2014 has not been kind to the Bitcoin. If you’re uncertain about how this digital currency works, feel free to refer to this info-graphic for help. Sad to say, yet another Bitcoin service must shut its door thanks to a heist of 896 bitcoins – roughly $620,000 worth. Unable to function as a result of the loss, Flexcoin is signing off, but not before making its customers whole. Luckily the attack did not reach its offline storage.
Not nearly as devistating to the Bitcoin economy as Mt. Gox, the Flexcoin shutdown is another blow to an ecosystem that’s facing growing doubts from governments and economists. According to a Flexcoin statement, the company “will attempt to work with law enforcement to trace the source of the hack,” but judging by the preemptive shutdown, they do not seem optimistic about recovering the funds. Many seem to think that this sort of thing is going to keep happening, rendering the currency unusable.