More telling is a quick check of their Twitter account at https://twitter.com/MtGox. Still followed by over 28,000, it appears Mt.Gox has erased all their previous tweets.
Mark Karpeles the CEO of Mt.Gox resigned from the board at the Bitcoin Foundation yesterday.
BTC is nosediving on most exchanges and LTC is following, as of 9:04 p.m. Pacific, BTC is sub $500 on BTC-e and LTC is sub $13.
Time to take your loses early, go to FIAT and look for a buy back opportunity when the panic starts to settle down.
Remember there is often profit to be made when the panic comes. We at Crypto Pros wishes you all good luck!
Taken @ 9:20 p.m. Pacific 2-24-14
Coinbase took this opportunity to publish the following letter on their blog in an attempt to shore up confidence in the viability of Bitcoin.
Joint Statement Regarding MtGox
Feb 24th, 2014
The purpose of this document is to summarize a joint statement to the Bitcoin community regarding Mt.Gox.
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.
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 loans in leveraged trading.
The following industry leaders stand by this statement:
Fred Ehrsam — Co-founder 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
Crypto Pros applauds the efforts of Coinbase and the industry leaders above who lend their support to the statement.
BTC prices see to be recovering, could it be the market had already priced in the demise of Mt.Gox or is this a lull while the news disseminates more broadly?
Update 8:13 a.m. Pacific 2-25-14
Checking www.mtgox.com this morning we find they have posted the following message on their website, the rest of the site remains blank:
Dear MtGox Customers,
In the event of recent news reports and the potential repercussions on MtGox's operations and the market, a decision was taken to close all transactions for the time being in order to protect the site and our users. We will be closely monitoring the situation and will react accordingly.
Best regards,
MtGox Team
MtGox Team
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