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Bitcoin Website “Mt. Gox” Has Funds Seized By Homeland Security



/ 4 years ago

mtgox-bitcoin

Funds of Mt. Gox have been seized after the worlds largest Bitcoin exchange is accused of violating US money transfer regulations. Mt. Gox is a Bitcoin trading platform and mobile payment service and this news will no doubt add to the recent wave of concerns about the currency known as Bitcoin.

The U.S. District Court in Maryland ordered the seizure of Mt. Gox’s funds on Tuesday, which were taken from the account at Dwolla, although the warrant does not indicate that Dwolla (a payments service) is under investigation, which can be seen on this seizure order which the U.S. Immigration and Customs Enforcement (ICE) spokeswoman provided here.

Mt. Gox failed to register as a “money transmitting business”, which could lead to up to five years in prison and this isn’t something that will be taken lightly given the size or the Mt. Gox website and it’s critical role in the world of the Bitcoin currency.

Accounts were setup to transfer money between Mt. Gox and Dwolla, before exchanging them for USD in to the Dwolla account, proving that the business was in fact in the money transmitting business.

Mt. Gox is one of the most established Bitcoin exchanges, a place for people to do business with the worlds popular online currency and these new developments will no doubt play hell with the value of Bitcoins and any related stocks, but I guess we won’t know for a day or two what the real damage will be.

We’ll keep you posted on any future developments, but for now we expect the case to go to court sometime in the near future.

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  • d6bmg

    Well, it comes as a HUGE blow to all the bitcoiners.
    I wonder what would be the future impact on the bitcoin community.

  • d6bmg

    Let see what happens in next few days..

  • Oh dear, money that US government can’t sink their filthy rotting teeth
    into. Step 1. Take down bitcoin exchanges and devalue currency.

    • pdonnell

      Your right it was, as I just said to “HeyThere”

      “My apologies, my source was pure trash and it bit me in the arse, I pulled the article as soon as we realised the mistake and it has been revised and republished, sorry for feeding you… well… crap.”

  • HeyThere

    Yellow Journalism at its best. SHUTDOWN???? Dwolla withdrawals do not work for now. That´s it.

    Please do not do ANYTHING for a few clicks, please.

    • pdonnell

      My appologies, my source was pure trash and it bit me in the arse, I pulled the article as soon as we realised the mistake and it has been revised and republished, sorry for feeding you… well… crap.

  • install gentoo

    muh buttcoins

    • CoryDobak

      Goon Spotted.

      • d6bmg

        lol