The Most Well-Known Bitcoin Exchange is Falling Apart. What now?

Tuesday, February 25, 2014 - 10:00 AM

The Bitcoin exchange Mt. Gox has been offline since yesterday, and it looks very possible that the site could be dead. 

A purported internal document has been circulating widely online. It says that 744,408 Bitcoins ($350 million USD) were quietly stolen from Mt Gox, and that the theft went unnoticed for years. If true, that would represent a heist of 6% of all the Bitcoin in circulation. 

The site has been plagued by other irregularities recently. A few weeks ago, Mt. Gox stopped letting users withdraw Bitcoin. On Monday, the exchange deleted all of its tweets. 

No one's sure what'll happen next. The overall price of Bitcoin has dropped. Other exchanges are trying to assuage Bitcoin users' faith in the currency as a whole. As of this morning, @bitcoinprice reports the average price of Bitcoin at 504.58 USD, down from 638.32 USD last Tuesday.

Tags:

More in:

Comments [2]

Lawrence

The pyramid is falling apart. :D

The fallacy of expecting a perfect currency created by a bunch of imperfect(and shadowy) beings.

Feb. 25 2014 06:21 PM
Kevin McKague from Davison, Michigan

It's a bit ironic that many of the same people who warn about alleged instability and currency inflation due to the Federal Reserve are supporters of the Bitcoin, with its bazzillion percent deflation rate. My greenbacks are still valuable, still in my bank and still accepted by nearly every single human on the planet, btw.

Feb. 25 2014 10:49 AM

Leave a Comment

Email addresses are required but never displayed.

Supported by

 

Embed the TLDR podcast player

TLDR is a short podcast and blog about the internet by PJ Vogt and Alex Goldman. You can subscribe to our podcast here. You can follow our blog here. We’re also on Twitter, and we play Team Fortress 2 more or less constantly, so find us there if you like to communicate via computer games from six years ago.

Subscribe to Podcast iTunes RSS

Feeds