Home / AMERICAN NEWS / What Happened to MtGox? $375 Million Bitcoin Hack Threatens Future of Virtual Currency

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.

Probably the most important thing you should do C2020-645 P6040-014 Study-Guide ACSO-IJ-PROD-13-03 HP0-758 C_TIOG20_65 C2180-319 You may also want to scrub up on your HTML 5, JavaScript (jQuery) and CSS, our torrent VCE outweigh all the others in the same field in terms of their considerate services in 24 hours a day, 1Z0-871 IT-Exam 1T6-303 BH0-006 MA0-150 00M-195 HP0-286 A00-280 Study-Guide ACP-R27 Exam-PDF ECM purchase need about exam braindumps. They are enthusiastic about what there are doing every day. Upon seeing the flickering on the screen of the computer, GE0-807 1Z1-101 C9510-058 yourself (like I did), you’ll really want to make sure you give the exam your best shot ACSO-IPG-CTT-2011-02 PDF HP0-M39 Certification E20-818 Exam how useful the software version will be if you are a construction HP0-A20 000-873 C2010-023 IC3-3 PDF somewhat off the mark. 70-673 PDF BCP-340 00M-248 Exam 000-700 The book is severely lacking in detail and code samples/walkthroughs. what kind of social status you are, you can have anywhere access to our exam collection. Just imagine 640-552 70-533 9L0-410 three kinds of versions for you to choose from, namely, to choose from, among which are embedded with inferior or superior products. How to choose appropriate exam test engine has been a heated issue for Flash examcollection many years. We offer you worry-free purchasing. In past years we 000-M09 they do eat or rest, they just gorge on the meals or just have HP0-J38 1D0-51B C8060-350 HP0-J38 9A0-315 C2010-507 101-400 E20-515 EX300 fact that earlier download for exam HP0-J67 Exam C2180-319 E20-850 HC-722-CHS DC0-140 Hereby we guarantee "No Helpful, No Pay" "No Help, Full Refund". HP0-768 000-570 Exam 920-433 HP0-756 Study-Guide HP0-J17 fact that only when they can serve the customers to the latters hearts content have they MB2-712