Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comKey Contacts
Back
The Mt. Gox exchange has been the largest financial exchange for Bitcoin throughout most of the currency’s existence. All of that changed in recent weeks, when a error in the exchange’s transaction protocol led Mt. Gox to halt all Bitcoin withdrawals, according to The New York Times.
On Monday, Feb. 24, the exchange appeared to be on the verge of collapse, and that night, a number of other exchanges told the news source that Mt. Gox would shortly be filing for protection under the bankruptcy law as a result of months of uncertainty and a major theft. An unverified document circulating through the Bitcoin world claimed that the exchange had lost about 744,000 Bitcoins – roughly 6 percent of the 12.4 million Bitcoins in global circulation.
The day before, the financial institution’s chief executive, Mark Karpeles, resigned from his position at the board of the Bitcoin Foundation, a nonprofit digital currency advocacy group, according to The New York Times.
While users have been selling rights to Bitcoins trapped on the Mt. Gox exchange for well below market price, the most recent price for the currency is at $515.67 as of 2:30 p.m. EST on Feb. 25, according to the Coindesk Index.
As of 10:30 p.m. EST, on Feb. 24 the Mt. Gox exchange was offline, and users navigating to the site were met with a blank page, according to Re/code. It remains unclear whether holders of coins trapped in the Mt. Gox exchange will able to retrieve the coins or fiat currency held by the exchange. Re/code was unable to independently verify with Mt. Gox whether it would be filing for protection under the bankruptcy law, as the exchange is currently refraining from making public comment.
- Practices: Corporate Transactions & Business, Bankruptcy & Creditors' Rights
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Fort Monmouth Redevelopment and the Transformation of Monmouth County Real Estate
The Fort Monmouth redevelopment has entered its execution phase, and it is repositioning the broader Monmouth County real estate market. When Netflix and the Fort Monmouth Economic Revitalization Authority closed on the 292-acre Mega Parcel in December 2025, the transaction did more than hand over a deed. It marked the moment Fort Monmouth stopped being […]
Author: Donald M. Pepe
Local Zoning and Land Use Rules Every New Jersey Rental Property Owner Should Understand
Owning a residential rental property in New Jersey involves more than finding tenants and collecting rent. Property owners must comply with a combination of state laws, municipal ordinances, building and housing codes, and zoning and land use regulations. These requirements can affect everything from the number of dwelling units permitted at a property to whether […]
Author: Donald M. Pepe
Real Estate Litigation Explained: Top 5 Disputes and How to Avoid Them
The five most common real estate disputes are breach of contract claims, landlord-tenant conflicts, zoning and land use disagreements, construction claims, and boundary disputes. Understanding why each arises, and taking preventive steps early, can help property owners, tenants, developers, and investors avoid costly litigation. Key Takeaways: Real estate transactions are complex endeavors involving numerous parties […]
Author: Paul Grossman
When a Child Turns 18: The Gap in Your Family’s Estate Plan
Once a child turns 18, parents lose the automatic legal authority to make medical and financial decisions on their behalf, even if the child still lives at home or remains on the family’s insurance. Three documents close that gap: a durable power of attorney, a health care proxy or directive, and a HIPAA authorization. For […]
Author: George McGowan
Business Mediation: An Overview and Practical Tips
Business mediation is a confidential, voluntary process in which a neutral third party helps companies negotiate a resolution to a commercial dispute without going to trial. Because working with a mediator is very different from litigating in the courtroom, it is important to understand how commercial mediation works, when it makes sense for your dispute, […]
Author: Paul Grossman
Top 5 Causes Leading to Construction Defect Litigation
The five most common causes of construction defect litigation are design defects, substandard materials, workmanship defects, code violations, and subsurface defects. Because these flaws can compromise a building’s integrity, functionality, or safety, they frequently lead to disputes involving multiple parties and high financial stakes. Key takeaways: What is Construction Defect Litigation? Construction litigation is complex, […]
Author: Paul Grossman
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.