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On June 19, 2011, the MtGox database was hacked. User data, containing information on 60,000 logins, email addresses, and password hashes, some of which were too simple and susceptible to brute-force attacks, was leaked.
On the same day, someone managed to gain access to MtGox's admin panel and place sell orders for hundreds of thousands of fake bitcoin, causing the price on MtGox to drop from $17.51 per bitcoin to $0.01. Mt.Gox announced that these trades would be reversed.
Trading on MtGox was halted for 7 days. Trading was also briefly suspended on TradeHill and Britcoin while their security was checked.