Investing and Global Finance News

Bitcoin Development May Mean the End of Digital Currency

MtGox, the online home of what was one of the largest Bitcoin exchanges, was left blank yesterday morning. The unavailable content revealed that the exchange is on the verge of collapse- in fact, a number of Bitcoin companies stated that MtGox intended to file for bankruptcy after an apparent major theft and technical problems.

The site later posted this message: “In light of recent news reports and the potential repercussions on MtGox’s operations and the market, a decision was taken to close all transactions for the time being in order to protect the site and our users. We will be closely monitoring the situation and will react accordingly.”

The company has allegedly lost more than 744,00 Bitcoins to theft.

The shocking turn of events has many doubting the future of virtual currency. Learn more with Yahoo! News and Reuters:

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