bitcoin Business

Bitcoin currency crash due to problems at Mt.Gox exchange

The Bitcoin currency suffered a huge overnight crash in value at the Mt. Gox exchange. An announcement on the exchange forum says “One account with a lot of coins was compromised and whoever stole it (using a HK based IP to login) first sold all the coins in there, to buy those again just after, and then tried to withdraw the coins. The $1000/day withdraw limit was active for this account and the hacker could only get out with $1000 worth of coins.

Apart from this no account was compromised, and nothing was lost. Due to the large impact this had on the Bitcoin market, we will rollback every trade which happened since the big sale, and ensure this account is secure before opening access again.

So everything should get back to normal then… For the moment my money stays in the shoe box under the bed!

I covered Bitcoin last week in my post about Silk Road. The folks at Mt.Gox are rolling back to a pre crash position so people should not lose any money.

See below to see the “crash”. Clicking on the photo will take you to the server showing previous trading history of Bitcoin.

bitcoin trading valuation chart at Mt.Gox

Trefor Davies

By Trefor Davies

Liver of life, father of four, CTO of, writer, poet,

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