Major Bitcoin Exchange Vanishes

    A user prepares to purchase an amount of Bitcoin currency for sale on an internet website in this arranged photograph in London, U.K., on Wednesday, April 10, 2013. Bitcoin, developed in 2009 by a mysterious programmer known as Satoshi Nakamoto, is a form of virtual cash that's made secure by complex computations and isn't backed by any government. Photographer: Chris Ratcliffe/Bloomberg via Getty Images


    Maybe Bitcoin isn't the way of the future? Concerns about the virtual currency’s security intensified after it appears one of the largest exchange websites went offline due to a crippling theft. The Tokyo-based Mt. Gox site only returned a blank page on Tuesday after reportedly suffering from a massive loss of Bitcoins. This follows the Sunday resignation of Mt. Gox CEO Mark Karpele. The company internally issued a “Crisis Strategy” report, which claimed 740,000 Bitcoins were missing, which equates to $350 million at its current exchange rate. The theft apparently went unnoticed for several years, and a single Bitcoin's value has fallen from $550 to $470 in just a matter of hours.

    Read it at The Washington Post