The bitcoin exchange Mt. Gox files for bankruptcy

The Tokyo based bitcoin Mt. Gox filed for bankruptcy protection on Friday and its chief executive reported 850,000 bitcoins are unaccounted for. The Japan-based Mt. Gox Bitcoin exchange once hosted 80% of the world’s bitcoin trades. The exchange’s CEO Mark Karpeles said a weakness in the exchange’s systems was behind a massive loss of the virtual currency involving 744,408 bitcoins from users, or 6% of all bitcoins in circulation and 100,000 of the company’s own bitcoins. Wearing a suit instead of his usual T-shirt, Mt. Gox’s CEO Mark Karpeles bowed in contrition and...

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Mt. Gox Bitcoin Exchange website went offline

The website of the Tokyo-based Mt. Gox, the world’s largest bitcoin exchange went offline on Tuesday, amid Allegations of $350 Million Hack. The website of the Tokyo-based exchange has been offline since at least 10:30 p.m. Eastern time on Monday. Mt. Gox has not issued any statement about reasons behind the site going offline and whether it would be back at any time. The Bitcoin Foundation has made statement about the situation, saying it appears Gox may be insolvent: “We are shocked to learn about Mt. Gox’s alleged insolvency. While we are unable to comment on whether or not Mt....

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Bitcoin rallies on Mt. Gox withdrawal rumors

Bitcoin prices rallied almost 200% on Mt. Gox Exchange on Sunday and reached an intraday high above $300, due to hypothesis that withdrawals on the Tokyo-Based exchange will soon resume. BTC/USD soared to a session high of $348.98 on Mt. Gox, and afterwards traded at $278.00 during U.S. morning hours, up 151.4%. Investors returned to the market after a rumor posted on Reddit indicated that Mt. Gox is testing the option of resuming Bitcoin withdrawals. Mt. Gox was forced to pause all Bitcoin withdrawals on February 7th while experiencing a technical issue, which resulted in strong declines as...

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Bitcoin prices dropped on DDoS Attack

Bitcoin prices dropped on Wednesday, due to a hacker attack over the two largest Bitcoin-trading exchanges. Slovenia-based Bitstamp, the world’s largest Bitcoin exchange, reported it stopped customer withdrawals in order to fix the issue on Tuesday night. Bulgaria-based BTC-e, the second-biggest Bitcoin exchange, reported it was also experiencing delays in processing transactions. Both exchanges report the processing issues are due to a denial-of-service attack. In denial-of-service attacks, hackers make a machine or network resource unavailable to its intended users by flooding it with...

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Bitcoin Explained

Bitcoin is the first decentralized digital currency and payment network. It is an alternative currency which is used to send coins via the internet. Bitcoin is a cryptocurrency, meaning it uses cryptography to secure transactions. The Bitcoin protocol is an open source cryptographic protocol which operates on a peer-to-peer network and is therefore powered by its users with no central authority or middlemen such as a government or a bank. The “crypto-currency” concept was first described in 1998 by Wei Dai on the cypherpunks mailing list. In 2009, Satoshi Nakamoto, a pseudonymous...

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