Japanese reports blame collapse of the company on hackers overloading the website
- Bitcoin exchange MtGox ‘faced 150,000 hack attacks every second’ (Telegraph, March 9, 2014):
Troubled Bitcoin exchange MtGox was reportedly attacked 150,000 times per second by hackers in the days leading up to its collapse last month.
The Tokyo-based exchange, which filed for bankruptcy protection in February, was hit with crippling distributed denial-of-service (DDoS) attacks, according to the Yomiuri Shimbun newspaper.
During DDoS attacks, hackers take control of multiple computers to send a flood of data to the target, causing servers to crash and making websites unavailable.
Lawyers for MtGox said that during the attacks, which lasted for several days, 750,000 Bitcoins belonging to customers were stolen, worth an estimated $575m (£344m).