As interest has surged in Bitcoin, platforms that support the digital currency have been hit by damaging cyberattacks this week. Mt. Gox, a Tokyo-based exchange that claims to handle more than 70% of all Bitcoin trades, said in a statement on Thursday that it had been hit by a massive Distributed Denial of Service attack. In a DDoS attack, hackers direct a giant traffic surge to their target, overwhelming the site's servers and making it hard for legitimate users to gain access.Read more »
Bitcoin sounds like something from science fiction: A purely digital currency, created by an anonymous hacker, that operates outside the world's traditional banking systems. The four-year-old currency is very real, though, and it's trading an all-time high, tripling in value in the last two months alone. One bitcoin is was worth about $40 U.S. dollars on Tuesday, and surged on Wednesday to nearly $49. That's up from around $13 in January, and 5 cents in 2010, according to Mt. Gox, the bitcoin market's main exchange.Read more »
The world's leading Bitcoin exchange, Mt. Gox, has announced a partnership with the Silicon Valley startup Coinlab. Under the agreement, Coinlab will handle Mt. Gox's American operations, which account for a large majority of the exchange's business. The transition will occur on March 22. CoinLab raised half a million dollars of venture capital last year. At the time, the firm was touting a scheme to exchange bitcoins for currency in games such as World of Warcraft and Second Life. Taking over Mt.Read more »
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