The closure of the world’s biggest Bitcoin exchange after an apparent loss of $350m will not damage the cryptocurrency in the long term, an expert believes.
Mt. Gox was today pulled offline for at least a month after the discovery that hackers had taken advantage of a flaw to steal 744,408 bitcoins from people’s digital wallets, according to an apparent leaked document.
The lost coins amount to around 6% of the overall 12.4m bitcoins currently in circulation, and the news has rocked the Bitcoin community, precipitating a drop in the total value of the digital currency from its January-high of $14.5bn to just $6.9bn.
But the co-founder of Elliptic Vault, the world’s first insured cold storage service for Bitcoin, insisted the cryptocurrency will recover.