The Bitcoin Collapse: Can Hackers Save Their Favorite Currency?

The Bitcoin Collapse: Can Hackers Save Their Favorite Currency?

A catastrophic hack shuttered the world’s largest Bitcoin marketplace Sunday in a security breach that exposed hundreds of accounts and led to the theft of approximately $8.75 million worth of the virtual money. Bitcoin is an anonymous, digital currency that catapulted in value thanks to heavy media coverage in May and June, and coupled with the heist of $500,000 worth of Bitcoin currency last week, this latest megaheist of is a hyperbolic example of how unstable the market has become. As Megan McArdle notes over at The Atlantic, “This spate of bad news and volatility leaves many wondering if this is the beginning of the end for the Bitcoin movement.”