Difference between revisions of "Mt. Gox"
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A registrant on MtGox had at least two sub-accounts: one for bitcoins (BTC), and one for US dollars (USD or MTGUSD) or other national currency. Bitcoins were bought using funds from the trader's national currency account, and the proceeds from the sale of bitcoins were deposited into the same account. Trading always involved bitcoins as trading between different national currencies was not offered.
Trades on Mt. Gox's executed from balances on deposit with the exchange which in turn made trading on the market instantaneous, compared to most other Bitcoin markets of the time where a subsequent settlement occurred manually between the trading partners. The disadvantage of this was that a third party had to be trusted with keeping the money safe.
MtGox was originally started by Jed McCaleb in July 2010, and was sold to Tibanne Co. in Japan in March 2011. It was operated by Tibanne Co., managed by Mark Karpeles (MagicalTux).
- 1 Trading
- 2 Adding Funds
- 3 Withdrawing Funds
- 4 Customer Service
- 5 Wallet/Banking
- 6 Security Center
- 7 AML
- 8 API
- 9 Data Services
- 10 E-Commerce
- 11 History
- 12 Bankruptcy and shutdown
- 13 See Also
- 14 External Links
- 15 References
Buying and selling
A buy order was executed partially or in full when the price bid could be matched against a sell order that was at or below the bid amount. A sell order was executed partially or in full when the price asked could be matched against a buy order that was at or above the ask amount. Orders that could not be matched immediately remain in the orderbook.
Unfunded orders did not appear in the order book, but were automatically inserted when a deposit was credited. For example, Mt. Gox allowed the entry of a "buy" order even if the account had insufficient funds. If possible, Mt. Gox would execute a portion of the order if it could be partially funded. If a deposit was later credited and the deposit resolves the insufficient funds status of an outstanding order, the order would be immediately activated, and if possible, executed.
Mt. Gox charged a trading fee of up to 0.6% from each party of successful trades made through the market. The fee appeared in the account history next to each trade. The trading fee was discounted for larger customers based on volume, which was calculated as a sliding window over the last 720 hours (30 days).
The fees were, by default, subtracted from the proceeds of each trade (e.g., a buy of 1.0 BTC will add to the account balance 0.994 BTC when the exchange fee is 0.6%). An account setting would allow fees to be added to the purchase amount instead (e.g., buying 1.0 BTC at $5 will cost about $5.03 when the exchange fee is 0.6%).
There were no fees incurred when transferring bitcoins to a Mt. Gox account.
The deposit address was presented along with a QR code that can be scanned with a mobile. This address did not change with each deposit request.
The Add Bitcoins function experienced issues with some browser ad-blocking utilities even though no advertisements were displayed on the website.
Bitcoins from another Mt. Gox user sent by Mt. Gox redeemable code (A.K.A. "coupon") could be deposited and would be available for trading.
- BitInstant - Cash (U.S. dollars) could be deposited at any of thousands of banks, 7-11, Walmart, CVS, Moneygram and more that BitInstant uses to transfer funds to your Mt. Gox account.
- BitInstant - Cash (Brazilian real) could be deposited using Boleto or through Banco Recomendito.
- BitInstant - Cash (Russian rubles) could be deposited using QIWI or Cyberplat
- Barclays - Cash (British pound sterling) could be deposited at any Barclays location. There was a 1.5% fee on deposits made with this method.
Funds in USD could be wired to the exchange's bank in Japan. Each wire is subject to a per-wire fee plus any intermediate fees.
An account can be configured with a wallet for each of the currencies that the exchange supports. When a wire is received in one of these currencies, that account will be credited.
