I haven't read this paper, but I remember it being theorised that Mt. Gox operated on a fractional reserve by using bots to manipulate the price. That after be

I haven't read this paper, but I remember it being theorised that Mt. Gox operated on a fractional reserve by using bots to manipulate the price. That after being "hacked" and losing the coins, they kept operating even though they knew they couldn't payout everyone. They tried to make up the losses by manipulating the market against their users.