ON AIR NOW

LISTEN NOW

Weather

partly-cloudy-tstorms-day Created with Sketch.
67°
Overcast
H 75° L 62°
  • partly-cloudy-tstorms-day Created with Sketch.
    67°
    Current Conditions
    Sct Thunderstorms. H 75° L 62°
  • partly-cloudy-tstorms-day Created with Sketch.
    69°
    Afternoon
    Sct Thunderstorms. H 75° L 62°
  • clear-day Created with Sketch.
    74°
    Evening
    Sunny. H 78° L 49°
LISTEN
PAUSE
ERROR

Krmg news on demand

00:00 | 00:00

LISTEN
PAUSE
ERROR

Krmg traffic on demand

00:00 | 00:00

LISTEN
PAUSE
ERROR

Krmg weather on demand

00:00 | 00:00

National
Bitcoin exchange Mt. Gox disappears, along with CEO
Close

Bitcoin exchange Mt. Gox disappears, along with CEO

Bitcoin exchange Mt. Gox disappears, along with CEO
Photo Credit: YOSHIKAZU TSUNO
This photo illustration shows a man looking at the bitcoin exchange website of MtGox in Tokyo on February 25, 2014. The website of Tokyo-based bitcoin exchange MtGox went down on February 25, after the value of the virtual unit sank to about a quarter of that on other platforms and Japanese regulators said they were unable to step in. AFP PHOTO / Yoshikazu TSUNO (Photo credit should read YOSHIKAZU TSUNO/AFP/Getty Images)

Bitcoin exchange Mt. Gox disappears, along with CEO

Things might've just gotten real for virtual currency — and it's not a good thing. Bitcoin's largest exchange has disappeared from the Internet — and its CEO is MIA.

"Mt. Gox has gone totally dark. If you try to load their website, you will not find anything. Mark Karpeles, CEO of Mt. Gox ... He cannot be found. He has resigned from the parent Bitcoin Foundation." (Via Bloomberg)

"Folks say they don't expect to get their money back. The six other leading bitcoin exchanges are trying to distance themselves from Mt. Gox." (Via Fox Business)

According to the New York Times, the company lost almost 750,000 bitcoins to hackers, but the theft went unnoticed for years.  That's equal to about $350 million worth of bitcoins and about 6 percent of the 12.4 million coins in circulation.

No one knows exactly how the coins were stolen and the company has yet to respond to requests for comment. However, Wired believes it might have found a document with some answers.

The document is said to be an internal memo from Gox.  It shows Gox knew it was subject to theft but believed it could resolve it internally.  Then it admits it has become clear 744,408 bitcoins are missing and it went unnoticed for several years.

The document goes on to outline a four-part strategy:

- Immediately reduce liabilities with partners

- Shut down Mt. Gox for one month while it is restructured & rebranded

- Change communications strategies to a more open format with constant updates

- Announce a new team of trusted business people and talented developers.

The document says the coins were stolen through a leak in the hot wallet, which is connected to the web, that allowed hackers to exploit Gox’s cold storage. In theory, this should have been impossible because cold storage — by definition — is disconnected from the Internet. Though some believe the leak could have been caused by the hot storage automatically refilling itself from the cold storage.

If the document is real, we may see Mt. Gox return at some point — although some see the currency itself as fatally flawed. 

Om Malik, founder of Gigaom, says he’s not surprised it’s getting ugly. He points to the similar ambitions of virtual currencies Flooz and Beenz in the early 2000s.

They each had similar ambitions to Bitcoin only to flop when Flooz was investigated by the FBI and Beenz fell apart following the burst of the dot com bubble.

The CEOs of several other Bitcoin exchanges released a statement saying the actions of one company do not reflect the value of Bitcoin and the digital currency industry.  In the statement, they pledge to work together to re-establish trust in Bitcoin exchanges.

It remains unclear how many Bitcoins customers of Mt. Gox will be able to retrieve or when they will be able to retrieve them.

Read More
VIEW COMMENTS

There are no comments yet. Be the first to post your thoughts. or Register.

