‘Mt. Gox kept stock market open after large-scale theft was discovered

mt. Gox continued to trade Bitcoins for weeks after the exchange discovered it had lost a large number of Bitcoins. This would appear from the application for bankruptcy of the stock exchange. mt. Gox lost a total of 850,000 Bitcoins.

In the US bankruptcy petition, the CEO of Mt. Gox, Mark Karpelès, according to Computerworld that the exchange knew as early as February 7 that large numbers of Bitcoins were missing. On that day, the withdrawal of Bitcoins was also made impossible.

Despite this, Mt. Gox will still be able to buy and sell Bitcoins for weeks: the Bitcoin exchange was not closed until February 25. That would mean that customers have deposited money for Bitcoins that Mt. Gox was no longer in his possession. Computerworld estimates that Mt. Gox must have collected at least $900,000 in transaction fees by February 7. That equates to approximately 650,000 euros. mt. Gox made money by skimming off a percentage of Bitcoins bought or sold: depending on the number of transactions someone made, that was 0.25 to 0.6 percent.

mt. Gox lost a total of 850,000 Bitcoins to the theft, details of which are still missing. Of those 850,000 Bitcoins, representing a value of approximately 388 million euros, 100,000 were from Mt. Gox itself and 750,000 from customers.