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News Link • Bitcoin

Biggest Bitcoin Exchange OKCoin Suffers Cyber Attack; Price Plummets

• Cointelegraph

Due to an increasing number of complaints on bitcoin forums and panels including and Bitcoin Reddit, OKCoin, which processes almost 40% of all bitcoin trades, announced to its users:

"OKCoin is currently suffering from malicious cyber attacks and as a result, some services may be suspended, Sorry for the inconvenience."

Approximately at 3 AM users begin experiencing problems with the server and fail to access their accounts. Based on the BTC/CNY chart below, the bitcoin price begins to decline gradually around this time, and plummets at 6:30 AM when OKCoin announced to its users that some of its services have been suspended.

For a few straight hours, users were unable to withdraw or deposit funds while watching the bitcoin price fall by 9.24% percent. As a result, some users have requested the exchange to set a bitcoin bounty to catch the hackers behind the cyber attack and help resolve server issues as soon as possible.

2 Comments in Response to

Comment by Ed Price
Entered on:

Bitcoin is entirely secure and stable. All that happened was that the fiat USD rose a little in value with regard to Bitcoin.

If fiat were as tiny as Bitcoin is in the field of money, it couldn't even hold a candle to the strength of Bitcoin. Yet Bitcoin, tiny as it is, is already a threat to fiat.

Comment by Dave Phemid
Entered on:

Ha, Ha, Ha!!! All of those involved in this Bit Coin scam kept saying that Bit Coin is secure.....Bull Chit!!!! There is nothing secure. If you want to put your finances in the Glodalist's hands, you don't have a brain. This crap needs to be stopped NOW!!!

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