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Silk Road Trial: Ulbricht guilty on all seven charges

02/05, 5:25pm

Jury says Silk Road creator is Dread Pirate Roberts, faces life in prison

The founder and creator of the now-shuttered black market site Silk Road, Ross William Ulbricht, was found guilty by a jury of six men and six women, who deliberated for just 3.5 hours following a week-long trial. The case began in 2013, when Ulbricht was arrested in a library and his laptop seized. Ulbricht denied being the site's leader, the "Dread Pirate Roberts" (a reference from the movie The Princess Bride of a feared foe whose mantle is periodically taken up by successors), claiming that others ran the site. The jury did not believe him.


Follow-up: Silk Road trial prosecutors move to block Karpeles link

01/20, 1:49am

Letter to Judge Katherine Forrest outlines why government believes questioning is inadmissible

Last Thursday in the trial of United States v. Ross William Ulbricht (also known as the "Silk Road" trial), Ulbricht's attorney, Joshua Dratel, began a line of questioning that suggested his client had been set up by former Mt. Gox CEO, Mark Karpeles, with the latter being the "real" mastermind behind the drugs-and-contraband site, which was shut down in 2013. Today, in a letter the prosecution outlined to Judge Katherine Forrest why it believes the line of questioning is inadmissible.


Silk Road trial: defense blames former Mt. Gox owner for 'set up'

01/15, 11:48pm

Karpeles, Ulbricht both deny being SR owner 'Dread Pirate Roberts'

Homeland Security special agent Jared Der-Yeghiayan took the stand recently in the trial of Ross Ulbricht, who stands accused of running a drug trafficking website called "The Silk Road" that operated for over two years, largely as a marketplace for illegal drugs, stolen data and other criminal activity. Under cross, the defense attempted to claim that former Mt. Gox chief Mark Karpeles was in fact the real owner, who went by the pseudonymous name "Dread Pirate Roberts."


Japanese media claims most of Mt. Gox stolen bitcoins were embezzled

01/01, 9:30am

Only 7000 coins claimed to have been taken by external theft

Citing sources close to the law enforcement investigation, Japanese media are reporting that the Mt. Gox Bitcoin exchange theft was largely an inside job. A report published today claims that of the 650,000 purloined Bitcoins, only about 7,000 are missing as a result of external theft, with the rest having been stolen by a source internal to the exchange. However, the newspaper stops short of naming any specific suspects in the case.


US Court issues temporarily order to stop bitcoins domain auction

07/24, 6:10pm

Court order stops holding company from selling assets as part of CoinLab dispute

A US District Court judge in Washington state issued a restraining order yesterday, placing a temporarily restriction on the domain from being auctioned off. Yesterday, Tibanne KK, the company owned by former Mt. Gox CEO Mark Karpeles, was ordered to account for and hold all assets. The order stems from a legal issue between CoinLab and Mt. Gox dating back to 2013.


Mt. Gox CEO speaks on liquidation, thoughts on company purchase

06/29, 4:58pm

Mark Karpel├Ęs ends silence on downfall, worried about remaining customer funds

Since the announcement of the Mt. Gox bankruptcy filing in February, CEO Mark Karpel├Ęs has remained silent on his feelings and events surrounding the Bitcoin exchange. That changed this week when he gave an exclusive interview to the Wall Street Journal, indicating that he was "scared, frustrated and angry" upon learning the extensive losses the exchange faced.


Mt. Gox holding company looking to sell trademark on 'bitcoin'

05/29, 4:52pm

Karpeles owned Tibanne looking to package Japan, EU trademarks for $1 million

The holding company that has taken over the bankrupt exchange Mt. Gox is looking to offload its trademarks on 'bitcoin' and associated websites. The trademarks registered in Japan and the European Union are included according to a statement from an executive in the company. Tibanne hopes the packaged trademarks will fetch around $1 million in a sale.


Bitcoin class action plaintiffs offered percentage of rebuilt Mt. Gox

04/29, 6:26pm

Offer would conclude class action suit by US, Canadian customers

Bitcoin holders in the US and Canada, holding balances with now-shuttered Mt. Gox, are settling class actions against the exchange. The plaintiffs are agreeing to a proposal by investment company Sunlot Holdings to buy the exchange, and become part owners of the recovered exchange, according to court filings.


Bitcoin CEO challenged in 2012 about irregular finances by employees

03/31, 10:47am

CEO Mark Karpeles questioned by six employees about expenses, cash flow

The problems with shuttered and bankrupt Bitcoin exchange Mt. Gox may have been evident to employees as early as two years before its well-publicized meltdown. Six employees reportedly confronted CEO Mark Karpeles over money-handling in the organization, with the group alleging that customer funds were being diverted improperly to other expenses, such as a 3D printer, and a modified car imported from the UK for the CEO.


