Indians lose crores of rupees in bitcoin exchange collapse Things are not well in the world of virtual currency bitcoin.
Japan based Mt Gox the world's largest bitcoin exchange has collapsed. The exchange has filed for bankruptcy, losing 7.5 lakh bitcoins of customers and one lakh of its own. The bitcoins are worth over Rs 3,000 crore. In its bankruptcy filing, Mt Gox has listed 1.27 lakh creditors. Most of these are foreigners and about 1,000 are from louis vuitton handcuff bracelet Japan. These foreigners include those operating on behalf of clients from India while some Indians were directly trading at the exchange. After three weeks of speculation about the fate of Mt Gox, which suspended withdrawals last month, the bitcoin fraternity was stunned after Mt louis vuitton bags for sale Gox claimed hackers stole 850,000 coins. Reports said cyber criminals were sporadically stealing bitcoins and its other siblings worldwide but this could be the biggest heist till date. It is believed that many Indian bitcoin operators and traders have lost crores of rupees in the collapse. Indians across the country hold over 35,000 bitcoins (worth over Rs 100 crore). Today, a single louis vuitton authentication item bitcoin costs about Rs 37,000. This includes charges and fees of buying one bitcoin from Indian operators. The same bitcoin used to cost close to Rs 1 lakh a few weeks back. But the price has tumbled for various reasons including for problems at Mt Gox. For the past few months, many have been doing bitcoin business cautiously after the Reserve Bank of India issued an advisory about potential risks. In India, the debacle can also intensify calls for stricter regulatory checks on bitcoins and other such virtual currencies. The collapse has raised an alarm in central agencies in India too. "The collapse of Mt Gox will have an impact on Indian investors too who still believe bitcoins could be the future currency," said a senior central agency official. ED officials believed bitcoin operators/traders were violating Foreign Exchange Management Act (FEMA) since the Reserve Bank of India did not permit such transactions. "It will be a shortcut to convert or transfer black money, and moreover, it would be a bigger and larger threat to existing currency in India," said a source.
The ED suspects that bitcoins could be the root cause behind terror funding, money laundering and hawala transactions in louis vuitton bags short hills mall India. Even the income tax department is seeking clarity on this subject from the ministry and the central bank to check the tax evasion angle. Prosecutors in the US and Japanese too have started investigations into events leading to the shutdown of Mt Gox.
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