- USD - U.S. Dollar
- EUR - Euro (SEPA or Int'l wire)
- CAD - Canadian Dollar
- GBP - British Pound (Domestic or Int'l wire)
- CHF - Swiss Francs
- RUB - Russian Rubles
- AUD - Australian Dollars
- SEK - Swedish Krona
- DKK - Danish Krona
- HKD - Hong Kong Dollars
- PLN - Polish Zloty (Domestic or Int'l wire)
- CNY - Chinese Yuan
- SGD - Singapore Dollars
- TBH - Thai Baht
- NZD - New Zealand Dollars
- JPY - Japanese Yen (Domestic or Int'l wire)
Funds in EUR could be added using SEPA Direct Debit for free, with funds convert to USD at the current ECB rate at the time the funds were received.
Mt. Gox doesn't directly support an ACH-based (direct deposit) deposit method. Dwolla supports ACH-based fund transfers and those funds can then be deposited with Mt. Gox.
Funds could be sent as a GBP direct deposit free of charge.
Funds could be sent using direct deposit (BPay) for a AU$2.00 per-deposit fee. The funds will be converted to USD at the current rate.
MtGox imposes a $1,000 USD limit for withdrawals per 24 hours and a $10,000 USD limit for withdrawals per month with most non-verified accounts. Bitcoins withdrawn were counted toward this limit as well and the USD value was calculated at the market rate at the time of the attempted withdrawal. Customers that have been Verified have higher limits and customers that have Trusted status have limits even higher. Any account-to-account transfers made also count toward this limit as well.
Requests for higher withdrawal limits could be submitted by email
- For higher limits for withdrawal of USD funds, email: email@example.com
- For higher limits for withdrawal of BTC funds, email: firstname.lastname@example.org
See the AML section regarding verification levels for AML purposes.
Dwolla was among the fastest and least expensive methods for withdrawing USD funds from a Mt. Gox account. The transaction fee to do so was just $0.25. Dwolla withdrawals were processed every hour during business hours (Japan time) and every 12 hours on weekends.
As of 25 May 2012, MtGox requires account holders to be "verified (level 1) - 'see below'" to withdraw via Dwolla. 
The status of the withdrawal request will show one of the following status codes:
- Preparing: System was running checks to see if the transfer can be executed.
- Confirmed: Transfer could be executed and was pending in queue.
- Todo: Transfer was near the top of the queue and will be executed soon.
- Processed: Transfer has been processed.
Bitcoins could be withdrawn at no charge.
A green address option was available though this type of transaction could experience a delay if the exchange's wallet funding level for green address transactions was insufficient. The withdrawal form also offers an "open transaction" option which forces the transaction to go through the blockchain. If the recipient of a BTC withdrawal happens to also be from Mt. Gox's EWallet, then that transfer would occur instantly and the transaction would not be broadcast to the Bitcoin network. This "open transaction" option forces a withdrawal to be broadcast to the Bitcoin network.
Mt. Gox no longer allows bitcoins or other currency to be withdrawn using a redeemable code.
There was currently no option for withdrawing funds through a direct deposit bank transaction. Funds withdrawn to Dwolla could then, in turn, be withdrawn with bank funds deposited as an ACH transaction.
Users could withdraw any amount as a direct deposit to their bank. There was a 2% fee on these withdrawals. Contact the exchange by e-mail for this service.
A per-withdrawal fee (2,000 JPY) was subtracted and the remaining amount was sent via international wire in the chosen currency. If not AUD then an exchange fee of 2.5% would be charged.
To any IBAN, SWIFT/BIC and ABA routable bank. Fee applies.
The preferred method for obtaining service was to place a request through the exchange's help desk. Another method was to send e-mail with the request.
The Security Center allows an account to be secured through the use of one or more One Time Password (OTP) solutions such as what YubiKey and Google Authenticator offer. Features can be protected where the OTP must be provided for each action and were configured independently.
For example, a typical configuration was to set OTP as being required for both withdrawals and security center changes but not for login. With that configuration, the worst damage that can happen from a compromised account or session would be that bitcoins would be bought or sold (though they could also be bought and sold over and over until funds were depleted).
- Login - The OTP must be provided for each login.
- Withdraw - The OTP must be provided for each withdrawal request.
