The death bells tolled loudly for Mt. Gox this week as the threads of its elaborate cloak of cover-ups, lies and poor business practices came undone, first with the release of documents the revealed a struggling company desperately seeking new capital, then ultimately with its formal bankruptcy filing on 28th February.
The news reverberated beyond the industry, with mainstream media plunging headlong into the sensational story that was likened to some of the more infamous debacles in the history of the traditional financial system, such as Lehman Brothers and Bear Stearns.
Still, increased pressure from the outside world galvanized an impressive display of support and resilience from the bitcoin community as it worked to set facts straight and fight against the most recent wave of negative PR.
February 28, 2014 at 11:31PM
