Mises Wire

Another Bitcoin Crash

Bitcoin

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.

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