- Security - The OTP must be provided during each configuration change to be performed.
Varying degrees of verification will allow for greater per-day and per-month total amounts to be withdrawn.
Unverified (Level 0)
Designed for basic users, consumers and Bitcoin enthusiasts where 10,000 USD (monthly) was enough for most needs.
Verified (Level 1)
The "verified" status was designed for active traders and/or small companies.
Trusted (Level 2)
The “trusted” status was designed for day traders, professionals, and companies.
Mt Gox offers an API which can be used to automate operations.
- Bitstock live watcher for trades, depth, history bitstock.info (Websockets browser required)
- Bitcoin Charts
- Clark Moody's Real Time Bitcoin Market Data including Ticker, Order Book and Time Sales (Websockets browser support required)
- MtGox Live (Websockets browser support required)
- Bitcoin Arbitrage Opportunities (Websockets browser support required)
- Bitcoin Prices market rates in multiple currencies
- MtGox-Viz, a visualization of your MtGox account history
Mac OS X
- BitcoinX mobile app with bid, ask and 24 hour history. For Android
- MtGox Live Bitcoin Trader with buy, sell, send, chart and depth for Android and iOS
- Bitcoinium for Android on Google Play
-  firefox ticker addon
- goxsh command line ticker / depth chart
Online sellers could accept bitcoins for payment using the Mt. Gox's E-commerce Solution, which was an interface to the exchange's Merchant System API.
The exchange went online on July 18, 2010.
On October 10, 2010 the exchange switched from PayPal to Liberty Reserve as the main funding option as a result of this attack. Former PayPal customers still had the possibility to withdraw their USD using alternative methods.
On June 19, 2011 the service experienced a significant security breach. The incident caused a selloff down to BTC/USD of $0.01 due to fraudulent trading. The site was disabled and all trading following the point that fraudulent trading began was rolled back. Complicating this breach was the release of a list of the exchange's accounts including username, email address and a password hash, which forced the exchange to implement an account recovery method for customers to regain control of their accounts.
In July, 2011 it was observed that the exchange no longer allows new registrations to occur without having a valid e-mail address.
Announced on March 6, 2012 was the Merchant Solution and API
On 19 June 2011, a security breach of the Mt. Gox bitcoin exchange caused the nominal price of a bitcoin to fraudulently drop to one cent on the Mt. Gox exchange, after a hacker allegedly used credentials from a Mt. Gox auditor's compromised computer illegally to fabricate a large number of bitcoins for himself. He used the exchange's software to sell them all nominally, creating a massive "ask" order at any price. The price eventually corrected to its correct user-traded value. Accounts with the equivalent of more than $8,750,000 were affected. In order to prove that Mt.Gox still had control of the coins, the move of 424,242 bitcoins from "cold storage" to a Mt.Gox address was announced beforehand and executed in Block 132749.
In October 2011, about two dozen transactions appeared in the block chain (Block 150951) that sent a total of 2,609 BTC to invalid scripts. As they were impossible to satisfy/redeem, these Bitcoins were effectively lost.
On 22 February 2013, following an introduction of new anti-money laundering requirements by Dwolla, some Dwolla accounts became temporarily restricted. As a result, transactions from Mt. Gox to those accounts were cancelled by Dwolla. The funds never made it back to Mt. Gox accounts. Mt. Gox help desk issued the following comment: "Please be advised that you are actually not allowed to cancel any withdrawals received from Mt. Gox as we have never had this case before and we are working with Dwolla to locate your returned funds." The funds were finally returned on May 3, more than 3 months later, with a note "Please be advised never to cancel any Dwolla withdrawals from us again".
In March 2013, the new 0.8.0 version of Bitcoin Core temporarily forked off the main blockchain using differing rules on how transactions could be accepted. The Mt. Gox bitcoin exchange briefly halted bitcoin deposits. Bitcoin prices briefly dipped by 23% to $37 as the event occurred before recovering to their previous level in the following hours, a price of approximately $48.
