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February 28, 2014 AT 9:16 AM
On Wednesday, Tokyo-based Bitcoin exchange Mt. Gox “ reassured everyone ” that its CEO Mark Karpeles was still in Japan and working to “ find a solution to our recent issues.” It turns out that solution is filing for bankruptcy. Having halted withdrawals for over a month, Mt. Gox says 750,000 of its customers’ Bitcoins are gone and more than 100,000 of its own. At Bitcoin’s current surprising stable $550 – $570 value , and more than 100,000 of its own coins, that’s around $475 million. Ouch.