what's going on at Mt.Gox right now?

[blendergasket]

Mt. Gox seems really really crazy right now. I told myself I'd buy when it went below 15 and it did (waaaaay below 15 which is really bizarre in itself). I tried to buy and I'm got an error saying: "Another trade is still in progress, please retry in a few seconds" I try back and get the same error. Any idea what's going on over there?

[n0ne]

Someone's having fun deleting posts eh? 

[blendergasket]

Someone's having fun deleting posts eh? 

On this forum? Or in Mt. Gox?

Anyways, I found a couple threads about it outside the kiddypool. Seems general confusion:

http://forum.bitcoin.org/index.php?topic=19491.40
http://forum.bitcoin.org/index.php?topic=19511.0

Bizarre.

[n0ne]

Someone's having fun deleting posts eh? 

On this forum? Or in Mt. Gox?

In this thread. There was like, 4-5 posts along with mine, and they all got deleted...

[blendergasket]

That's REALLY bizarre, I didn't have it set to email notify me of posts. I guess I should have.

[BTCRedBull]

is anyone else having problems connecting to mtgox? also thif forum is going quite slow for me as well?

[Big Time Coin]

Someone sold 500k bitcoins in only 10 minutes around 11:15 AM PST, this cleared most of the orders on mtgox, sending the price from $17 to a low of about $5.50 before the selling stopped, then in the last ten minutes it is back to about $13

AND I can't get in to mtgox, it is not responding, so probably a DDoS,  the hackers are really having fun with mtgox since it got compromised and now everyone knows the security is flawed, so taking stabs at it.

[blendergasket]

is anyone else having problems connecting to mtgox? also thif forum is going quite slow for me as well?

I get a "The connection has timed out The server at mtgox.com is taking too long to respond." error. Maybe either they had a big problem and took it down, or so many people wanted in on the low price they took the whole thing down. No idea. And for this site maybe so many people trying to figure out WTF is going on over there that they're slowing it to a crawl, again, just guesses.

[fascistmuffin]

Either a DDoS is going on, or the giant traffic spike because of the amount of people trying to get coins for $0.01 caused the crash.

[Maged]

<MagicalTux> just put the system offline until I finish looking into this

By the way, understatement of the year:
<MagicalTux> holy sh*t ?

[JTaBitCoinKing]

500k you say? MTGox just cashed out.

[Clipse]

<MagicalTux> just put the system offline until I finish looking into this

By the way, understatement of the year:
<MagicalTux> holy sh*t ?

Now thats the most worrying part, he only REALISED things were going down after the 20mins of crazy shit hitting the fan?

What does he do ? sit on in a jacuzzi and smoking a blunt while his exchange just prr's along? I would expect an exchange managing such a huge volume daily would have 24/7 staff, even if just one permanent employee monitoring the exchange.

[artemm]

500k was the number floating around in the news media.  It's actually the ~24,000 BTC that was stolen from allinvain, I bet.

I saw this coming a mile away.  I had a hunch the hacker that stole that money wouldn't try to sell it off slowly because he might be identified as the thief.  Instead, he dumped it all on the market, clearing all bid orders and made the market crash.

I bet some people got some amazingly low prices in the correction, though, at the expense of those that panicked.

[Maged]

There will be a full revert. A major holder of Bitcoins was hacked. A statement is coming shortly.

[zerokwel]

hopefully someone will get his coins back

[bodkin]

As a newbie to all of this, I can't wait to see how this all plays out.

[Coin.Karma]

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.


this is information posted on the mtgox support area

[blendergasket]

There will be a full revert. A major holder of Bitcoins was hacked. A statement is coming shortly.

I guess this shows how useful the 1000 a day limit is...

[BitcoinPorn]

I dig the way this is being handled so far.

[BitCoinBytes]

http://politicalmetals.files.wordpress.com/2011/06/fc2.png

Record volume (in BTC)
http://politicalmetals.files.wordpress.com/2011/06/fc3.png

& other snap shots of the flash crash here
http://politicalmetals.com/2011/06/20/bitcoin-flash-crash/

Updated:
Data from the charts (taken from bitcoincharts.com) around the time of the flash crash has been deleted. So these screenshots will serve as a historical record that it happened.