Suspension of trading 2013
Mt. Gox suspended trading on 11 April 2013 until 12 April 2013 2 am UTC for a "market cooldown". The value of a single bitcoin fell to a low of $55.59 after the resumption of trading before stabilizing above $100. Around mid May 2013, Mt. Gox traded 150,000 bitcoins per day per Bitcoin Charts.
Mt. Gox suspended withdrawals in US dollars on June 20, 2013. The Mizuho Bank branch in Tokyo that handled Mt. Gox transactions pressured Mt. Gox from then on to close its account. On July 4, 2013, Mt. Gox announced that it had "fully resumed" withdrawals, but as of September 5, 2013, few US dollar withdrawals had been successfully completed.
On August 5, 2013, Mt. Gox announced that they incurred "significant losses" due to crediting deposits which had not fully cleared and that new deposits would no longer be credited until the funds transfer was fully completed.
CoinLab lawsuit and Homeland Security seizure of US funds
On 2 May 2013 CoinLab filed a $75 million lawsuit against Mt. Gox alleging a breach of contract. The companies had formed a partnership in February 2013 under which CoinLab handled all of Mt. Gox's North American services. CoinLab's lawsuit contends that Mt. Gox failed to allow them to move existing U.S. and Canadian customers from Mt. Gox to CoinLab.
On 15 May 2013 the US Department of Homeland Security (DHS) issued a warrant to seize money from Mt. Gox's US subsidiary's account with payment processor Dwolla. The warrant suggests the US Immigration and Customs Enforcement, an investigative branch of the DHS, felt that the subsidiary, which was not licensed by the US Financial Crimes Enforcement Network (FinCEN), was operating as an unregistered money transmitter in the US. Between May and July more than $5 million were seized.  On 29 June 2013, Mt. Gox received its money services business (MSB) license from FinCEN.
Withdrawals delayed or refused
Wired Magazine reported in November 2013 that customers were experiencing delays of weeks to months in withdrawing funds from their accounts. The article said that the company had “effectively been frozen out of the U.S. banking system because of its regulatory problems”. Customer complaints about long delays were mounting as of February 2014, with more than 3300 posts in a thread about the topic on the BitcoinTalk online forum.
Bankruptcy and shutdown
On 7 February 2014, all Bitcoin withdrawals were halted by Mt. Gox. The company said it was pausing withdrawal requests “to obtain a clear technical view of the currency processes”. The company issued a press release on February 10, 2014 stating that the issue was due to transaction malleability: “A bug in the bitcoin software makes it possible for someone to use the Bitcoin network to alter transaction details to make it seem like a sending of bitcoins to a bitcoin wallet did not occur when in fact it did occur. Since the transaction appears as if it has not proceeded correctly, the bitcoins may be resent. MtGox is working with the Bitcoin core development team and others to mitigate this issue.”
On 17 February 2014, with all Mt. Gox withdrawals still halted and competing exchanges back in full operation, the company published another press release indicating the steps they claim they are taking to address security issues. In an email interview with the Wall Street Journal, CEO Mark Karpelès refused to comment on increasing concerns among customers about the financial status of the exchange, did not give a definite date on which withdrawals would be resumed, and wrote that the exchange would impose "new daily and monthly limits" on withdrawals if and when they were resumed. A poll of 3000 Mt. Gox customers by CoinDesk indicated that 68% of customers were still awaiting funds from Mt. Gox. The median waiting time was between one to three months. 21% of poll respondents had been waiting for three months or more.
On 20 February 2014, with all withdrawals still halted, Mt. Gox issued yet another statement, giving no date for the resumption of withdrawals. A protest by two Bitcoin enthusiasts outside the building that houses the Mt. Gox headquarters in Tokyo continued. Citing "security concerns", Mt. Gox announced they had moved their offices to a different location in Shibuya. Bitcoin prices quoted by Mt. Gox dropped below 20% of the prices on other exchanges, reflecting the market's estimate of the unlikelihood of Mt. Gox paying their customers.
