đđ„ 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. đŠđ
MtGox, a Japanese cryptocurrency exchange that handled the majority of Bitcoin trades at the time, fell victim to a flaw in Bitcoin known as âtransaction malleabilityâ. This flaw enabled an attacker to alter the transaction ID of a Bitcoin transaction without the senderâs consent. đ±đž
In MtGoxâs scenario, the site was expecting transactions to appear in the public ledger under the specific transaction ID it had recorded. When those transactions didnât appear â because the attacker had edited the ID â 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. đ”đ°
This issue led to the loss of over ÂŁ200m 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, Bitcoinâs June 2011 flash crash became a significant part of Bitcoin history. đđ
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. đâ±ïž
So, whether youâre a crypto enthusiast or just someone who enjoys a good story, remember: Bitcoinâs journey is a testament to the volatile and unpredictable nature of cryptocurrencies! đąđ«
$BTC #BullorBear #BinanceLaunchpool #Nonfarm #BitcoinAwareness
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Source:
theguardian.com
cointelegraph.com
en.bitcoin.it