Bitcoin Exchange Goes Bust in Tokyo

Mt. Gox exchange has filed for bankruptcy after $425 million in Bitcoins were stolen by hackers.
3:00 | 02/28/14

Coming up in the next {{countdown}} {{countdownlbl}}

Coming up next:



Skip to this video now

Now Playing:


Related Extras
Related Videos
Video Transcript
Transcript for Bitcoin Exchange Goes Bust in Tokyo
It was -- virtual money but it is gone 425. Million dollars. Into thin air the largest record exchange declared bankruptcy in Japan today mount Cox on -- exchange based in Japan. What's hacked out of 850000. Coins and virtual currency earlier this week. Valued at near half a billion dollars. Their relations. With -- and surprise Japan's finance ministers at the currency wasn't stable and was not be accepted in enough places. But all this bad news isn't stopping the world's first actual physical -- -- exchange from means that -- Hong Kong backed currency. It's pretty popular caught a small businesses except them like any other sport -- Here at home in the united states -- some lawmakers are concerned about the coins -- with drugs and illegal purchases but fed chair Janet Yellen says. Schedule anything about it. The Federal Reserve simply does not have authority to supervise or -- too late bitcoin. In -- any way. Young said that congress. Would need to act to regulate that --

This transcript has been automatically generated and may not be 100% accurate.

{"duration":"3:00","description":"Mt. Gox exchange has filed for bankruptcy after $425 million in Bitcoins were stolen by hackers.","mediaType":"default","section":"ABCNews/Business","id":"22720645","title":"Bitcoin Exchange Goes Bust in Tokyo","url":"/Business/video/bitcoin-exchange-bust-tokyo-22720645"}