First Meta Bitcoin Exchange has been the latest Bitcoin Exchange to close its doors. Canada-based Flexcoin was forced to shut down, stating that someone attacked its systems and stole circa $600,000 worth
of Bitcoin. In this case it seems that the CEO of the company Autumn Radtke was found dead in her apartment this month.
This is only shortly after Japan-based MtGox Bitcoin exchange filed for bankruptcy protection. A flaw in the exchanges software meant that
850,000 Bitcoins were stolen worth about $429 million.
What effect has this had on Bitcoin and Litecoin prices. Well as expected prices have dropped. But at the same time I’m glad to see the back of MtGox. As with any banking system if they don’t have adequate security in place and
are not running penetration tests then we are better off without them. I do feel sorry though for some of the clients. Some claim to have lost over £200,000 worth of Bitcoin Exchange. Ouch.
Since the MtGox collapse we have seen a rebound for LTC and now we can move on. I don’t see these exchange
collapses as a problem. After all the problems were not down to the Bitcoin protocol. They were down to lack of
security and flawed code at the exchange.
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