This is... anticlimatic.

For the moment.

My eyes !!!


I can't see anymore!

Now MtGox redirect to this:

The bitcoin will be back to around 17.5$/BTC after we rollback all trades that have happened after the huge Bitcoin sale that happened on June 20th near 3:00am (JST).

Service should be back by June 20th 10:00am (JST, 01:00am GMT) with all the trades reversed and accounts available.

One account with a lot of coins was compromised and whoever stole it (using a HK based IP to login) first sold all the coins in there, to buy those again just after, and then tried to withdraw the coins. The $1000/day withdraw limit was active for this account and the hacker could only get out with $1000 worth of coins.

Apart from this no account was compromised, and nothing was lost. Due to the large impact this had on the Bitcoin market, we will rollback every trade which happened since the big sale, and ensure this account is secure before opening access again.

Nope, if I'm not mistaken MtGox works so that it will fill your order from the highest bid to the lowest, meaning that the first bitcoins have been sold to a price close to the price before the fall, then a little lower, than a little lower, until 0.01 BTC. I doubt someone sold 230,000 BTC for real, more likely that it just a sale big enough to start a chain reaction of the various buy/sell orders outstanding and the ones controlled by robots.

Then once the price has dipped to ~0, if the same guy initiating the sell place a buy order at, say, 15$/BTC for the same amount that has started the dip it will find himself with the same amount of BTC as the starting point, and a lot of $ more...

WOW. That was... instructive.

According to the data I managed to scrape from Mt.Gox before it went down, about 230.000 bitcoin were sold during the dip, with about 1.300.000 dollars being made in the process.

Don't have data from the subsequent rise, but I think there has been a loud  "KA-CHING" from somewhere around the world.

Hi, I would just like to comment to the market crash on mtgox, trying to figure what happened myself.

I have been lurking the forum for a week or so, just nothing to contribute until now