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Author Topic: Transfer of 2.2M bitcoins on day of Mt. Gox crash?  (Read 625 times)
mpfrank
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June 21, 2011, 02:52:27 PM
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Hi, does anyone know how to explain this transfer of 2.2 million BTC (a third of all Bitcoins in existence) which happened the day of the Mt. Gox crash?

http://blockexplorer.com/block/00000000000010b2b2d886ece5ef9ec089139dddb3a6f35cca6c56c5b371d4b9

The only thing I can think of is that Mt. Gox moved their entire stash of customers' coins to a new account for safety in case their wallet.dat got stolen by the hacker...

Thanks for any insights,
-Mike

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SomeoneWeird
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June 21, 2011, 03:01:23 PM
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Hi, does anyone know how to explain this transfer of 2.2 million BTC (a third of all Bitcoins in existence) which happened the day of the Mt. Gox crash?

http://blockexplorer.com/block/00000000000010b2b2d886ece5ef9ec089139dddb3a6f35cca6c56c5b371d4b9

The only thing I can think of is that Mt. Gox moved their entire stash of customers' coins to a new account for safety in case their wallet.dat got stolen by the hacker...

Thanks for any insights,
-Mike

Pretty sure that's exactly what happened.
gatsby
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June 21, 2011, 03:05:35 PM
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Mark (MagicalTux) said during an interview on OnlyOneTV that this was the case, that he backed up the Mt. Gox wallet in these transactions.

I think he could alleviate a lot of our concern if he would just prove that he still has ownership of these funds. This should be pretty easy to prove by publishing a receive address an hour or two in advance of a transfer. Can somebody with full forum access post on the Bitcoin Discussion board asking for Mt. Gox to prove that they're still in possession of the funds in this manner? It should be entirely in their best interest to do so.
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June 21, 2011, 03:07:05 PM
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That's not actually a 2.2M bitcoin transfer. It's an account with 382 thousand bitcoins sending them off in chunks of 5000 at a time. Because of the way Block Explorer works, many of the coins are being counted multiple times.

The transactions are supposedly Mt Gox's customers' funds being moved to new accounts for safety, though.

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