News

Mt Gox Bitcoin Exchange Goes under Administration, Payments Frozen

Fans of virtual currencies suffered a heavy blow today, as Tokyo-based Mt. Gox, the leading Bitcoin exchange, officially announced that it had went under provisional administration. The announcement, issued on the corporate website, featured a grave piece of news for all those engaged in Bitcoin trading at the now-defunct exchange – due to legal rulings, the payments to all traders are also frozen. That's it – at this point you cannot get your money back. But first things first, let's take a look at what happened.

 

Some of you may recall that the exchange discovered a frightening loss of 750,000 – 850,000 bitcoins in February, which it blamed on a hacker attack. The problems led to the filing for bankruptcy by the US subsidiary of the group, while the Tokyo-based firm turned to court and asked for special rehabilitation procedures. The court, however, decided that Mt Gox is not capable of going through the process of civil rehabilitation and instead issued an order for provisional administration. 

 

Under the order, Attorney-at-law Nobuaki Kobayashi will act as a provisional administrator – he will handle the company’s assets until bankruptcy proceedings start. And traders on the exchange along with the creditors of the company hope that these proceedings begin as soon as possible, because of the blunt fact that until then they cannot get any money back.  

 

To make the situation clear here is a quote from the document issued by Nobuaki Kobayashi:

 

Question: Please return the bitcoins and cash that I deposited with the Company.

Answer: Since the Court issued an order under which the Company is prohibited from making certain payments, establishing security over its assets, and disposing of its assets, etc., refunding the bitcoins or cash is legally prohibited.

 

That's it, fellow traders, the sci-fi story of the exchange which launched in July 2010, today comes to a bitter end. But cryptocurrencies are still alive – you can trade them on other exchanges or over-the-counter with numerous Forex brokers. Amid the brokers that obviously show passion for Bitcoin and its alternatives is FXOpen, but there are numerous other options like eToro, for instance. 

 

TAGS: mt gox  mt gox exchange  forex market  bitcoin exchange  mt gox tokyo  administration  liquidation  bitcoin  bitcoin trading  provisional administration  payments  exchange trading  corporate insolvency  japan  japanese forex market 
Forex
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Cyprus, SVG CySEC MT5, Web,
cTrader
$100 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

More Forex Market News

Three arrested in connection to a $722 mln crypto scam

Dec 11 2019 18:20:02

The U.S. police have arrested three individuals in connection to a crypto mining scam that costed investors over 722 million USD. Read more

China to launch bank backed digital currency in Shenzhen and Suzhou

Dec 09 2019 18:20:09

China's central bank, the People’s Bank of China (PboC), is proceeding with its plan to launch a central bank- backed digital currency (CBDC) in two major cities – the 14 million megalopolis of Shenzhen, which neighbors Hong Kong, and Suzhou - a historical city west of Shanghai. Read more

PlatiniumFX and Capital GMA end up on CONSOB’s warning list

Dec 09 2019 16:47:02

  The latest additions to the warning list of Italian financial regulator CONSOB (Commissione Nazionale per le Societa e la Borsa) are PlatiniumFX, Capital GMA, and several other unregulated brokers. Read more

CFTC warns about 20 new forex and binary options scams

Dec 06 2019 17:46:44

The US Commodity Futures Trading Commission (CFTC) updated its warnings list with twenty new forex and binary options scam websites, bringing the total blacklisted websites to nearly 150. Read more

Thai authorities seize over 15 million baht from Forex-3D scammers

Dec 06 2019 10:38:02

  Officials from the Thai Department of Special Investigation (DSI) seized over 15 million baht from the owner of Forex- 3D Ponzi scheme and his associates, the Bangkok Post reported on Thursday. Read more

EU finance ministers agreed to block Libra

Dec 05 2019 13:46:59

EU finance ministers have agreed that  private digital currencies like Libra – the crypto coin Facebook plans to launch in 2020, should not be allowed in the European Union until all possible risks are identified and properly addressed, Reuters reports. Read more

CFTC looks for a binary options scammer who defrauded investors with $3,8 mln

Dec 03 2019 17:20:38

The United States Commodity Futures Trading Commission (CFTC) apparently can not locate Peter Szatmari, who defrauded nearly 4 million USD from binary options investors. Read more

Bulgarian court allows the extradition of Gal Barak to Austria

Dec 02 2019 17:51:14

After a successful operation of the police in Austria, Germany, the Czech Republic and Bulgaria has lead in February to the arrests of several financial executives, among which the Izraeli citizen Gal Barak, who is charged of orchestrating an online trading scam, that allegedly has defrauded Europea... Read more

Italy’s CONSOB blacklists EvolutionBrokers and KapitalSwiss

Dec 02 2019 15:30:33

   Italy's financial regulator Commissione Nazionale per le Societa e la Borsa (CONSOB) has blacklisted a bunch of unregulated brokers today, including EvolutionBrokers, and KapitalSwiss. CONSOB also ordered internet providers to block access to their websites. Read more

91 arrested in Indonesia over an online investment scam

Nov 29 2019 10:32:00

The Indonesian police has arrested 85 Chinese nationals and 6 Indonesians over an online scam that defrauded victims of over 36 billion Indonesian rupiah (2,56 million USD). Read more

de | cn | ru