Mt. Gox- Worlds Largest Bitcoin Exchange - 25/02/2014

Tuesday, February 25, 2014 one of the largest Bitcoin exchanges in the world was hacked and 744,408 BTC (bitcoins) went missing, which is equivalent to $350 million dollars at todays trading prices.MtGox publicly declared that "transaction malleability" was the reason behind the theft and reportedly the hackers went undetected for over 2 years. It has been reported they hackers detected a weakness in the "hot wallet" This is not the first time Mt. Gox has been hacked. In 2011 the exchange was also infiltrated by hackers. Last year the U.S. authorities seized $5 million of the company's U.S. assets. Mt. Gox has suspended all withdrawals and has shutdown its website.