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Bitcoin Hacked: Price Stumbles After Buying Frenzy


Uncertainty over other currencies, turmoil in Cyprus and media interest are just some of the reasons commentators are citing for the 360 percent rise in bitcoin prices over the last month. The frenzied interest in bitcoins piled over onto the social media site Twitter and led to a spike in Google searches on the topic.

(Read More: What Is Bitcoin?)

But by Thursday morning bitcoin prices had fallen to $132 from Wednesday's record price of $147.

The most popular bitcoin exchange, Tokyo-based Mt.Gox announced overnight that it had been the victim of a hacking attack after experiencing a severe lag with its systems. The complications meant the price quickly sank to below $115 before regaining ground to $130 by 6.00 a.m. London time on Thursday, according to

(Read More: Bitcoin Bubble: How 'Geeks' Sent Prices Parabolic)

"There are many who will try to take advantage of the system. The past few days were a reminder of this sad truth," it said in a press release on its Facebook site.

The exchange blamed a type of hacking attack called a distributed denial-of-service attack (DDoS). 

1 Comments in Response to

Comment by Ed Price
Entered on:

Why would a hacker hack Bitcoin? A hacker has to be a pretty smart person to be able to hack at all. And a pretty smart person would have a desire to promote something like Bitcoin, unless he were working for the banking system and Government, that is. Mt.Gox is heavily protected against hackers. So, it would take the best of them to pull off DDoS on them.

Just to show you what the U.S. Government is doing to people, how they  are watching people, consider the 13 public root servers, the big computer centers around the world that handle the routing of most of the Internet communications -

Sometime, set your Internet connection up so that you can go through these different servers to test their speed and connectivity. They all have their good days, and they all have their bad days. But it seems that the ones in the United States are the slowest, indicating that they are quietly re-routing your Internet requests just to spy on you. The one in the Netherlands - probably the most free - along with those in France and Britain, are probably the fastest.

So, which Governments are free? Or which have the best technology that they are using against their own people?

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