Bitcoin exchange MtGOX is back up with a new message on the front page

Earlier last month, we reported that Bitcoin exchange MtGOX was shutting down and potentially rebranding into a new organization called 'Gox'. While leaked documents detailed a potential contingency for the rebranding, the future didn't seem too bright for MtGOX. The exchange initially suspended all trading, then deleted their social media profiles and eventually shut down their entire site - a move which seemed to indicate MtGOX's departure from the Bitcoin market. Days later, the exchange filed for bankruptcy, claiming a loss of $473 million.

Now, it looks like MtGOX might not be gone after all. Earlier today the exchange brought its site back online, albeit with limited functionality: users can sign in and check their balance via the home page, but not much else.

Slightly further down, the site provides a legal disclaimer, stating:

This balance confirmation service is provided on this site only for the convenience of all users. Please be aware that confirming the balance on this site does not constitute a filing of rehabilitation claims under the civil rehabilitation procedure and note that the balance amounts shown on this site should also not be considered an acknowledgement by MtGox Co., Ltd. of the amount of any rehabilitation claims of users.

This disclaimer is referring to Japan's Civil Rehabilitation Law, which ensures that MtGOX can not be held responsible for any rehabilitation which may have stemmed from its bankruptcy filing. 

The site's partial reopening may just be a common courtesy to users who had their Bitcoins stored on the exchange, or it may be indicative of MtGOX's eventual restructuring and rebranding. Either way, MtGOX's former patrons can now verify their wallet balance - even if they can't access it.

Source: EngadgetImage via Shutterstock - Bitcoins and dollar bill

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10 Comments

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If they were to going back to trading who would trust them now any ways? I sure wouldn't.
There where public red flags leading up to the hacking
( for example ceo not commenting on frozen assets or other bad news.)

There are other exchanges with better reputations and rates.

The bit I have never understood is why were people storing their coins there? I thought it was just an exchange from coins to $/£ or other coin types, that you then transferred to your own walled, or moved "offline"?

bushbrother said,
The bit I have never understood is why were people storing their coins there? I thought it was just an exchange from coins to $/£ or other coin types, that you then transferred to your own walled, or moved "offline"?

This!

However, it 'may' be because bitcoin itself is quite slow compared to other cryptocoins. Having your bitcoin already in mtgox ready to trade when the price is right has its advantages. If you have to wait for a network sync before you can trade might mean you lose out if the value drops.

bushbrother said,
The bit I have never understood is why were people storing their coins there? I thought it was just an exchange from coins to $/£ or other coin types, that you then transferred to your own walled, or moved "offline"?

Convenience I expect. Leaving the coins on the exchange's servers provides you easy access to them, as well as a way of quickly getting some money if you need it.

And why on earth you would be using this site? All clouds so far ended like this. Store your data especially money OFFLINE!

DaveBG said,
And why on earth you would be using this site? All clouds so far ended like this. Store your data especially money OFFLINE!

All Clouds? I supopse that includes Microsoft's and Google's?

Still, I agree that you wouldn't use this site if you had any choice now, but many people still have some kind of assets trapped within it. Their money is likely gone, but if there's a chance they can get even a small amount of it back, then it's a start.

Yes that includes MS and Google. Do not tell me you believe that they will keep their service forever and is 100% secure. One day it will be stopped or there will be some grand failure and all your data will be gone. Meanwhile they will have earned millions from your data.

DaveBG said,
Yes that includes MS and Google. Do not tell me you believe that they will keep their service forever and is 100% secure. One day it will be stopped or there will be some grand failure and all your data will be gone. Meanwhile they will have earned millions from your data.
I have yet to see proof of MS or Google cloud demise, so far both are going strong and both have compelling reasons to use them.