Anybody with a bitcoin sell order just got wiped out!

[buryfarmer]

Somebody just dumped an enormous amount of bitcoins on the mt gox exchange.
So anyone who had sell orders will have automatically sold there bitcoins at a bargain price probably to the person who just crashed the market.

[1713921566]

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[DamienBlack]

I think you mean buy order.

[hashme]

OMG! Incredible BTC!!

[jjiimm_64]

I think you have it backwards.....  everybodies BUY order just got filled...  it would have to go up for everyones sell order to get filled.

[hashme]

It looks like MtGox is stopped now

[buryfarmer]

Yeah I did get it wrong.
I was thinking that mt gox allowed stop loss sell orders but they don't.
in most other types of trading you can have sell orders at prices lower than the current market price.
This just goes to show that stop losses are needed to keep the price more stable.

[hashme]

StopLoss orders may be implemented by your own robot or... MtGox v2 

[Tijs]

I'm probably not the only one frantically refreshing mtgox, but for who isn't: They have just put up a statement.

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.

[kicir]

great!

thanks again MtGox, fortunately the attacker was only compromising one account and couldn't withdraw more than 1000$

maybe MtGox should consider dynamic and static market shutdown limits?

like any other standard stock market, if prices fall or rise way too abruptly all trading should be automatically suspended

[hashme]

http://blockexplorer.com/address/1KLahQtqDNAXvrjNyfvgSBtAhwco5ZxLp4    432109 BTC sent to 2 addresses

[EricSU]

http://blockexplorer.com/address/1KLahQtqDNAXvrjNyfvgSBtAhwco5ZxLp4    432109 BTC sent to 2 addresses

Likely person with 432k BTC sent 32.11BTC to someone, and the change is sent to the other address.