MtGox btc price > 1.3 million per bitcoin

[Gabriel Beal]

Decimal error?

[server]

mtgox hacked again

Mt. Gox system update troubles

Mark Karpeles
posted this on Aug-01 02:08

[Update - 9:20 am GMT]

On July 31 we tried to update to a multi-currency trading engine we’ve been working on in tandem with our new backend that was launched on June 26th. Unfortunately, when this change was implemented we ran into some unforeseen issues. Namely, when we tried to stop the trade engine while doing the update, it was somehow able to resume. As a result, some trades were executed for erroneous amounts and various users received large amounts of USD

Once the error had become apparent the trade engine was immediately disabled and all trades that were executed with artificially inflated values were cancelled. Some users were able to trade using up to 100,000 times their actual funds.

After the trade engine issue was resolved the order book contained data from both unaffected trades and erroneous trades.. We concluded that the best course of action would be to clear the the order book and reprocess all of the orders by date. This was the reason for the experienced trading anomalies.

Trading is now active and we believe that all issues with the trade system have now been rectified.

We sincerely apologize for any inconvenience this may have caused.

[pandemic]

I'd sell for that. They could even have my miner.

[Gabriel Beal]

And me with all my bitcoins locked away at mybitcoin.com.

[elggawf]

Yeah, I'd say they got owned again..

My MtGox balance: $1,044,646

brb dwolla.

[tulkos]

aww so the 11mil USD in my account isn't real ? 

[Oldminer]

Data's gone to shit (all ask's have been removed) and feed was dead for 10 mins just before this huge buy up....hmmm....

Corrupted data for symbol mtgoxUSD, skipping
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['\t\t\t© bitcoincharts.com']
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Updating mtgoxUSD 1312117334

[RandyMarsh]

hahaha Gox city.

look at this:
http://mtgoxlive.com/orders

and this:
http://bitcoin.clarkmoody.com/order-book/



Another roll back on the books? maybe this is all a scheme to get our fees back down to 0.0%

[elggawf]

Data's gone to shit (all ask's have been removed) and feed was dead for 10 mins just before this huge buy up....hmmm....

Yeah the order book is mostly blank.

On the bright side if MtGox goes under, I think you can reprogram the Yubikeys they sent out to do other things, so if they can't recover from this I spent about 0.7BTC on a discount Yubikey.

[Tronlet]

Lowest Ask Price is 0... Time to buy!

[jackjack]

I just withdrew all I have there...

[bitbot]

everyone SELL!!!

[RogerR]

Buy orders in the book: [13.25151,13327782.007139], ..., [13.51431,269472.84879473], ..., [13.619,123456], ..., [13.69,2039983.4342746]

Anybody got some $100+ million left for me to spend? Or maybe you feel like helping out ease the US budget crisis?

[Tasty Champa]

DAMNIT!

they just fixed it before I could capture a full screenshot.
argh!
that was awesome.

[molecular]

this should explain a lot. It's likely a bug and will be rolled back.

[jackjack]

hahaha Gox city.

look at this:
http://mtgoxlive.com/orders

and this:
http://bitcoin.clarkmoody.com/order-book/



Another roll back on the books? maybe this is all a scheme to get our fees back down to 0.0%

They CAN'T do that
They already killed the market for 2 months, it's really enough

[bitbot]

so if someone withdrew the money into dwolla and sent it to their bank they can keep it right?

[RandyMarsh]

this should explain a lot. It's likely a bug and will be rolled back.

son of a

[Tasty Champa]

that's strange my buy order is still in but I don't see it anywhere.

bitcoinity looks all messed up like someone just dumped in 500 million dollars.

[elggawf]

so if someone withdrew the money into dwolla and sent it to their bank they can keep it right?

Not really... it's a grey area.

[Tasty Champa]

someone would get ninjas sent after them for that.

[bitbot]

well if someone were to transfer money to dwolla it would have already gotten into dwolla...mtgox cant get it back from dwolla

[Tasty Champa]

I'm assuming a fail safe happened, the whole auto shutdown if something really weird happened.

[elggawf]

well if someone were to transfer money to dwolla it would have already gotten into dwolla...mtgox cant get it back from dwolla

I think recent history has shown that's an incorrect assertion, and besides which if you took it by exploiting a system glitch they could always sue you to get it back anyway (and $1m USD is more than enough to make that worthwhile).

[Tasty Champa]

well if someone were to transfer money to dwolla it would have already gotten into dwolla...mtgox cant get it back from dwolla

but they can, dwolla monitors mt gox transfers quite diligently.

[qwk]

so if someone withdrew the money into dwolla and sent it to their bank they can keep it right?

Not really... it's a grey area.

It's not even a grey area. You can't keep money you "made" because of a technical error, a criminal offence, not even a human error. It's not yours legally.

[bitbot]

they can't sue me I am using a fake bank account overseas and playing through a proxy computer :p

[kiko]

Bid is now showing 14.08, ask 13.15! Did Mark pull the order matching/execution?

[Andris]

As long as I can get my legitimate money out of the system. I don't care to be out ~$2k because of bugs : /

[Bigpiggy01]

This is just SO not cool 

[joe82]

Congs Ruxum!
Nice foking move.

im closing account at Ruxum, and i think every fair person should do it.

