28 Dec '14, 3pm

Inside Bitcoins: Bitcoin 2014: Bitcoin’s Biggest Nightmare, the Collapse of Mt. Gox

Inside Bitcoins: Bitcoin 2014: Bitcoin’s Biggest Nightmare, the Collapse of Mt. Gox

NEW YORK (InsideBitcoins) — February of 2014: a defining moment in bitcoin history. Mt. Gox, then the largest bitcoin exchange, reveals the “loss” of 850,000 bitcoins, with a value at the time of approximately $473 million. For months, there had been complaints that withdrawals from the company were taking far too long. Reports said some customers were experiencing delays of weeks — sometimes even months — to access their funds. On February 7, 2014, all withdrawals were frozen. “A bug in bitcoin” triggers bankruptcy On the 10th , Mt. Gox released a press statement explaining that they were having issues with transactions. The company claimed a system-wide glitch, saying: “A bug in the bitcoin software makes it possible for someone to use the Bitcoin network to alter transaction details to make it seem like a sending of bitcoins to a bitcoin wallet did not occur when in fac...

Full article: http://insidebitcoins.com/news/bitcoin-2014-bitcoins-bigg...

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