Has Bitcoin Bitten The Dust?

Quartz’s heather Timmins reportsthat Tokyo-basedl bitcoin exchange Mt. Gox, one the controversial alternate e-currency’s largest, is offline, its website no longer loading, and that users believe their deposits, nominally worth hundreds of millions of dollars, have been totally wiped out.

The Coinbase Blog issued a Joint Statement Regarding MtGox on Monday signed by seven Bitcoin industry leaders, saying:

“This tragic violation of the trust of users of Mt.Gox was the result of one company’s actions and does not reflect the resilience or value of bitcoin and the digital currency industry. There are hundreds of trustworthy and responsible companies involved in bitcoin. These companies will continue to build the future of money by making bitcoin more secure and easy to use for consumers and merchants. As with any new industry, there are certain bad actors that need to be weeded out, and that is what we are seeing today. Mt. Gox has confirmed its issues in private discussions with other members of the bitcoin community.

“We are confident, however, that strong Bitcoin companies, led by highly competent teams and backed by credible investors, will continue to thrive, and to fulfill the promise that bitcoin offers as the future of payment in the Internet age.

“In order to re-establish the trust squandered by the failings of Mt. Gox, responsible bitcoin exchanges are working together and are committed to the future of bitcoin and the security of all customer funds. As part of the effort to re-assure customers, the following services will be coordinating efforts over the coming days to publicly reassure customers and the general public that all funds continue to be held in a safe and secure manner: Coinbase, Kraken, BitStamp, Circle, and BTC China.”

You can read then entire statement here:

Caveat emptor, personally, if I had any Bitcoin holdings (which I don’t and never have) and there was any hope of liquidating them to real government-backed cash, I would certainly do so forthwith.

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