Another Bitcoin Crash

The href="http://www.economist.com/blogs/babbage/2011/06/virtual-currency">Bitcoin community faced href="http://arstechnica.com/tech-policy/news/2011/06/bitcoin-the-decentralized-virtual-currencyrisky-currency-500000-bitcoin-heist-raises-questions.ars">another crisis besides this on Sunday afternoon as the price of the currency on the most popular exchange, href="https://mtgox.com/">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 href="https://support.mtgox.com/entries/20208066-huge-bitcoin-sell-off-due-to-a-compromised-account-rollback">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 href="http://www.youtube.com/watch?v=T1X6qQt9ONg">here. The message board freaking out is href="http://forum.bitcoin.org/index.php?board=1.0">here. And, the details of the Mt. Gox hack and href="http://venturebeat.com/2011/06/19/popular-bitcoin-exchange-mt-gox-hacked-prices-drop-to-pennies/">the Bitcoin drop down to pennies is here.

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