A fatal blow to bitcoin?

The shutdown of bitcoin exchange Mt Gox overnight, amid huge theft claims, is an undeniable reminder that without greater oversight and transparency users can place little trust in cryptocurrencies.

Cryptocurrency bitcoin has been touted as the ‘world’s safest currency’ by its large band of supporters. Overnight, that illusion was shattered, as its former leading exchange – Mt Gox – went offline, seemingly never to return given reports of a sizeable theft and possible insolvency.

The news has the potential to bring the digital currency to its knees.

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