Another Bitcoin Exchange Shuts Down

Gola Yashu | March 18, 2015 | 1:00 pm

Another Bitcoin Exchange Shuts Down

Gola Yashu | March 18, 2015 | 1:00 pm

Just when the cryptocurrency industry thought that the market is already stabilizing, another bitcoin exchange shut down recently. AllCrypt.com announced on its website that it is “down for a bit” but attempts are still being made to revive the site.

The bitcoin exchange has been down since Monday morning and the note on the page adds that owners are not sure if there’s anything that can be done to bring it back up. This has driven bitcoin prices a bit lower in the start of the week, as threats of security have once again haunted the cryptocurrency.

Bitcoin Exchange Losses

Currently, AllCrypt.com holds 42 BTC in its wallet, with 30 belonging to users and 12 owned by the company. Other online reports suggest that the site could be down for the rest of the month.

On its bitcoin exchange support site, AllCrypt.com mentions that users can still earn coins from referrals. However, the link to any user’s account page doesn’t open a valid page.

When the company was launched around a year ago, it claimed that it values privacy, security, and transparency. By the looks of it, the security on the bitcoin exchange and website hasn’t been upheld.

At that time, it was the only bitcoin exchange to sign all of its emails with its public bitcoin address to make emails phish-proof. “We’re working with other organizations to develop proof of solvency while protecting our users privacy,” the posting stated.

The company has surmised that the website has been down because of “some apparent exploit in WordPress” but it is unclear if the matter has already been resolved. This has brought back a cloud of doubt on the cryptocurrency industry, which has been vulnerable to hacking incidents in the past.

While the bitcoin blockchain offers a promising innovation to financial transactions as a public ledger of cryptocurrency exchanges, the sensitivity of bitcoin websites and exchanges to online attacks still puts the existence and value of the bitcoin in question.

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