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Author Topic: mtgox hack confirmed  (Read 4718 times)
jhansen858 (OP)
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June 19, 2011, 07:11:28 PM
 #1

This just in from mtgox

Huge Bitcoin sell off due to a compromised account - rollback

Mark Karpeles
posted this on Jun-20 04:07

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.

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Bazil
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June 19, 2011, 07:15:14 PM
 #2

wow

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June 19, 2011, 07:15:36 PM
 #3

So he got away with $1000 worth of BTC at $0.01 per coin?  ouch
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June 19, 2011, 07:16:59 PM
 #4

This also confirms that someone has 500k BTC in his mtgox account and he is most likely the person behind constant price manipulation on Bitcoin market.
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June 19, 2011, 07:17:16 PM
 #5

I'm pretty sure it's extremely easy to look for all withdraws on the compromised account and talk to the processor that is handling it and get it cancelled.  This is easy peesy stuff to do.  

Mtgox is doing a great job in this situation.

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June 19, 2011, 07:17:31 PM
 #6

well if it was rolled back then it wouldn't be at 1 cent per coin.  Probably just about 100 coins worth.

That guy who owned that many coins better get smart..
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June 19, 2011, 07:17:39 PM
 #7

it's really a big account.

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jhansen858 (OP)
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June 19, 2011, 07:19:37 PM
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I wonder who has the balls to keep that much $$ in an online account ($7.5 million)


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June 19, 2011, 07:20:47 PM
 #9

Bitter-Sweet.

I was a little excited about my $2.00 emergency buy order that was filled during all of this.
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June 19, 2011, 07:22:40 PM
 #10

I expect they did not sell all the BTC at $0.01, they just sold such a large amount that they went through every buyer (including me) all the way down to $0.01.  Every single buy order from the current price at that time all the way down to the bottom was filled before the sell order was complete.  Therefore they would have made a lot more than $1000 on the first BTC they sold...

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
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June 19, 2011, 07:24:13 PM
 #11

This also confirms that someone has 500k BTC in his mtgox account and he is most likely the person behind constant price manipulation on Bitcoin market.

250k, but it's really neat that you think this, with no points of proof whatsoever. Cute, really.
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June 19, 2011, 07:26:21 PM
 #12

This also confirms that someone has 500k BTC in his mtgox account and he is most likely the person behind constant price manipulation on Bitcoin market.

Wait a minute. Where did the 500K btc number come from?
darvil
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June 19, 2011, 07:27:40 PM
 #13

This thread title is misleading.

mtgox itself wasn't hacked.  It was just a whale account that was.
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June 19, 2011, 07:27:54 PM
 #14

I'm pretty sure it's extremely easy to look for all withdraws on the compromised account and talk to the processor that is handling it and get it cancelled.  This is easy peesy stuff to do.  

Mtgox is doing a great job in this situation.

Not if he sent it in bitcoins, but I have a feeling the price had already recovered to ten bucks or so by the time he tried to withdraw so he couldn't make off with that much.

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June 19, 2011, 07:28:14 PM
 #15

Mtgox is doing a great job in this situation.

1++

bitmessage:BM-2D9c1oAbkVo96zDhTZ2jV6RXzQ9VG3A6f1​
threema:HXUAMT96
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June 19, 2011, 07:29:23 PM
 #16

Sounds like MTGOX  is getting things taken care of. Positive news.
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June 19, 2011, 07:30:16 PM
 #17

I was worrying so much that i decided to stop worrying and played a few games of COD, and everything sorted itsself out  Cool

Stan?! STAN?!?!
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June 19, 2011, 07:31:40 PM
 #18

If you have money on Tradehill it is time to buy bitcoins. You just heard from MTGOX that they will reset the price  at over 17. Good luck
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June 19, 2011, 07:34:27 PM
 #19

Ok, have to admit they did handle it quite well if this is true. But what happen with all the coins that people managed to withdraw? Find it hard to believe only the hacker managed to do it in time. Or did they block withdraw funds really fast?


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jhansen858 (OP)
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June 19, 2011, 07:35:34 PM
 #20

On the real stock market in this situation, trading would be suspended...I think mtgox and tradehill should look into this...  The massive carnage could be avoided.

http://en.wikipedia.org/wiki/Trading_halt

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