Bitcoin Forum

This is one of the things that came to my mind yesterday, as soon as I read that in Reddit.

Possible reconstruction of events...

1. Bitstamp notices the hack
2. Sells at the prevailing price.
3. Price goes down...

4. Announces it. Suspends service.
5. Buys them back at cheaper price? (happening right now?)


Explains why price is refusing to go down.

Motives:
Partial recovery of loss.
Protecting Bitcoin from bigger crash.


Or it could the hacker manipulating the market?

Before bitstamp suspend, the price is only $260 zone, so strange

I think a simpler explanation is probably the most likely. They got hacked, suspended service, insider trading before or after? Maybe.. I do not think this is Gox 2.0. But there is absolutely no way to know yet.

I think you might be right OP. Whether they sold and it blamed it on thieves or they were actually hacked and the looters sold it at any price they got and it could be the reason for the price drop.

Crash has nothing to do with bitstamp.

Other than you being short and talking your book, do you have any reason to suggest otherwise? Occam's razor would suggest you are wrong.

We were bound to have a big move around january 2-3 (I clearly posted it and timed it in advance). Price structure that took weeks to build clearly showed it. Basic stuff, nothing fancy. When it was time, china decided down. Dumps escalated. Panic ensued.
As always, the sell-off started with china (Okcoin and Huobi) while bitstamp and bitfinex were pretty much dead.
Business as usual.

You have to explain to me why chinese would have insider information regarding bitstamp while nobody on western exchanges was trading during the first sell-offs.

Before accusing others of "talking their book", you should learn more TA.
This drop was predictable, I and others predicted it but I was surprised that it started 2 days earlier than expected.

Coming from the master book talker himself that is quite a statement. How many of the last bubbles did you predict with TA?

Well, if the price goes up, every bull can shout "I predicted so." and it is so the other way round too.

I am really suspicious about this. Price shouldn't be showing an upward trend now..

I thought about that too. An other explanation would be the hackers are selling the BTC they stole or some people knew about the hack and were selling because they knew the price would go down.

Bitstamp suspended service haven't made any chaos right now
But, if no news / they have to closed, i'm sure that will make crash bitcoin price :(

And luckily we still have a lot of big exchanger this time, not like when MtGox trading system down / MtGox hacked down

You could be right about Bitstamp buying cheap coins now, but they didn't crash it down.
China happened. Huge amounts were dumped on BTC-China, OKCoin and Huobi.

Maybe Chinese hacker stole them bitstamp coins and dumped on Chinese exchanges...

bitstamp hacked issues didn't change too much the btc scene, only a small dump happened for that

But if the hacker suddenly gains so much btc wouldn't it logical that they will find a way to immediately dump and sell it off regardless of the price? Which could also explains why the sudden drop. I don't know. On another note, I would also like to know the actual time that the hack happened and then look back at the graph to understand better.

The hacked bitcoins are here and not dumped yet: https://blockchain.info/address/1L2JsXHPMYuAa9ugvHGLwkdstCPUDemNCf

The hacker is likely to start tumbling them, to prepare an amount for sale on localbitcoins. He might HODL a large % though.

Give us a break ffs.

That nose dive was always on the cards...been on the cards for weeks.....now it either grinds down further or bounces weakly, before grinding down further.

Instawallet was the best way to anonymize your bitcoins. Too bad they had poor security.

http://pastebin.com/2SDMXVk1

Gorilla Squad.

Have fun tracking them down!

I dont think so, the price should down

Until someone signs a message with that address, I'm not believing anyone.

Hard to tell, really.. If it's under their control. ONLY they will be able to sign it. Not even Bitstamp will be able to.. Key has been encrypted.

That's what I'm saying. If it's the hacker taking credit and selling, he/she should at least prove ownership by signing.

I get you.. I don't think they would want to. Something will brew with these coins. I will sit back and catch the action. Sucks for Bit, but they had a weak security, as we can all see!

TWO THINGS:

1: INSIDE JOB

OR

2: HACKED

Or a combination of both.

True.

Either way.. Sucks for them. Lucky for the guy that nabbed it. Next time bump the security. Hell especially for MILLIONS $$$!!!!!! I would kill someone. I already lost 12 with MOOLAHPALSCAM. I wouldn't sleep with 18K gone.

Hopefully they can recover from a 19,000 BTC loss if they were not fragile before.