The MtGox bitcoin exchange, formerly the worlds largest crypto currency exchange officially filed for bankruptcy protection on Thursday. This announcement comes only days after the exchange went offline due to technical troubles that prevented customers from making transfers. Some reports say that the site went down after a reported $350 million in bitcoins was stolen due to a security glitch.
This news has created downward price pressures on bitcoin to the extent that it's now trading for a little over half of its all time high of $1000 in November 2013. Only time will tell if bitcoin can hold up to these events.
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