When it comes to cryptocurrency Bitcoins rule the world with emerging markets accepting them. At the same time Bitcoins have been a victim of immense criticism and a financial source for illegal activity. Recently, Mt.Gox the biggest Bitcoin trading website went down without any warnings which has caused a major stir in the market. Dealerships like Lamborghini have started accepting Bitcoins and now they have been struck with a major catastrophe.
Bitcoin Trading site Mt.Gox goes Offline
Speculations rule the world and many have surfaced when it comes to Mt.Gox. After the shutdown of Silk Road along with China and India boycotting the digital currency, Bitcoins have suffered a major blow coming down to $600 exchange rate from $1200 at one time. Rumors are flying around that Mt.Gox went offline due to insolvency and sources are claiming that Mt.Gox were finding it difficult to manage the finances. At the same time, after being offline people are claiming that 750,000 Bitcoins worth $375 million have been lost creating a fuss online.
Rumors and speculations aside, Mt.Gox has planned it all out and looks like they are coming back better than ever. Before going offline trading was disabled for users and all sorts of problems started arising. According to the site management, it was due to a technical fault and they are working on a redesigned more safer trading for its clients. A user posted couple of images on Reddit revealing the problems occurring at Mt.Gox with trades and new accounts.
The latest updates are here and Mt.Gox has denied the speculation of losing $375 million worth of Bitcoins. On the other hand, several people are giving tips to media personnel that the company has been acquired and will be re-launched under Mt.Gox.com domain name. The ultimate truth is yet to be revealed but at this time we have to settle with what we hear. We hope that the digital currency continues to grow and Mt.Gox comes back in a working condition as soon as possible.