The largest of its kind MtGox bitcoin exchange went out of business. MtGox filed for bankruptcy protection in Tokyo, Japan. The exchange served about 47% of bitcoin transactions. Now its representatives say that they need around 2.8 billion yen to pay the debts. This news could not but affected the bitcoin rate once it became publicly available. A few months ago, the crypto currency hovered above $1,000 level. Currently, it buys about $550-$570. Ahead of the MtGox collapse, the official website of the company was closed down. The users were not able to land on the page as it was blank. Some time after the company posted a message saying that all transactions had been temporarily halted. MtFox admitted it had to take such steps to protect the website and its users. In 2014, the exchange was warned of a bug due to which the users could withdraw one and the same bitcoin several times. Back then the trading was suspended, but the problem was soon fixed. However, recently a leaked document confirming indirectly that the problem is still intact surfaced on the internet. Exploiting the situation, hackers could steal about 740 thousands of bitcoins through the bug. To have a clear grasp of the situation, the Japanese law enforcement authorities and watchdogs are collecting information about MtFox.
