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Article posted Feb 26 2014, 12:59 PM Category: Economy Source: Wired Print

Bitcoin Exchange Mt. Gox Goes Offline Amid Allegations of $350 Million Hack


Mt. Gox, once the world’s largest bitcoin exchange, has gone offline, apparently after losing hundreds of millions of dollars due to a years-long hacking effort that went unnoticed by the company.

The hacking attack is detailed in a leaked “crisis strategy draft” plan, apparently created by Gox and published Monday by Ryan Selkis, a bitcoin entrepreneur and blogger (see below). According to the document, the exchange is insolvent after losing 744,408 bitcoins — worth about $350 million at Monday’s trading prices. The plan paints a bleak picture of the exchange’s finances and outlines an arbitrage scheme to restore the exchange to solvency. “The reality is that Mt. Gox can go bankrupt at any moment, and certainly deserves to as a company,” the document states.

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Comments 1 - 2 of 2 Add Comment Page 1 of 1
Peter

Posted: Feb 26 2014, 4:34 PM

Link
193180 Yeah right, 'hackers' stole bitcoins for years without them noticing ..
Anyone who wants to buy a bridge in San Francisco ?
Peter

Posted: Feb 26 2014, 4:36 PM

Link
193180 I'm looking forward to reading how you will spin this so the blame lands on 'statists' and would never happen in a 'free market' ..


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