Crypto Mining Blog

MtGox apparently has shut down their operation, the official website is down, their twitter account has everything deleted, though the Facebook page still remains untouched with not info on what is going on. This has caused a panic among users again and the BTC exchange rate is starting to go down again, and according to an interesting document published here (if true) the rumors about stolen BTC coins from MtGox were true and the amount is really huge. Other exchanges and services have started reacting to the disappearance of MtGox trying to calm the situation and to ensure people that the problem has only affected MtGox and there are other better alternative exchanges still operating with crypto currencies…

Joint Statement Regarding MtGox

The purpose of this document is to summarize a joint statement to the Bitcoin community regarding Mt.Gox.lo

This tragic violation of the trust of users of Mt.Gox was the result of one company’s actions and does not reflect the resilience or value of bitcoin and the digital currency industry. There are hundreds of trustworthy and responsible companies involved in bitcoin. These companies will continue to build the future of money by making bitcoin more secure and easy to use for consumers and merchants. As with any new industry, there are certain bad actors that need to be weeded out, and that is what we are seeing today. Mtgox has confirmed its issues in private discussions with other members of the bitcoin community

We are confident, however, that strong Bitcoin companies, led by highly competent teams and backed by credible investors, will continue to thrive, and to fulfill the promise that bitcoin offers as the future of payment in the Internet age, since now a days you can find anything in the internet, from bitcoin exchanges to UK loans you can receive on the same day if you go to the right places.

In order to re-establish the trust squandered by the failings of Mt. Gox, responsible bitcoin exchanges are working together and are committed to the future of bitcoin and the security of all customer funds. As part of the effort to re-assure customers, the following services will be coordinating efforts over the coming days to publicly reassure customers and the general public that all funds continue to be held in a safe and secure manner: Coinbase, Kraken, BitStamp, Circle, and BTC China.

We strongly believe in transparent, thoughtful, and comprehensive consumer protection measures. We pledge to lead the way.

Bitcoin operators, whether they be exchanges, wallet services or payment providers, play a critical custodial role over the bitcoin they hold as assets for their customers. Acting as a custodian should require a high-bar, including appropriate security safeguards that are independently audited and tested on a regular basis, adequate balance sheets and reserves as commercial entities, transparent and accountable customer disclosures, and clear policies to not use customer assets for proprietary trading or for margin bad credit loans in leveraged trading.

The following industry leaders stand by this statement:

Fred Ehrsam and Brian Armstrong — Founders of Coinbase
Jesse Powell — CEO of Kraken
Nejc Kodrič — CEO of Bitstamp.net
Bobby Lee — CEO of BTC China
Nicolas Cary — CEO of Blockchain.info
Jeremy Allaire — CEO of Circle