📉💥 Bitcoin: A Rollercoaster Ride Through Market Crashes and Attacks!

In 2014, a significant event shook the Bitcoin world, leading to a market crash. This event is widely known as the MtGox collapse. 🏦💔

MtGox, a Japanese cryptocurrency exchange that handled the majority of Bitcoin trades at the time, fell victim to a flaw in Bitcoin known as “transaction malleability”. This flaw enabled an attacker to alter the transaction ID of a Bitcoin transaction without the sender’s consent. 😱💸

In MtGox’s scenario, the site was expecting transactions to appear in the public ledger under the specific transaction ID it had recorded. When those transactions didn’t appear – because the attacker had edited the ID – the attacker could then claim that the transaction had failed, and the system would automatically retry, initiating a second transaction and sending out more bitcoins. 😵💰

This issue led to the loss of over £200m worth of assets. The sharp sell-off was largely attributed to security issues at MtGox. With Bitcoin losing about 99% of its value in a few days, Bitcoin’s June 2011 flash crash became a significant part of Bitcoin history. 📉📚

Moreover, on February 10, 2014, the BTC-e bitcoin exchange rate plummeted by over $500, crashing from $620 to $102 in seconds, and then rebounding within two minutes. This crash was the result of what appears to be a single person selling at least 6,000 bitcoins significantly below the market price. 📊⏱️

So, whether you’re a crypto enthusiast or just someone who enjoys a good story, remember: Bitcoin’s journey is a testament to the volatile and unpredictable nature of cryptocurrencies! 🎢💫

$BTC #BullorBear #BinanceLaunchpool #Nonfarm #BitcoinAwareness

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Source:

theguardian.com

cointelegraph.com

en.bitcoin.it