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[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.  

VIDEO TRANSCRIPT:

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.

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