An unredacted version of Mt. Gox’s “crisis strategy draft” shows the Bitcoin exchange was projected to be financially healthy and profitable before it was robbed of $US300 million.
Through March of this year it was supposed to book more than $US10 million in net sales, and show $US3 million in operating profit. After taxes, it was projected to show a $US2 million profit on the bottom line.
By 2016, Mt. Gox was projected to be booking $US72 million in revenues and earning $US39 million in net income. Bitcoin exchanges get their revenues from service charges and through trading their own Bitcoin accounts. Mt. Gox’s financials are separate from the deposits held in user accounts, which were the targets of the theft.
As bank robber Willie Sutton once said when he was asked why he robbed banks, “That’s where the money is”:
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