A technical glitch discovered last week by Mt. Gox, which caused the Bitcoin exchange to suspend certain withdrawals, sent Bitcoin’s value plummeting Monday morning.
The glitch makes it possible for someone using the Bitcoin network to alter transaction details to make it appear as if Bitcoins were not sent to an external Bitcoin address when they actually were, Mt. Gox said. The transaction looks as if it did not proceed correctly and therefore, Bitcoins may be resent. Mt. Gox is working with the Bitcoin core development team to resolve the issue.
The exchange said that the problem is not limited to MtGox and affects all transactions in which Bitcoins are sent to a third party. Mt. Gox advised the Bitcoin community to be very cautious with anyone claiming their transaction did not go through. The exchange also noted that this glitch will affect any other cryptocurrency using the same transactions scheme as Bitcoin.
Once the news broke, the virtual currency’s value crashed on Mt. Gox, falling from just under US$700 to just above US$500 Monday morning. They have since rebounded back above US$600. Its value was over US$800 before Mt. Gox suspended withdrawals last week.
Mt. Gox is still allowing transfers to Mt. Gox Bitcoin addresses and currency withdrawals.
Today CGI and GTNews have announced the launch of the fifth annual Transaction Banking survey report, which offers which offers critical insight into the corporate-to-bank relationship.
On-Demand Treasury Management Solutions continue to gain increased adoption in the US and EMEA regions.
Treasurers are being expected to do more work with fewer resources than ever before, so it is little wonder that the automation of day-to-day operations was highly discussed on the second day of EuroFinance, the annual treasury event held in Barcelona this week.
Chicago based Treasury Management System (TMS) vendor GTreasury and Sydney based risk and treasury management vendor Visual Risk have joined forces in a strategic alliance to ... read more