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Troubled Bitcoin exchange Mt. Gox has filed for bankruptcy protection in Tokyo

Feb28
by on February 28, 2014 at 10:10 am
Posted In: Around the Web, bitcoin, Insider

474757453 520x245 Troubled Bitcoin exchange Mt. Gox has filed for bankruptcy protection in Tokyo

Troubled Bitcoin exchange Mt. Gox, once the largest of its kind, has filed for bankruptcy protection, the Wall Street Journal reports.

At the Tokyo district court today, a lawyer for Mt. Gox announced the move and said the company has an outstanding debt of about 6.5 billion yen ($63.6 million).

Mt. Gox disappeared from the Internet earlier this week amid rumors that it is battling insolvency. Subsequently, CEO Mark Karpeles told customers on the Mt. Gox homepage that he was “working very hard with the support of different parties to find a solution” to the exchange’s various issues.

The exchange has consistently traded below the market valuation for months due to security concerns — and recently it completely froze withdrawals, sending prices on the exchange crashing as customers worried about the future of Bitcoins stored in Mt. Gox. What was more, a document claimed to have been leaked out of Mt. Gox was circulating within the Bitcoin community earlier this week, which suggested that 750,000 Bitcoins belonging to the company’s customer base had been lost.

Filing for bankruptcy protection will no doubt add on to those concerns — and cast a shadow on the future of Bitcoin. Pre-empting such a response, the heads of six of the world’s biggest Bitcoin exchanges earlier penned a letter in response to reports of Mt. Gox’s impending insolvency.

Image Credit: Yoshikazu Tsuno/AFP/Getty Images

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Manchester United fans are getting a shot to ‘be’ at a match via a live Google+ Hangout

Feb28
by on February 28, 2014 at 9:40 am
Posted In: Around the Web, football, Google, manchester united

Manchester United has teamed up with Google to let a selected group of fans “be” at Old Trafford on March 16 for the kick-off of a match between United and Liverpool. Through ‘Front Row,’ these selected fans can witness the match via a live Google+ Hangout.

Manchester United and Google Front Row initiative in action credit Manchester United 730x411 Manchester United fans are getting a shot to be at a match via a live Google+ Hangout

To have a shot at being selected, fans have to share a picture on Google+, along with the tag #MUFrontRow. A “handful” of the submissions will be selected, though no specific number was provided. You get more swag after the match too — each participant will get photos of your appearance on the pitch and a welcome on United’s Google+ page.

It seems like initiatives such as these that blend offline and online social interactions are growing in popularity as brands and celebrities seek new ways to keep in touch with their audience — and that’s all the better for fans.

Thumbnail image via Andrew Yates/AFP/Getty Images

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Vietnam’s central bank rules that Bitcoin isn’t a legal currency and warns of risks

Feb28
by on February 28, 2014 at 7:03 am
Posted In: Around the Web, Asia, bitcoin, vietnam

shutterstock 82376824 Vietnams central bank rules that Bitcoin isnt a legal currency and warns of risksVietnam has become the latest government to rule that Bitcoin is not a legal currency and therefore isn’t lawfully recognized or protected, warning its citizens not to use or invest in the virtual currency, the Associated Press reports.

In a statement, Vietnam’s central bank notes that there has been an increase in Bitcoin activity recently. In response to that, it says Bitcoin is harmful as it is linked to criminal activities such as money laundering, drug trafficking and tax evasion among others. It also says that Bitcoin trading poses a lot of risks — citing the fluctuation in its value ever since exchange Mt. Gox went offline amid insolvency rumors. Due to the volatility of Bitcoin, Vietnam’s central bank notes that it could potentially be damaging for investors as well.

The bank also states that financial institutions are not allowed to use Bitcoins when providing services — but didn’t lay out specific regulations for Internet users — which suggests that Vietnam could allow Bitcoin to continue existing even as it warns of the risks, though users won’t be able to receive any legal backing even after encountering issues such as fraud.

➤ Vietnam Says Bitcoin Transactions Are Illegal [Associated Press]

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