  • A bill that would require insurance carriers to consider the use of FORTIFIED construction techniques when determining premiums is moving forward in the Oklahoma legislature. The standards are set by the Insurance Institute for Business and Home Safety. House Bill 1720 does not mandate lower premiums - but Insurance Commissioner John Doak is confident the increased use of the stronger building techniques will drive down the cost of insurance for homeowners. Basically, FORTIFIED construction involves strongly connecting the roof to the walls and the walls to the foundation, greatly increasing the structure’s resistance to high winds. The bottom line, proponents say, is that Oklahomans will suffer storm damage every year, no matter what. But, “there’s going to be less damage for those consumers that embrace this program,” Doak told KRMG Tuesday. He hopes someday to possibly mandate lower premiums, but starting with a voluntary program is the best way to encourage wider use of FORTIFIED construction, he said. It’s not only for new homes, he added. “You can retrofit an older home,” Doak said, and the process doesn’t take very long. Habitat for Humanity has committed to building dozens of homes in Oklahoma using the new techniques. While such a home won’t withstand an EF-5 tornado, the great majority of damage in Oklahoma comes from straight-line winds and smaller tornadoes in the EF-1 to EF-2 range. HB 1720 passed unanimously in the Oklahoma House, by a vote of 93-0, and now goes to the Senate. Here is a video demonstrating the advantages of FORTIFIED construction:
  • At the request of four Democrats in the Congress, the Government Accountability Office has agreed to formally review how much money the feds spend, and what security precautions are taken, when President Donald Trump takes a weekend away at his Mar-a-Lago retreat in Palm Beach, Florida. The request for a GAO review came from three Democratic Senators and one House member – the GAO says it will “review security and site-related travel expenses related to the President’s stays outside the White House at Mar-a-Lago. The lawmakers who made the request were Sen. Elizabeth Warren (D-MA), Sen. Tom Udall (D-NM), Sen. Sheldon Whitehouse (D-RI), and Rep. Elijah Cummings (D-MD). On 2/16, @RepCummings @SenWarren @SenWhitehouse & I wrote @USGAO & asked they review Mar-a-Lago security procedures & taxpayer funded travel — Tom Udall (@SenatorTomUdall) March 28, 2017 This is not new territory for the GAO, which from time to time is asked by one party or the other to review the costs of travel. When the White House was under the control of Democrats, Republicans a few years ago were the ones asking about costs – as they had the GAO look at a February 15-18, 2013 trip made by President Barack Obama. In that review, the GAO estimated that an official speech in Illinois, followed by a golf weekend in Florida, cost about $3.6 million. This GAO report will look at more than just the cost of the weekend trips to Trump’s resort in Mar-a-Lago, as it will also review security matters there. (CBSMiami/AP) — A government watchdog will investigate the taxpayer-funded travel costs of President Donald Trump’s trips to Mar-a-lago. — Liz Quirantes (@lizquirantes) March 28, 2017 Democrats raised those concerns during a trip that Mr. Trump took with the Japanese Prime Minister, when the two men were seen with aides in a public dining area, speaking about a developing national security issue with regards to North Korea. One question from the four Democrats centers on whether those who are at the Trump club have gone through normal security and clearance procedures, including any foreign nationals who might be there. White House Press Secretary Sean Spicer has downplayed the costs of the Mar-a-Lago visits, saying that’s ‘part of being President.’ “That is a vast reach,” Spicer told one reporter, who cast the question of the cost of the Mar-a-Lago visits, versus proposed cuts in the federal budget. Before he became President, Mr. Trump often criticized his predecessor for taking weekend golf trips to Florida and other parts of the country. While our wonderful president was out playing golf all day, the TSA is falling apart, just like our government! Airports a total disaster! — Donald J. Trump (@realDonaldTrump) May 21, 2016 The GAO will now be in charge of determining how much Mr. Trump’s own weekend getaways are costing taxpayers.
  • J is not OK, as a name according to a Swiss court. The Zurich administrative court said in a ruling released Tuesday it had upheld a local registry's office decision to reject the letter as a given name in the best interests of the child, Switzerland's 20 Minuten news website reported. The court rejected the parents' argument they wanted to honor their daughter's great-grandparents Johanna and Josef with the initial as one of her middle names, saying they could have chosen the already-accepted Jo instead.  Though the parents wanted to pronounce the name 'Jay,' the court noted the letter is pronounced 'Yott' in German, creating confusion. The court also said people would be inclined to put a period after the J, though it wasn't an abbreviation.
  • A new study by the Mayo Clinic found that certain workouts can reverse the aging process. The study found that a high-intensity interval training workout, combined with resistance training, can turn back time. >> Read more trending news 'You're essentially slowing down that aging process, (which) I think is amazing, because we didn't have those things before,' said Dr. Vandana Bhide, of the Mayo Clinic. The study was conducted by researchers in Rochester, Minnesota, and targeted two age groups -- 18 to 30-year-olds and 65 to 85-year-olds. As we age, we lose muscle mass. Researchers found that a combined workout increases muscle mass, and on the cellular level, reverses some of the adverse effects of aging. 'For older people, it allows them to be more functional, to be able to do as much as they can at whatever age,” Bhide said. Researchers tracked data over 12 weeks. 'It's not overnight, but we think of it taking years,' Bhide said. Florida-based fitness franchise Orange Theory Fitness focuses on these types of workouts. 'It kind of just reaffirms what we already believe here,' head coach Justin Hoffman said. 'We've seen tremendous strength gain, even (at) 70 years plus, with just 3 to 4 days of interval training.” Bhide said older people who are interested in these workouts should check with their doctor before starting. And as with any exercise program, everybody is different and may not get the same results.
  • The American Geosciences Institute will host a free webinar, “State Responses to Induced Earthquakes,” on Friday 14 April at 1:00 PM CT. The surge in recent years of earthquakes associated with some oil and gas operations, especially the deep underground injection of wastewater, has spurred a range of actions and responses from geoscientists, regulators, and operators. This webinar will explore state-level activities in Oklahoma, Texas, and Ohio to monitor and reduce induced earthquakes. SEG is a co-sponsor of the webinar. The webinar will feature Jeremy Boak (Director of the Oklahoma Geological Survey), Michael Young (Associate Director for Environment at the Texas Bureau of Economic Geology), and Steven Dade (Geologist 2 at the Ohio Department of Natural Resources), focusing on several key topics: Improved monitoring networks for detecting small earthquakes Regulations and their effects Collaborations between government, industry, and other groups to reduce induced earthquakes Outreach and education to improve public awareness Attendees will have the chance to ask questions of the speakers in a live question and answer session during the webinar. For more information and to register for the webinar, visit http://bit.ly/induced-eq-webinar. This webinar is co-sponsored by the American Association of Petroleum Geologists, the American Energy Society, the American Geophysical Union, the American Institute of Professional Geologists, the Association of American State Geologists, the Association of Environmental & Engineering Geologists, the Environmental and Engineering Geophysical Society, the Environmental Defense Fund, the Society of Exploration Geophysicists, and the U.S. Geological Survey.