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World’s largest Bitcoin exchange Mt. Gox Shuts Down; CEO quits Bitcoin Foundation

World’s largest Bitcoin exchange Mt. Gox Shuts Down
World’s largest Bitcoin exchange Mt. Gox has shut down its website, withdrawal system, deleted its Twitter feed and halted all trading systems after it detected "unusual activity."

The Bitcoin Foundation, a Bitcoin advocacy group, confirmed that Mark Karpeles, the chief executive of Tokyo-based Mt. Gox bitcoin exchange has resigned from the board of the Bitcoin Foundation. This comes just days after the exchange gave an update regarding the technical issues.

Last week, Mt. Gox said a technical glitch that had forced the exchange to suspend bitcoin withdrawals for a week. They discovered the transaction falsification glitch and same flaw alleged to have been used to steal all of the bitcoins worth about $2.7 million from Silk Road 2.0.

Later, some sources close to the matter have confirmed that more than 700,000 bitcoins are indeed missing from MtGox records, in a 'slow-leak' hack that went on for years. The repeated technical glitches over the past several months caused the Shut down of the biggest Bitcoin Industry.

Bitcoin companies 'Coinbase, Blockchain.info, Circle, Kraken, Bitstamp, and BTC China' have issued a joint statement regarding MtGox.
"This tragic violation of the trust of users of Mt.Gox was the result of one company’s abhorrent actions and does not reflect the resilience or value of bitcoin and the digital currency industry. There are hundreds of trustworthy and responsible companies involved in bitcoin. These companies will continue to build the future of money by making bitcoin more secure and easy to use for consumers and merchants." "We strongly believe in transparent, thoughtful, and comprehensive consumer protection measures. We pledge to lead the way."
MtGox has also deleted its entire Twitter feed, which is nearly unprecedented. Late last week, Bitcoin prices dropped to the lowest they have been since June, by $300 and currently, the value on MtGox is swinging between $300 and $500.

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