Category Archives: Problems

Mt Gox situation will pass and bitcoin will thrive once again

Mt Gox (aka “Empty Gox”) filed for bankruptcy protection Mark Karpeles admits all the money is gone, vid/article here. As of now there is an estimated 750,000 – 850,000 bitcoins that have gone missing from MtGox.

mtgox_protest Kolin Burges

For those of you that had money or bitcoins in your MtGox account, the recovery process has begun. There is a class action suit against MtGox and CEO Mark Karpeles, to join the class action suit check this page There are currently over 1000 participants. The actual Greene vs MtGox Inc file is here.

Here is a nice timeline of MtGox since they began exchanging bitcoins back in 2011. Check it out here.

To those that lost on MtGox I wish you all good luck getting your money and bitcoins back.

Sponsor, add your link here, every post, contact me

Bank questioning customers about Bitcoin purchase and selling

A user of wrote in today with this question, and I personally have dealt with the same issue with my small hometown bank:

Bank questioning my Bitcoin purchases?

Hi, my USA hometown bank called me today and was questioning me about my Coinbase/BTC purchases. It was their security and fraud department. They were asking all kinds of questions about why do I buy them, what are they used for, and also mentioned how BTC are very involved with terrorism and money laundering.

My question to you guys is, what is the typical reply you think Coinbase customers should use? I really felt pretty violated that my bank, or any bank for that matter would be asking these things from me.

So does anyone know when and what guidelines are being put into place to help out banks and customers fix problems like this?

Sponsor, add your link here, every post, contact me website has been hacked and compromised

Received this email today:

Email title: Forum Compromised

Hash: SHA256

Unfortunately, it was recently discovered that the Bitcoin Forum’s server
was compromised. It is currently believed that the attacker(s) *could* have
accessed the database, but at this time it is unknown whether they actually did
so. If they accessed the database, they would have had access to all
personal messages, emails, and password hashes. To be safe, it is
recommended that all Bitcoin Forum users consider any password used
on the Bitcoin Forum in 2013 to be insecure: if you used this
password on a different site, change it. When the Bitcoin Forum
returns, change your password.

Passwords on the Bitcoin Forum are hashed with 7500 rounds of
sha256crypt. This is very strong. It may take years for
reasonably-strong passwords to be cracked. Even so, it is best to
assume that the attacker will be able to crack your passwords.

The Bitcoin Forum will return within the next several days after a
full investigation has been conducted and we are sure that this
problem cannot recur.

Check and #bitcoin on Freenode for
more info as it develops.

We apologize for the inconvenience.

Sponsor, add your link here, every post, contact me

The Silk Road busted and $3.6M worth of Bitcoins seized by US Gov

The famous Silk Road website has been seized and the owner arrested. The FBI, DEA, and more US government agencies in a combined effort tracked down the creator of Silk Road Ross William Ulbricht.


Here is the official PDF filed complaint against Ross William Ulbricht, aka Dread Pirate Roberts, aka DPR, aka Silk Road: UlbrichtCriminalComplaint.pdf. Charges are from money laundering to drug trafficking.

Sponsor, add your link here, every post, contact me

All Bitcoin trading suspended in Thailand

Thailand decided to suspend all Bitcoin transactions. Read the article below posted from the Thailand Bitcoin website


Trading suspended due to Bank of Thailand advisement

July 29, 2013
The purpose of the following statement is designed only to give information to our users about our choice to suspend our services.

During the past several months Bitcoin Co. Ltd., in Thailand, has been in the process of registering with the various Thai government agencies in order to operate in a lawful manner. Included in this due diligence was to reach out to the Bank of Thailand, the governing body that regulates financial transactions in Thailand, and ask for guidance as to any applicable licenses in buying and selling bitcoins.

Initially the Bank of Thailand had bypassed the company’s money exchange license on the basis that Bitcoin was not a currency, however the company was invited back, on July 29th, 2013, to participant in a conference about how Bitcoin works in general, and business operations of Bitcoin Co. Ltd. The conference was held with about 15 members of the Bank of Thailand in attendance. During this conference, managing director of Bitcoin Co. Ltd. gave a presentation about the workings of Bitcoin, the benefits of Bitcoin, insight into the company’s operations and future implications of Bitcoin.

