Another Bitcoin Crash

by Justin Ptak, Mises Blog
Jun. 21, 2011

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The Bitcoin community faced another crisis besides this on Sunday afternoon as the price of the currency on the most popular exchange, Mt.Gox, fell from $17 to pennies in a matter of minutes. Trading was quickly suspended and visitors to the home page were redirected to a statement blaming the crash on a compromised user account. Mt.Gox's Mark Karpeles said that the exchange would be taken offline to give administrators time to roll back the suspect transactions.

A video of the collapse here. The message board freaking out is here. And, the details of the Mt. Gox hack and the Bitcoin drop down to pennies is here.