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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.