Mt Gox shuts down taking 744,000BTC with it.

Mt Gox, one of the world’s biggest bitcoin exchanges disappears taking around US$409M with it.
btcfailIt is claimed this is a result of a hack or a security breach that netted a loss of 744,000 Bitcoins or around AUD$402M based on trading data at the time of writing.
Mt Gox had been suffering credibility issues since it has been found that the transaction system used by Mt Gox was prone to fraudulent duplicate transactions and the price per bitcoin has steadily decreased to just over US$100/BTC. Only a few hours ago, Mt Gox has gone offline and effectively ceased trading taking with it the online accounts of clients holding bitcoins with the exchange.
There was a previous hack in 2011 that Mt Gox was able to recover from where hackers managed to manipulate the Mt Gox exchange with simultaneous sell orders that sent the price crashing to zero. The CEO Mark Karpeles shut down the exchange, reimbursed the US$9M owed to traders who lost funds due to the breach but this time, the US$409M price tag was too much to recover from.
While some see this as a catastrophic failure of the digital currency, others see this as a positive step in the right direction by forcing the market to consider mechanisms for regulation to ensure that crashes of this nature are made less likely and if they do happen the ramifications of such an event is not as devastating.
For more on this story go to the Forbes article.
http://www.forbes.com/sites/cameronkeng/2014/02/25/bitcoins-mt-gox-shuts-down-loses-409200000-dollars-recovery-steps-and-taking-your-tax-losses/
Since the closure of Mt Gox, the price on other exchanges has recovered around US$100/BTC from US$430/BTC to a high of USD$528 and at the time of writing is trading at around US$484/BTC.