3 ms·

It's kind of impressive that they can just lose 5 million like that and go on doing business. Actually I don't know if impressive is the word I was looking for

• wmf 13y ago
  They claim that they've made around $9M in fees this year, so in theory they can probably swallow a $5M loss.
  • yebyen 13y ago
    As long as some portion of that $5M eventually goes towards licensure and bonding, or is returned, I'm counting it as forward progress to have that money seized. I don't know the likelihood of that honestly but I would certainly be more ashamed of my own government than already this month if it was simply "appropriated" and not returned or counted.
• fnordfnordfnord 13y ago
  Look at their fees and trading volume, you'll see why right away. They are/were killing it.
  • bdcravens 13y ago
    Hardly. They make about 1% of their volume. At 20K volume (about what they see these days), and $120/BTC, That's about $24,000 a day in revenue, half of which is USD. About $4.3M a year in USD. They just had $5M locked up. They're surviving because they're not letting go of any of the USD they have, or at a trickle. I've heard numbers along the lines of they had $10M in April. They can't pay salaries and infrastructure costs in BTC, so they're holding on to what $ they have for as long as they can. Eventually they'll have to start releasing their BTC into the market to get $ out, but they know that will have a negative effect.