Bitcoin Plunges In Value As Hackers Spook Market


The unpredictable progress of Bitcoin hit another downward spiral as more crooked dealings were revealed.

Bitcoin hit a two-year high of around $775 just a few days ago and then plunged by 25% after a major exchange went offline after an attack by hackers.

Investor confidence was badly shaken when an estimated $50 million of the virtual currency was siphoned from platform Decentralized Autonomous Organization (DAO).

The DAO funds projects with Bitcoin.

The organisation has gone offline while software engineers identify and rectify security flaws in the system, which is not directly linked to the Bitcoin blockchain database.

Cyber attack on exchange

“The cyber-attack was identified and we had to stop trading temporarily,” said spokesman Vitalik Buterin.

Efforts are underway to try to recover investor funds from the hacker.

Several online Bitcoin repositories or exchanges have lost millions of dollars in funds either to hackers or internal frauds.

The ability of criminals to target Bitcoin despite blockchain security has seriously affected the value of the virtual currency.

Another trader, Bitfinex also stopped trading this week claiming

Read more ... source: TheBitcoinNews

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  • Garbage In Garbage Out

    The DAO funds projects with Bitcoin you say. Pigs fly and Steven Wilson uses women’s bathrooms.