On 24 February 2014, Mt. Gox suspended all trading, and hours later its website went offline, returning a blank page. An alleged leaked internal crisis management document claimed that the company was insolvent, after losing 744,408 bitcoins in a theft which went undetected for years. Six other major bitcoin exchanges released a joint statement distancing themselves from Mt. Gox, shortly before Mt. Gox's website went offline.
On 25 February 2014, Mt.Gox reported on its website that a "decision was taken to close all transactions for the time being", citing "recent news reports and the potential repercussions on MtGox's operations". The chief executive, Mark Karpelès told Reuters that Mt. Gox was "at a turning point".
On 28 February 2014 Mt. Gox filed for bankruptcy protection in Tokyo, reporting that it had liabilities of about 6.5 billion Japanese yen ($64 million at the time), and 3.84 billion yen in assets. The company said they had lost almost 750,000 of its customers' bitcoins, and around 100,000 of its own bitcoins, totaling around 7% of all bitcoins, and worth around $473 million near the time of the filing. Mt. Gox released a statement saying "The company believes there is a high possibility that the Bitcoins were stolen,” blaming hackers, thus beginning a search for the missing money. Chief Executive of Mt. Gox, Mark Karpelès, said technical issues opened up the way for fraudulent withdrawals.
On 20 March 2014, Mt. Gox reported on its website that it found some bitcoins — worth around $116 million — in an old digital wallet from 2011. That brings the total number of bitcoins the firm lost down to 650,000 from 850,000.
On April 14, Mt. Gox lawyers said that Mark Karpeles wouldn't appear for a deposition in a Dallas court, or heed a subpoena by FinCEN. On 16 April 2014, Mt. Gox gave up its plan to rebuild under bankruptcy protection, and asked a Tokyo court to allow it to be liquidated.
- MT. Gox exchange now defunct website
- 2011-06-07 on #bitcoin-otc: "MagicalTux: you could use the count of users on mtgox (went over 30k recently)"
- How long does it take to Deposit bitcoins to MtGox?
- Introducing a new 1.5% fee on Barclays cash deposit
- Mt.Gox Opens 15 New Currency Markets
- MTGox: Euro deposits
- MtGox - trusted vs verified
- Mt.Gox now offers international wire transfer to all US Banks
- AML Account Statuses
- MtGox announcement on forum
- Mtgox is changing owners
- Huge Bitcoin sell off due to a compromised account - rollback
- World's Leading Bitcoin Exchange, Mt.Gox, acquires MtGoxLive.com
- Mt.Gox launches the definitive bitcoin checkout solution
- Template:Cite press release
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- Template:Cite press release
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- Template:Cite press release
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- Hals, Tom (10 March 2014). "Mt. Gox files U.S. bankruptcy, opponents call it a ruse". Reuters. http://www.reuters.com/article/2014/03/10/us-bitcoin-mtgox-bankruptcy-idUSBREA290WU20140310. Retrieved 11 March 2014.
- "Bitcoin exchange Mt. Gox files for US bankruptcy". New York Post. 10 March 2014. http://nypost.com/2014/03/10/bitcoin-exchange-mt-gox-files-for-us-bankruptcy/. Retrieved 11 March 2014.
- Karpeles, Mark (2014-03-20). "当社保有ビットコインの残高に関するお知らせ / Announcement regarding the balance of Bitcoin held by the company" (PDF). MtGox. https://www.mtgox.com/img/pdf/20140320-btc-announce.pdf. Retrieved 2014-03-22. "MtGox Co., Ltd. had certain oldformat wallets which were used in the past and which, MtGox thought, no longer held any bitcoins. Following the application for commencement of a civil rehabilitation proceeding, these wallets were rescanned and their balance researched. On March 7, 2014, MtGox Co., Ltd. confirmed that an oldformat wallet which was used prior to June 2011 held a balance of approximately 200,000 BTC (199,999.99 BTC)."