Formerly known as mcxNOW, the exchange will now be called mtMOX.
Yes, you read that correctly. The bitcoin and altcoin exchange that claims nearly 40,000 members and almost two years of operation plans to choose a new name that’s almost identical to the infamous Mt.Gox.
For those that may be living under a rock since February, Mt.Gox is the exchange that almost single-handedly plummeted the bitcoin price from $1,000 per coin to almost nothing overnight. They suspended all withdrawals as horrified users watched their investments fall further and further down, begging for an escape from the nightmare. The collapse was an enormous collapse in trust. A plethora of users became victims on behalf of Mt.Gox and CEO Mark Karpeles.
To this day, Karpeles remains one of the most infamous figures in bitcoin history. He still claims that there was a weakness in the system and that the coins were stolen, but there’s no verification to back up his claim.
After all of the media circus and general disgust from the bitcoin community for both Karpeles and Mt.Gox, why on earth is mcxNOW deciding to rebrand themselves as mtMOX, a name incredibly similar to Mt.Gox? As a bitcoin exchange, they clearly know about the risk in choosing a name that parodies the most hated company in bitcoin.
mcxNOW head RealSolid announced late October that the exchange planned to undergo the downtime due to wallet software upgrading, as well as the removal of altcoins from the exchange. They also announced that un-withdrawn funds would be turned into paper wallets and succumb to shredding.
They did not tell users that they would be moving the platform entirely and changing teams. Their official announcement said the following:
mcxNOW will be going into a maintenance period beginning November 15, 2014 and lasting at least some weeks to address some issues concerning wallet use and the number of system administrators able to resolve problems. We will also take this time to perform some feature requests from users.
All wallets here will be removed to make way for a new wallet system meaning you will need to withdraw all your cryptocurrency holdings prior to this cutoff point. Any coins left in mcxNOW at the cutoff point will be destroyed.
Existing wallets and all backups are going to be shredded to maintain privacy of users. Some coins currently on mcxNOW will not return. Thank you for your patience while we try to keep mcxNOW one of the best platforms for cryptocurrency.
Upon the announcement of their rebranding, mcxNOW came clean with the information that mtMOX would be replacing the old platform with a beta version of the new code. Users that may believe they have a balance still on mcxNOW are asked to use a provided chat link. They will be charged a $50 fee due to the manual process.
If anyone from mcxNOW or mtMOX reads this, please consider a serious rebrand if you plan to continue in the cryptocurrency industry.
Images from Mtmox and Shutterstock.