And by "insolvent", I mean that in the technical sense - I don't think Gox has immediate access to all of their deposited customer funds. I think some if not most is locked up in frozen bank accounts.
If that's the case, Mt. Gox is denying it. Here are their statements:
- June 20, 2013: "Over the past weeks Mt. Gox has experienced rising volumes of deposits and withdrawals from established and upcoming markets interested in Bitcoin. This increased volume has made it difficult for our bank to process the transactions smoothly and within a timely manner, which has created unnecessary delays for our global customers."
- July 4, 2013: "Mt. Gox is happy to announce that global account withdrawals have now fully resumed as of today".
Mt. Gox's statements blame the bank in Japan they were using for outgoing transfers, and they currently claim there is no problem. Clearly, that is not the case.