Bitcoin Foundation blames Mt. Gox for Bitcoin’s recent nosedive

Mt. Gox, one of the largest Bitcoin exchanges in the world, claims that it has uncovered a bug that affects all transactions and needs to be addressed outside the scope of its own service. But the Bitcoin Foundation, the organization that ultimately manages the crypto-currency, sees things differently.

A problem identified by Mt. Gox as a bug in Bitcoin software is actually a longstanding technical issue Mt. Gox should have prepared for, the Bitcoin Foundation said Monday. Mt. Gox blamed problems with its currency exchange on a bug in Bitcoin’s software allowing for so-called “transaction malleability,” giving people the ability to change Bitcoin transaction details after the fact. Fraud could be the outcome and Bitcoin’s value has been on a downward spiral since Mt. Gox called out the problem Monday after suspending transactions last Friday.

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Written by Michio Hasai

Michio Hasai is a social strategist and car guy. Find him on Facebook, Twitter, and Pinterest.

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