Gox Resigns from Bitcoin Foundation, Deletes Twitter Feed, Bitcoin Tanks

MtGox has resigned from Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term Foundation. On their website's blog, the notice reads as follows:

Effective immediately, Mt. Gox Mt. Gox Mt. Gox is the name of a Japan-based cryptocurrency exchange that was infamously hacked for 850,000 BTC worth roughly $450 million at the time in February of 2014. During July 2010 Mt. Gox formally launched Mt. Gox launched its exchange and price quoting service. It was subsequently sold to French developer Mark Karpelès in early 2011.Prior to its hacking, Mt. Gox suffered from other security vulnerabilities as early as June 2011. On 19 June, 2011, a security breach of the exchange caused the no Mt. Gox is the name of a Japan-based cryptocurrency exchange that was infamously hacked for 850,000 BTC worth roughly $450 million at the time in February of 2014. During July 2010 Mt. Gox formally launched Mt. Gox launched its exchange and price quoting service. It was subsequently sold to French developer Mark Karpelès in early 2011.Prior to its hacking, Mt. Gox suffered from other security vulnerabilities as early as June 2011. On 19 June, 2011, a security breach of the exchange caused the no Read this Term has submitted their resignation from the board of directors. We are grateful for their early and valuable contributions as a founding member in launching the Bitcoin Foundation. MtGox Co. Ltd. (Japan) held one of the three elected industry member seats. Further details, including election procedures, will be forthcoming.

The resignation, while sending shockwaves throughout the crypto world and markets, does not come much as a surprise. Many in the Bitcoin community had been pressuring Karpeles to resign as his exchange continued to disappoint clients unable to withdraw their bitcoins. The foundation and MtGox had also been at odds over whether MtGox or the general Bitcoin protocol are to blame for the recent crisis. MtGox itself has not commented.

They have also deleted everything from their Twitter feed, leading some to joke that "it's a problem in the Twitter protocol". But it may be a very serious sign of what's to come, especially as talk abounds as to a possible class action lawsuit.

After seeming to have just turned the corner over the weekend, BTC on MtGox has tanked over the past 10 hours. It has wiped out all of its gains, losing as much as 59%. It is now trading at $180. It had climbed as high as $348 upon some indications of progress on the withdrawal front. Even if true, the market is more concerned about the future of the exchange and the safety of their bitcoins at this point.

Bitcoin is also reeling on BTC-e and Bitstamp, losing about 10% to $570 as part of their sell-off, albeit on a smaller scale.