BY | February 16, 2014

It was looking the best investment before the end of the last year, but now it is going down. Bitcoin price down due to Bitcoin exchange glitch. Drug site Silk Road wiped out.

Bitcoin has been a victim of hackers. After exploiting the glitch, the hackers ran away with $2.7 million. The customers are devastated and since then efforts are on to understand the complex system and chink that was used by the hackers.

The Silk Road, the revived online black market, has divulged detailed info about how it all happened on the virtual world. It was on Thursday that website’s underground anonymous administrator spilled the beans. Attackers easily carried funds the company held in escrow.

The role of Silk Road is complex. It serves as a middleman between buyers and sellers. And during deal it is responsible for temporarily holding on to funds in its own accounts. And when the stealing happened a statement was issued by the site’s administration, known as Defcon—somebody with no proper indentify.

“I am sweating as I write this. Hackers took advantage of the flaw in Bitcoin…” That was not the end of the story. He further wrote: “I failed you as a leader and am completely devastated by today’s discoveries.”Following this incident Silk Road has been temporarily shut down. Also, credibility of Bitcoin has taken a beating. Moreover, the effort to make it popular too has been hit hard. Many enthusiasts will think twice before parking the funds in the virtual world.

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