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Mt Gox collapse could ultimately help bitcoin cause: NY regulator

04
Mar
2014

By Douwe Miedema WASHINGTON (Reuters) – The collapse of the bitcoin exchange Mt. Gox is part of a struggle for survival that could ultimately strengthen the virtual currency industry, New Yorks banking regulator said on Monday. Its on the one hand a setback, on the other hand it will cause further improvements in this industry and some more regulatory involvement, Benjamin Lawsky, superintendent of New Yorks Department of Financial Services, told Reuters. Mt. Gox, once the worlds biggest bitcoin exchange, filed for bankruptcy protection in Japan on Friday, saying it may have lost nearly half a billion dollars worth of the virtual coins after hackers gained access to its systems.

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