Bitcoin Just Completely Crashed & Causing Massive Sell Off

A bug in the bitcoin software that makes it possible to alter transaction details over the network has caused panic-selling among holders of the crypto-currency, sending prices crashing below the $600 mark on Monday morning.

Japan-based bitcoin exchange MT Gox last week suspended bitcoin transactions while it investigated technical problems that had emerged during an increase in withdrawal requests.

In an update today, the exchange says a bug in the bitcoin software makes it possible for someone to use the network to alter transaction details to make it seem like a sending of coins to a wallet did not occur when in fact it did occur. Since the transaction appears as if it has not proceeded correctly, the bitcoins may be resent.

MT Gox says it is working with the Bitcoin core development team and others to mitigate this issue.

http://www.finextra.com/news/fullstory.aspx?newsitemid=25707&topic=retail

 

 

I guess there’s always Coinye

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Back to the party!

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