At the conclusion of the meeting senior members of the Foreign Exchange Administration and Policy Department advised that due to lack of existing applicable laws, capital controls and the fact that Bitcoin straddles multiple financial facets the following Bitcoin activities are illegal in Thailand:

Buying Bitcoins
Selling Bitcoins
Buying any goods or services in exchange for Bitcoins
Selling any goods or services for Bitcoins
Sending Bitcoins to anyone located outside of Thailand
Receiving Bitcoins from anyone located outside of Thailand
Based on such a broad and encompassing advisement, Bitcoin Co. Ltd. therefore has no choice but to suspend operations until such as time that the laws in Thailand are updated to account for the existance of Bitcoin. The Bank of Thailand has said they will further consider the issue, but did not give any specific timeline.

Bitcoin Co. Ltd. has currency exchange applications currently pending review with the Bank of Thailand.

Sponsor, add your link here, every post, contact me

Okpay to stop performing wire transfers with Mtgox

Mtgox with Okpay, is no more!

Mtgox with Okpay, is no more!

Negative news for the Bitcoin world today. It looks like Okpay is suspending payments with MtGox.

This is the actual press release statement from MtGox:

Statement Regarding OKPay Integration

Tokyo, Japan, May 28th, 2013 – Mt. Gox has recently been informed by OKPay, one of
our longtime partners, that they are planning to stop performing wire transfers to and from
all Bitcoin exchanges, including Mt. Gox.

OKPay is offering a solution, but in the meantime we want to make sure that Mt. Gox
customers and the Bitcoin community are well-informed about this development. While
we are not completely clear about the dates of the transition, we would like to make a
couple of points clear:

•We will soon stop accepting deposits via OKPay. This may take up to a couple of
weeks, but it will happen eventually.
•Withdrawals to OKPay accounts will not be cut immediately, but will only be
allowed up to the amount that OKPay users have deposited into Mt. Gox via
OKPay. Beyond that amount there are other methods of withdrawal available.

Mt. Gox wishes the best to OKPay, and we look forward to working together more closely
in the future. The Bitcoin economy is going through many changes recently, and we are
positive that they will ultimately work themselves out in the best interests of the
community and the World.

The actual PDF file is here.

This is the news posted on Okpay website:

Bitcoin processing temporarily suspended

Dear customers, we are currently suspending bitcoin processing.

Sponsor, add your link here, every post, contact me

Department of Homeland security says Dwolla cannot fund MtGox accounts

Finance your Mtgox account with Dwolla, no more

Finance your Mtgox account with Dwolla, no more

Here is a cut and paste, email from Dwolla to their customers:

As of 12:13 PM on 5/14/2013:
You’re receiving this notice because our systems have indicated that you’ve processed and completed a real-time Dwolla-to-Dwolla payment to Mutum Sigillum LLC (“Mt. Gox”) within the last 24 hours.
Due to recent court orders received from the Department of Homeland Security and U.S. District Court for the District of Maryland, Dwolla is no longer legally able to service Mutum Sigillum LLC’s account.
This is a courtesy email encouraging you to follow up on any uncompleted orders with Mutum Sigillum LLC as Dwolla is now unable to move money to and from Mutum Sigillum LLC’s Dwolla account.
Dwolla is not party to this matter nor does it have any information or further insight into the situation. We strongly encourages those with questions to contact Mutum Sigillum LLC
Note: Dwolla requires a court order before honoring requests such as seizing funds or revoking access to an account.
On behalf of Dwolla, we apologize for this inconvenience.

Mt. Gox Dwolla Warrant PDF

Sponsor, add your link here, every post, contact me

UK government already looking at Bitcoin as a threat

The England "taxman" finds Bitcoin threatening

The England “taxman” finds Bitcoin threatening

Uk taxmen are now looking at Bitcoin as a posible threat to their citizens and their taxes. A gathering in London, England with over 50 civil servants from the revenue, customs, orgnaized crime agencies and other government agencies metup to discuss the Bitcoin and it’s possible threats. Read more about it on the FinancialTimes article by Jane Wild here.

Sponsor, add your link here, every post, contact me

Vircurex hacked! Members need to take action ASAP

Urgent! Vircurex was hacked! Change your password ASAP!

Dear users of the exchange

Due to hack of Vircurex you should change the password on your account if you had an account at Vircurex exchange.
It is strongly recommended to make a change of your current e-mail to the e-mail at with two-factor authentication turned on.

You can change your current password at Edit Profile –

Sincerely support

Sponsor, add your link here, every post, contact me