Major Bitcoin Exchange Vanishes

VIRTUAL ROBBERY?

Updated Apr. 14, 2017 5:02PM EDT / Published Feb. 25, 2014 7:19AM EST

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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.

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Major Bitcoin Exchange Vanishes

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