Bitcoin exchange Mt.Gox goes offline, £210 Million suspected missing
Duncan Richardson, News Editor
26 Feb 2014, 2:48 p.m.
Following MtGox’s decision to take itself offline earlier this week and halt all customer transactions, reports are circulating that up to £210 Million has been stolen due to a flaw in transaction processes. The flaw apparently allowed criminals to trick the transaction process into sending double the amount of bitcoins.
Japan’s authorities have started to investigate the company and Japan's chief cabinet minister has promised action will be taken if necessary.
CEO Mr Mark Karpeles issued a statement today to address concerns he had gone into hiding and confirmed he was “working very hard with the support of different parties" to address issues with the service, which was taken offline on Tuesday.
According to the BBC, Mr Karpeles has confirmed a report which states the theft has left MtGox insolvent is authentic
MtGox is an exchange which allowed customers to covert currency into bitcoin and vice versa. The value of each bitcoin has plummeted since the problems with the exchange came to light.