Bitcoin exchange giant MtGox goes offline

MtGox, one of the top Bitcoin Exchanges has reportedly gone offline following technical issues.

The exchange had recently halted all customer withdrawals of the digital currency after it spotted "unusual activity", resulting in a sharp decline in the value of Bitcoin.

The news comes as a setback for backers of Bitcoin, who have been pushing for greater adoption of the currency, the BBC reported.

A statement was posted on the MtGox website on Tuesday that said that in the event of recent news reports and the potential repercussions on MtGox's operations and the market, a decision was taken to close all transactions for the time being in order to protect the site and its users.

The statement further read that the exchange would be closely monitoring the situation and will react accordingly.

Meanwhile, following the move, a joint statement was issued by six other major Bitcoin exchanges distancing themselves from MtGox.