Bitcoin exchange Vircurex heads into insolvency, outlines user plans

03/23, 4:00pm

Beijing-based exchange freezes accounts and halts withdrawals

Another Bitcoin exchange has run into financial problems, following in the wake of other recent turmoil surrounding the currency after the collapse of Mt. Gox. Vircurex, based in Beijing, is faced with insolvency, causing the company to immediately halt withdrawals. Starting March 24, the company will put a freeze on all customer accounts.


Mt. Gox claims it has 'found' 200,000 Bitcoins in 'old wallet'

03/21, 1:48am

Discovery casts doubts on loss claims, accounting standards

The recently-shuttered and allegedly bankrupted Mt. Gox Bitcoin exchange has now said it has "found" nearly a quarter of the total "stolen" Bitcoins stored in a "wallet" -- the term for a digital file used to store the virtual currency -- that the company was no longer using. The 200,000 coins found represent some $115 million of the $470 million (in current trade value) lost by customers when the exchange closed down.


Mt. Gox files for Chapter 15 insolvency in US

03/10, 1:23pm

Filing intended to stave off at least two lawsuits in US

As expected, following its Japanese bankruptcy disclosure, troubled Bitcoin exchange Mt. Gox has filed for Chapter 15 bankruptcy in the US. The filing will temporarily halt US-based lawsuits. The filing will allow potential investors to look at the exchange without legal ramifications, as well as give the exchange time to resolve some of the problems that cropped up over the weekend.


Hackers claim stolen Mt. Gox Bitcoin still in exchange's hands

03/10, 9:42am

Documents posted purport 951,115 BTC still in accounting documents

Enraged Bitcoin holders are beginning to take the ongoing dispute with shuttered and bankrupt exchange Mt. Gox into their own hands. On March 9, hackers seized Mt. Gox CEO Mark Karpeles' Reddit account, posting what it alleged was proof that the executive was retaining much of the crypto currency that he claimed was lost to "transaction malleability." Additionally, what may be a separate group offered for sale what was alleged to be a 20GB stolen database from Mt. Gox, which it claimed had personal details of all of its users, including scans of passports used for identity verification.


Mt. Gox admits Bitcoin loss in hack, files for bankruptcy in Japan

03/01, 3:05pm

Total Bitcoins loss said to be 850,000 due to system weakness

Troubled Bitcoin exchange Mt. Gox filed for bankruptcy protection in Japan on Friday, breaking the silence on the company's position since suspending trading on February 24. The firm admits that it may have lost nearly half a billion dollars worth of the virtual currency when its systems were compromised by hackers. Mt. Gox is said to have $64 million in debts.


US, Japan law enforcement examining situation surrounding Mt. Gox

02/26, 8:19am

Crisis strategy draft 'more or less' legitimate, confirmed by Mt. Gox CEO

While the Mt. Gox "crisis strategy draft" seems to actually be legitimate, further doubt on the future survivability of shuttered BitCoin exchange has been cast by both US and Japanese regulatory agencies and law enforcement. Departments from both countries have either already issued subpoenas, or are starting to look into the facts leading up to and surrounding the recent shutdown, which could cost users and the company itself over $350 million.


Mt. Gox BitCoin exchange offline; relaunch and rebranding ahead?

02/25, 10:46am

Gox domain purchase, leaked relaunch document point to potential recovery

Headlining BitCoin's struggle for wide acceptance is the saga of Mt. Gox, once the premier exchange for the crypto-currency. Overnight, the exchange went completely down, giving rise to fears of the loss of millions of dollars of the currency. However, somewhat unexpectedly, domain investor Andy Booth has confirmed the sale of the domain to Mt. Gox CEO Mark Karpeles, in parallel with the public release of what appears to be a pitch for investors in the exchange to relaunch Mt. Gox as simply "Gox" and offer limited withdrawals as it generates revenue to recover the exchange and repay investors.


DHS seizes total of $5M from Bitcoin exchange Mt. Gox accounts

08/23, 9:42pm

Money transmission licensing an issue for virtual currency exchange

The US Department of Homeland Security (DHS) has seized a total of $5 million from major Bitcoin exchange Mt. Gox. Court documents reveal that the seizures stem from the suspicion by the courts that the exchange was transmitting money without a license, with the seizure of funds a more plausible explanation for a two-week US dollar withdrawal hiatus by Mt. Gox.


Bitcoin exchange Mt. Gox resumes US dollar withdrawals after hiatus

07/05, 8:29am

Two-week downtime to implement new exchange system completed

Tokyo-based Bitcoin exchange Mt. Gox has re-enabled withdrawals in US dollars, following a two-week hold on payments. The resumption of normal service comes at the same time as the virtual currency exchange announces new relationships with "several new banking partners both in Japan and around the world," with more agreements also in progress


Bitcoin exchange Mt. Gox suspends US dollar withdrawls for two weeks

06/21, 3:42pm

Increased number of transactions forces exchange to upgrade systems

The world's largest Bitcoin exchange has suspended withdrawls in US dollars for a two-week period, following hefty delays in transactions. Mt. Gox, a Tokyo-based exchange for the virtual currency, is preventing withdrawls while it performs upgrades to its systems, due to the increased volume of transactions it performs for its users.



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