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Asleep at the wheel: How Mt. Gox lost $400 million of customer money

ExtremeTech: While the big news from Mt. Gox today was a bankruptcy filing, its stated assets and liabilities only tell a small portion of the financial story. Left out of the exchange’s $64 million in liabilities were nearly 750,000 Bitcoins that have apparently been siphoned out of customer accounts. At the current BTC price of $570, that is around $427 million dollars missing or stolen. Separately, there are some relatively smaller oddities, like the “$27.3 million discrepancy” Mt. Gox said it found in its bank accounts this week, but the stunner is certainly the large-scale disappearance of supposedly escrowed customer coins.

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