In a first, MtGox reported that customer funds being held at financial institutions have also gone missing in addition to client bitcoins. Elsewhere, auroracoins have risen behind bitcoins surpassing litecoins.
Applying for bankruptcy on Friday, beleaguered BitcoinExchange , MtGox, posted an update today of its court filing. According to the document, MtGox entered what is a called a Procedure of Civil Rehabilitation. During this process, company funds and its operations are more or less frozen, giving investigators time to assess its future and investigate financial options. According to the filing, MtGox reported liabilities of around $635 million versus assets of only about $375 million. The shortfall was blamed on missing bitcoins due to a “a bug in the bitcoin system."
However, while issues with bitcoins have been known since the beginning of February, MtGox also stated in the bankruptcy filing that approximately $275 million in customer funds were missing in accounts at financial institutions. The report of a shortfall in customer cash marked the first time that MtGox has publicly stated that client missing funds included both bitcoins and fiat currency. While MtGox has blamed ‘bugs’ in the bitcoin technology leading to possible theft of the digital currency, without the firm issuing a reason behind the disappearance of the fiat cash, it implies foul play was conducted by insiders at exchange. (More on the case)
Beyond Bitcoins, one of the bigger stories among digital currencies has been the rise of auroracoin. Trading currently near $40, and sporting an overall market cap of over $400 million, auroracoin has displaced litecoin as the number two digital currency in terms of overall value behind bitcoin. Auroracoin was created as the ‘digital currency’ for Iceland and a replacement for the country’s krona which has experienced continued devaluation over the last fifty years. As such, its creator will make available 31.8 auroracoins (currently valued over $1000) to 330,000 Icelanders on March 25th in what is being termed the ‘Airdrop’. In anticipation of the airdrop as well as tight supply, prices of auroracoin have been surging upward, having risen 10X since last Wednesday. (More on auroracoin)
Elsewhere, despite the problems at MtGox, prices of bitcoins have remained steady, finding steady support above $500. In addition, bitcoin firms continue to report steady growth for their products as market bellwether, Coinbase, announced it has surpassed one million consumer wallets being created. As a result of the uptake in usage, bitcoins have become a possible refuge of funds in the Ukraine as citizens have been reported to be withdrawing the local hryvna (UAH) from their accounts due to growing conflict between them and Russia (more on the UAH to BTC)
Applying for bankruptcy on Friday, beleaguered BitcoinExchange , MtGox, posted an update today of its court filing. According to the document, MtGox entered what is a called a Procedure of Civil Rehabilitation. During this process, company funds and its operations are more or less frozen, giving investigators time to assess its future and investigate financial options. According to the filing, MtGox reported liabilities of around $635 million versus assets of only about $375 million. The shortfall was blamed on missing bitcoins due to a “a bug in the bitcoin system."
However, while issues with bitcoins have been known since the beginning of February, MtGox also stated in the bankruptcy filing that approximately $275 million in customer funds were missing in accounts at financial institutions. The report of a shortfall in customer cash marked the first time that MtGox has publicly stated that client missing funds included both bitcoins and fiat currency. While MtGox has blamed ‘bugs’ in the bitcoin technology leading to possible theft of the digital currency, without the firm issuing a reason behind the disappearance of the fiat cash, it implies foul play was conducted by insiders at exchange. (More on the case)
Beyond Bitcoins, one of the bigger stories among digital currencies has been the rise of auroracoin. Trading currently near $40, and sporting an overall market cap of over $400 million, auroracoin has displaced litecoin as the number two digital currency in terms of overall value behind bitcoin. Auroracoin was created as the ‘digital currency’ for Iceland and a replacement for the country’s krona which has experienced continued devaluation over the last fifty years. As such, its creator will make available 31.8 auroracoins (currently valued over $1000) to 330,000 Icelanders on March 25th in what is being termed the ‘Airdrop’. In anticipation of the airdrop as well as tight supply, prices of auroracoin have been surging upward, having risen 10X since last Wednesday. (More on auroracoin)
Elsewhere, despite the problems at MtGox, prices of bitcoins have remained steady, finding steady support above $500. In addition, bitcoin firms continue to report steady growth for their products as market bellwether, Coinbase, announced it has surpassed one million consumer wallets being created. As a result of the uptake in usage, bitcoins have become a possible refuge of funds in the Ukraine as citizens have been reported to be withdrawing the local hryvna (UAH) from their accounts due to growing conflict between them and Russia (more on the UAH to BTC)
Kraken Announces Partnership to Enhance Crypto Offerings in German Market
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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