- An iconic MtGox protest sign, created by Kolin Burges, has failed to attract any bids in its recent auction
- The auction set a reserve price of 2 BTC (approximately $163,000) but concluded without any offers
- Despite its historical significance in the cryptocurrency community, the physical artifact did not meet the expected interest from collectors
A protest sign which was a symbol of the 2014 collapse of Bitcoin exchange MtGox has failed to sell at auction. The sign, created by MtGox customer Kolin Burges, became a symbol of the creditors’ battle for answers as the exchange was thought to be on the verge of collapse. The placard had a reserve price of 2 BTC (over $160,000), but this proved too steep for punters.
The Story Behind the Sign
In February 2014, MtGox halted bitcoin withdrawals from its site, prompting alarm that the world’s biggest Bitcoin exchange was bankrupt. Despite a snowstorm, Kolin Burges traveled from London to Tokyo to protest outside the MtGox headquarters, holding a handmade sign that read “MtGox Where is our money?”. The image was used by news organizations all over the world to publicize the crisis, with Burges becoming a regular interviewee:
MTGOX Where is our money. pic.twitter.com/wfYcRYw7WN
— Onofre (@_OnofreBouvila) February 14, 2014
The sign itself, crafted on February 14, 2014, was initially handwritten but later covered with a printed version to appear more professional as media coverage intensified. The original handwriting remains faintly visible beneath the print, and the reverse side features the same message in Japanese. After the protests, Burges stored the sign in a suitcase for a decade before deciding to auction it, along with a hand-drawn replica, both framed for preservation.
Reserve Price Not Met
The auction was hosted on Scarce.City, a platform known for selling unique digital and physical collectibles. With a reserve price set at 2 BTC, equivalent to approximately $163,000 at the time, the auction aimed to attract collectors interested in owning a piece of cryptocurrency history. Despite the sign’s significance and the story behind it, the auction concluded without any bids, indicating that the reserve price may have been a barrier for potential buyers.
Burges expressed surprise at the lack of interest, stating, “At the time, it didn’t even cross my mind it could become valuable. I thought maybe I’d write a book someday, but the sign itself never seemed important. It’s remarkable how things have evolved.” Burges was a valued contributor to the only book written about MtGox, by this writer, entitled Ultimate Catastrophe: How MtGox Lost Half a Billion Dollars and Nearly Killed Bitcoin.
While the auction ended without the placard being sold, the site still says that offers will still be heard for the piece of Bitcoin history.
