Mt. Gox Breaks Silence With Vague Statement, Confirms Transaction Freeze The troubled virtual currency exchange finally breaks its silence, but fails to address swirling bankruptcy allegations.

By Kim Lachance Shandrow

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

Mt. Gox has finally made a peep, but not much more, about its murky situation. In yet another strange twist in its cataclysmic downfall, the scandalous Bitcoin exchange has just confirmed on its website that it has indeed halted all transactions. Its Twitter feed still remains empty, just as its website did only hours ago.

The vague statement from the Tokyo-headquartered company, which was once the world's top reigning cryptocurrency trading destination, reads:

"Dear MtGox Customers,

In the event of recent news reports and the potential repercussions on MtGox's operations and the market, a decision was taken to close all transactions for the time being in order to protect the site and our users. We will be closely monitoring the situation and will react accordingly.

Best regards,
MtGox Team"

Related: One-Time Bitcoin Exchange Giant Collapses Amid Insolvency, Trading Allegedly Suspended

The threadbare statement appeared on the website not long after Mt. Gox CEO Mark Karpelès cryptically told Reuters that the company is "at a turning point." He made the seemingly guarded comment in an email reply to the news agency's inquiry about whether or not the exchange was truly defunct.

Meanwhile, as of 12:29 p.m. ET, Bitcoin prices rebounded slightly to $524.24, up from earlier this morning, when they had sagged to a three-month low.
Mt. Gox Breaks Silence With Vague Statement, Confirms Transaction Freeze
A statement released today by Mt. Gox on its website.
Kim Lachance Shandrow

Former West Coast Editor

Kim Lachance Shandrow is the former West Coast editor at Entrepreneur.com. Previously, she was a commerce columnist at Los Angeles CityBeat, a news producer at MSNBC and KNBC in Los Angeles and a frequent contributor to the Los Angeles Times. She has also written for Government Technology magazine, LA Yoga magazine, the Lowell Sun newspaper, HealthCentral.com, PsychCentral.com and the former U.S. Surgeon General, Dr. C. Everett Coop. Follow her on Twitter at @Lashandrow. You can also follow her on Facebook here

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Related Topics

Business Solutions

Stay Organized with This Task Management Tool, on Sale for $30

A Study Planr Pro subscription is just $30 for life.

Thought Leaders

10 Simple, Productive Activities You Can Do When You Aren't Motivated to Work

Quick note: This article is birthed out of the urge to do something productive when I am not in a working mood. It can also inspire you on simple yet productive things to do when you're not motivated to work.

Business Ideas

55 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Business News

Here Are 3 Strategies Startup Founders Can Use to Approach High-Impact Disputes

The $7 billion "buy now, pay later" startup Klarna recently faced a public board spat. Here are three strategies to approach conflict within a business.

Data & Recovery

Get 2TB of Cloud Storage with PhotoSphere for Just $280 for a Limited Time

Easily store and access photos, videos, and other files spread across your work devices.

Social Media

How To Start a Youtube Channel: Step-by-Step Guide

YouTube can be a valuable way to grow your audience. If you're ready to create content, read more about starting a business YouTube Channel.