Mt. Gox Only Has Infuriating Announcement Left On Their Website; They Haven’t Yet Announced Their Sale

February 25, 2014 16:57 UTC

In light of all that was revealed about Mt. Gox last night, people have been eagerly awaiting any form of official communication from the mountain.  Most people have spent too much time looking at this leaked document claiming that Mt. Gox has lost 99% of their funds, several hundred million dollars gone over the course of God knows how long due to a Transaction Malleability leak… The same claim used in the Silk Road 2.0 heist.

Mt. Gox halted trading last night then proceeded to take down their website which up until a little while ago was completely empty.  Throughout all this, the only official word is that which you see below.

This announcement is so typical Mt. Gox

Haven’t Yet Announced Their Sale

That’s right, if you take the leaked document at face value, then it becomes painfully obvious that Mt. Gox is in the middle of a restructuring and takeover.

The long list of complaints that people have against the leaked document include grammar errors, silly icons, and unbelievable data.  The list was very formidable when Two Bit Idiot first leaked the document last night, in fact his original posts received so many downvotes on /r/Bitcoin that I’m beginning to doubt that people even remember where the document came from.  Just as he did with the Fortress Fiasco, Two Bit Idiot again attempted to warn the Bitcoin community and was roundly denounced.  Hopefully, the next time he leaks something for us we will be more receptive.

The document allegedly came from inside Mt. Gox and obviously doesn’t read like an internal memo. Inside Mt. Gox is where Charlie Shrem has confirmed that he saw outside advisers.  He originally promised Bitcoiners on Reddit a ray of hope by announcing that there was good news “on the horizon.”  He has since publicly apologized for getting peoples’ hopes up and revealed that he thinks what is going on at Mt. Gox is a “bail out.:”

From my personal analysis of the leaked document, and trusting Two Bit Idiot’s source, it is obvious that the document was generated by a non-native English speaker.  Which leads me to believe that Mt. Gox is currently being taken over by an established Asian firm, likely from China or Japan.  The type of firm that knows reputation is as fickle as the mob is.  It is interesting to note that there are several now-giant companies that were in dire straits that were able to completely turn around thanks to being bought out.  Notable from this list are Google, Bain Capital, McDonalds, etc.

My theory is corroborated by Mark Karpeles telling Reuters:

“We should have an official announcement ready soon-ish. We are currently at a turning point for the business. I can’t tell much more for now as this also involves other parties.”

The article broke before Mt. Gox put their half-assed (correct use of the word?) announcement on their vacant website.  I assume that this is just a short announcement to belay the fears of those whom have seen the leaked document.  I truly hope that there is another more official announcement coming “soon-ish.”  Mark owes us that at the very least.

Stay tuned to CCN for more updates on this continuing fiasco.

Last modified: February 25, 2014 18:46 UTC


Caleb is a graduate of the University of Virginia where he studied Economics, East Asian Studies, and Mathematics. He is currently pursuing his MSc in Digital Currency at the University of Nicosia.