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What Happened to MtGox? $375 Million Bitcoin Hack Threatens Future of Virtual Currency

MtGox, Bitcoin’s most popular exchange platform, has gone offline following a $375 million Bitcoin hack that has left the future of virtual currency unknown.

Early Tuesday morning, MTGox went offline. The site made no announcement to users about its shutting down, they were instead met with an empty page. Moreover, Bitcoin has halted cash withdrawals following the departure of chief executive Mark Karpeles.

MtGox Goes Offline Leaves Bitcoins Fate Up in the Air - photo from Wikipedia

MtGox Goes Offline Leaves Bitcoins Fate Up in the Air – photo from Wikipedia

When users attempt to go to MtGox, they are now met with this statement from the company:

Dear MtGox Customers,

In light of recent news reports and the potential repercussions on MtGox’s operations and the market, a decision was taken to close all transactions for the time being in order to protect the site and our users. We will be closely monitoring the situation and will react accordingly.

Best regards,
MtGox Team

Bitcoin has grown dramatically over the past few years as people search for others forms of currency other then the almighty dollar. However, the events that have occurred over the past few weeks have brought serious doubts to consumers about the sustainability of virtual currency.

With MtGox shut down and Bitcoin’s future hanging in the balance, economists warn about its unstable nature. It has recently been leaked that a hacker was able to steal 745,000 Bitcoin ($375 million) from MtGox which forced the exchange site to shutdown for security reasons.

Developed in 2009 by an anonymous developer only known as Satoshi Nakamoto, Bitcoin took off as a massive currency due to growing interest in alternative currencies. However, due to recent events, the value has shot down and has Bitcoin users concerned of its legitimacy.

What Happened to MtGox? $375 Million Bitcoin Hack Threatens Future of Virtual Currency.

About Sarah Rasheed

Sarah is a 24-year-old Lead Writer for American Live Wire with a passion for writing on a variety of topics that include politics, world news, health and wellness and technology. When not writing, she enjoys traveling to the Middle East and playing sports. Follow her on twitter @sarahrwan.

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