23 Mar '14, 6pm

Yet another Bitcoin exchange implodes: Vircurex will freeze accounts tomorrow

Vircurex is the latest company to join the growing list of insolvent Bitcoin exchanges, according to a statement issued on its site today. Vircurex announced that it will immediately stop withdrawals of Bitcoin, Litecoin, and other virtual currencies, reports The Next Web . Starting tomorrow, Vircurex plans to freeze all user accounts. Plagued by two hacking incidents last year, Vircurex previously pledged to cover its user’s losses via its own income. Due to “large fund withdrawals in the last weeks,” however, Vircurex claims it has taken the above actions to prevent the service from shutting down entirely: “Unfortunately we had large fund withdrawals in the last weeks which have led to a complete depletion of our cold wallet balance and we are now facing the option of either closing the site with significant unrecoverable losses for all or to work out a solution that all...

Full article: http://venturebeat.com/2014/03/23/yet-another-bitcoin-exc...

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