With the shutdown of Tokyo-based Mt. Gox, once the world’s largest exchange for digital currency transactions, other companies in the Bitcoin universe worked to defend the nascent industry’s reputation.
Entrepreneurs from Silicon Valley to Wall Street say they don’t care much for Bitcoin as a currency to supplant the U.S. dollar. As a payment technology they could use to undercut Visa Inc., Western Union Co. or Citigroup Inc., they say they like it a lot more.
JPMorgan Chase & Co. will pay $2.6 billion to resolve criminal and civil allegations it failed to stop Bernard Madoff’s Ponzi scheme, bringing its legal settlements from the past two years to more than $29 billion and further eroding its once-record earnings.