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Mt.Gox, The World's Largest Bitcoin Exchange to Acquire Bitomat.pl, Compensate Loss Of Bitcoins

The last week has shaken the confidence of the bitcoin community as a whole. Thanks to news of MyBitcoin.com collapsing with an as yet undisclosed amount of bitcoins (now in receivership), and a critical technical problem that resulted in the loss of 17,000 BTC from Bitomat.pl (bitcoin's 3rd largest exchange), the price of bitcoin has dropped into single digits for the first time since May.

Mt.Gox (Tibanne Co. Ltd.) believes that bitcoin and the community will grow and mature past these extremely unfortunate events, just as Mt.Gox endured the June hack event and has continued to prosper. Mt.Gox believes that the bitcoin market will recover from the recent price drop as trust is restored by the alliance of bitcoin related businesses.

Mt.Gox is convinced of this so much, that we're going to put our bitcoin where our mouth is.

For Immediate Release.

TOKYO, Japan, August 11, 2011

In an effort to restore confidence in the bitcoin economy, Mt.Gox (Tibanne Co. Ltd.) has agreed to incorporate the Bitomat.pl user database into the Mt.Gox trading engine. As part of this process, Mt.Gox with the help of its partners will restore the lost balances of Bitomat.pl user accounts. Additionally, Mt.Gox will open its first additional currency market with the Polish Zloty, enabling Polish customers to deposit and withdraw funds easily with Mt.Gox and trade in the world's largest bitcoin market.

On August 11, 2011 trading on Bitomat.pl will cease and the website will be shutdown while the migration occurs. Once the migration completes, the Bitomat.pl domain will forward to a Polish language version of MtGox.com and Bitomat.pl users will effectively become Mt.Gox users. Newly migrated Mt.Gox users will be able access their accounts with their Bitomat.pl username and password and begin trading immediately with their imported/restored balances. The main method for depositing the Polish Zloty into Mt.Gox will be via polish bank transfers with SEPA transfers to follow in the near future.

The integration of Bitomat.pl, the world's 3rd largest bitcoin exchange, into Mt.Gox will further drive the overall bitcoin economy by further strengthening the world's leading bitcoin marketplace.

"The acquisition of Bitomat.pl is a windfall for its users, especially in the wake of such a sudden and unsettling event. Also, for the first time ever on a bitcoin exchange users are now able to access a substantially larger market with their local currency, so we think it's a happy ending all around", said Mark Karpeles of Tibanne Co. Ltd.

About MtGox.com

MtGox.com is the world's leading bitcoin exchange, featuring instantaneous electronic trading of bitcoins for MTGUSD. MtGox.com officially launched July 18, 2010 and was acquired by Tibanne Co., Ltd. on March 6, 2011.

MtGox.com

Adam Turner - Adam@Tibanne.com