Major bitcoin exchange is insolvent, companies say


February 25, 2014 at 1:09p.m.

Major bitcoin exchange is insolvent, companies say

TOKYO (AP) — A major bitcoin exchange has gone bust after secretly racking up catastrophic losses, other virtual currency companies said today — a potentially fatal blow for the exotic new form of money. The website of Tokyo-based Mt. Gox was returning a blank page today. The disappearance of the site follows the resignation Sunday of Mt. Gox CEO Mark Karpeles from the board of the Bitcoin Foundation, a group seeking legitimacy for the currency, and a withdrawal ban imposed at the exchange earlier this month.