Topic: What was behind the june 2011 crash? (Read 385 times)
You have been misinformed. Mt. Gox, the largest Bitcoin exchange, was hacked in June 2011, and the hacker fraudulently sold a large number of bitcoins that didn't belong to him, driving the price on Mt. Gox down to $0.01. But none of these fraudulent trades were actually executed, and Mt. Gox did not execute any trades below $8 in June, and the price on all other exchanges was totally unaffected. However, the incident did trigger a (real) crash that slowly brought the price down to a much less ridiculous low of about $2 in November.
In june 2011 the bitcoin dropped to almost zero in value i've learned. But is it in aftertime known what caused this crash? And was there any volume on trades at that redicilous low price?
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