[video] Bitcoin Prices Slide as MtGox Halts Withdrawals
NEW YORK (TheStreet) -- TheStreet's Brittany Umar discusses problems with the bitcoin technology. The price of the current technology continues to fall on Monday after exchange MtGox halted withdrawals.
The price of bitcoin continues to fall on Monday after Tokyo-based bitcoin exchange MtGox said the virtual currency contains a bug that allows for fraud.
MtGox said the bug causes problems when customers try to make transactions from a MtGox bitcoin wallet to an external bitcoin address. The exchange said the bug makes it appear that the transfer did not go through, which can prompt multiple transfers unintentionally on behalf of the sender.
The exchange halted bitcoin withdrawals over the weekend as the issue was investigated. The exchange said on Monday that withdrawals would not be allowed to resume until the issue has been properly addressed.
The price of bitcoin traded around $681 at the time of the announcement and fell to $572 within about an hour, according to CoinDesk.
In New York, I'm Brittany Umar for TheStreet.
-- Written by Brittany Umar in New York.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV