More signs of trouble at Mt. Gox

mtgox-whiteLast night, Mark Karpeles (Mt. Gox’s CEO) resigned his position from the board of the Bitcoin foundation. Earlier today, Mt. Gox completely deleted all of their past tweets from their Twitter feed.

Karpeles stepping down wasn’t exactly a surprise, as many in the Bitcoin community have been calling for his removal for months. However, his action may signify a lack of confidence in his ability to correct the downward spiral of Gox.

Scrubbing their own Twitter feed isn’t exactly a confidence-inspiring move, either.

If you have any money trapped in Mt. Gox, it’s probably a good idea to make sure that you have screenshots of your account balance, records of your transaction history, and logs of any communication with them. Hopefully they’re able to turn themselves around, but if not it’s best to gather as much information as possible before it’s potentially too late.

Edit 10PM EST: Mt. Gox reportedly just disabled trading entirely.

4 Responses to More signs of trouble at Mt. Gox

  1. James says:

    What can people do with their captured/recorded info once mtgox goes completely down the toilet?

    • CryptoBadger says:

      Unfortunately, probably not all that much, although having the information is certainly better than not. Assuming Gox does close up shop without paying their customers what they owe them, you can probably expect a class action suit to follow at some point. With good records, you’ll at least be able to substantiate any claims that you make, as well as prove ownership of your own account. If it does end poorly and go to the courts, you can sadly expect a lengthy process where most people recover a small fraction of what they lost, if anything.

      • James says:

        Well thankfully I have nothing over at Gox. I avoided them from the start because of all the crap I heard about them.

        It’s really a crying shame. It seems inevitable that Gox’s incompetence will have a long-lasting, if not permanent, detrimental impact on the world of crypto.

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