Police suspect fraud took most of Mt. Gox’s missing bitcoins

Roughly $370 million in bitcoins that disappeared in the February 2014 collapse of Mt. Gox vanished due to fraudulent transactions. Of the 650,000 bitcoins unaccounted for only about 7,000 appear to have been taken by actual hackers. The rest… well you tell me.

That conflicts with the explanation by Mt. Gox, which blamed a bug in the Bitcoin system when it filed for bankruptcy on Feb. 28.

What really happened? We may never know since bitcoins are a digital currency with an encrypted blockchain, it will be impossible to find out who is responsible. But someone is living very large right about now.

A lot of people trusted them with a lot of money and it’s all gone!

While we all are trying to unravel what happened at Mt. Gox, one thing can be sure. When you are dealing with a currency made up of nothing but the faith you put into it, you can be sure a lot of people are going to lose big time.

Are you awake Yet?

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