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The Largest Bitcoin Exchange Was Possibly the Target of a $350 Million Theft

25
Feb
2014

Mt. Gox, the worlds largest Bitcoin trading site, has gone offline as rumors that more than 744,000 bitcoins were stolen from the service during an infiltration that went unnoticed by the service for years. According to a leaked document, which has not been verified but is circulating widely among Bitcoin proponents, a bug in the bitcoin wallet software allowed hackers to steal the digital currency, even from offline cold storage. The 744,000 stolen bitcoins total about 6 percent of the 12.4 million currently in circulation, and about 3.5 percent of the eventual 21 million. Bitcoin values on Mt. Gox have dropped 40 percent in the past 24 hours, and prices on Bitstamp, the most prominent exchange filling the void left by Gox, is boasting prices $100 higher on its exchange. A joint statement on the collapse of Mt. Gox from a handful of other prominent Bitcoin companies attempted to reassure investors that bitcoin was still a viable currency:

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