A newly-revealed flaw in the Bitcoin network has sent prices of the cryptocurrency plunging worldwide.
The problem was identified by the developer team behind Mt. Gox, the coin exchange which has been dealing with its own design flaws.
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The flaw relates to an issue in how the Bitcoin network identifies completed transactions, CoinDesk reported on Feb. 10. Theoretically, a user could make it seem as if a transaction had not been sent, allowing them to make a transfer twice, or “double spend,” from their wallet.
“Since the transaction appears as if it has not proceeded correctly, the bitcoins may be re-sent. Mt. Gox is working with the Bitcoin core development team and others to mitigate this issue,” the Mt. Gox team said in a statement.
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