[RandyMarsh]

Congs Ruxum!
Nice foking move.

im closing account at Ruxum, and i think every fair person should do it.

What?

[Jack of Diamonds]

They likely wont let those be cashed out,

same thing happened with the last rollback, I had $500k in the balance but the requests were denied, and BTC buys were frozen so that you couldn't abuse it

Anyway, they gave everyone a free Yubikey because of the bugs

[phorensic]

[aquabit]

Magical Tux should post here ASAP so we know he is aware of the problem.

[elggawf]

Looks like we're back, my balances are starting to look more sane.

[FXRiot]

http://i15.photobucket.com/albums/a361/SpecOp9/wtf.gif

[Andris]

Did anyone else actually sell a fraction of a coin?

Either that or it's a bug that happened on my sell.

[phantomcircuit]

Rollback MAN HES A ROLLBACK MANNNNN


http://www.youtube.com/v/sPBsfGb3ASo?version=3&amp;hl=en_US

[qikaifu]

Now we can't contact the owner of Mtgox. that's the sad results of no phone number left on website.

[Bitman_Begins]

LOL! We're all DOOMED!... wtf....happens...next??  

[elggawf]

Did anyone else actually sell a fraction of a coin?

Either that or it's a bug that happened on my sell.

It looks like they're just cancelling all the trades that went through... I got back my BTC that had sold for the ~$1M and successfully withdrew it.

[bitbot]

I somehow sold one coin

[Andris]

No, I actually sold .31 of a coin during this mess.

I got 99.69 back out of 100, and made a few bucks.

[jackjack]

It looks fix'd

[caston]

I didn't get any trades through as I was looking at porn when it happened. Just went to withdraw my BTC a about 15 mins ago and waiting with bated breath for it to confirm. I hope no one has been able to withdraw anything that wasn't rightfully theirs.

Looks like coins are going for a slight premium at the moment.

[Andris]

I didn't get any trades through as I was looking at porn when it happened. Just went to withdraw my BTC a about 15 mins ago and waiting with bated breath for it to confirm. I hope no was has been able to withdraw anything that wasn't rightfully theirs.

My account is exactly what it should be, for what it's worth.

[tysat]

I didn't get any trades through as I was looking at porn when it happened. Just went to withdraw my BTC a about 15 mins ago and waiting with bated breath for it to confirm. I hope no was has been able to withdraw anything that wasn't rightfully theirs.

I was able to pull my BTC out, wanted to make sure I had access to the bitcoin if the site went down again for a few days.

[mikegogulski]

this should explain a lot. It's likely a bug and will be rolled back.

Dude, you got jacked for like $50k in fees! *gulp*

[elggawf]

Dude, you got jacked for like $50k in fees! *gulp*

For $50k in fees from a single user in a single day, you'd think MtGox could afford to pay someone to fix this bug, amirite?

[caston]

Dude, you got jacked for like $50k in fees! *gulp*

For $50k in fees from a single user in a single day, you'd think MtGox could afford to pay someone to fix this bug, amirite?

I think they are going fire Ben Bernanke and give his job to Mark now.

[John (John K.)]

Oh dang, I was trasferring my btc into mtgox when this happened! Any chances of my btc drowning in the void now??

[tysat]

Oh dang, I was trasferring my btc into mtgox when this happened! Any chances of my btc drowning in the void now??

I think you'll be alright, pretty sure they only reversed transactions.

[caston]

Yeah I had .7 appear in my account which I had transferred before the mess started. I promptly transferred it out again.

I know this whole thing sucks but I can see a silver lining as I had bought at $14 and was losing money not sure if I should hold or sell. I guess now I'm holding for good.

[John (John K.)]

Getting 0/Unconfirmed still  Sucks 

[elggawf]

Getting 0/Unconfirmed still  Sucks 

It's probably not MtGox's fault - their transfers to me were quite quick, but Block #138967 is taking an agonizingly long time. It'll be okay.

[John (John K.)]

Getting 0/Unconfirmed still  Sucks 

It's probably not MtGox's fault - their transfers to me were quite quick, but Block #138967 is taking an agonizingly long time. It'll be okay.

Whew, that's good to hear  . I've problems with mtgox lately so I think I'm a bit paranoid 

[tysat]

Getting 0/Unconfirmed still  Sucks 

Bad timing?  Seems to be unlucky block generation.  I transferred mine maybe 40-50 minutes ago and only have 2 confirmations.

[kiwiasian]

We just went from 14.9 to 13.5 in less than an hour

[BobPanda]

We just went from 14.9 to 13.5 in less than an hour

but we came from 12.X before. 

[John (John K.)]

Massive deflatation I'd call it

[elggawf]

Whew, that's good to hear  . I've problems with mtgox lately so I think I'm a bit paranoid 

Network just got another block - did your transactions get in?

[John (John K.)]

Whew, 1/confirmed  . Now just waiting for mtgox to acknowledge em 

[bitbot]

did anyone have a ridiculous low buy order in case what happened last time happened again?

if so did you withdraw the coins

[RandyMarsh]

We just went from 14.9 to 13.5 in less than an hour

huh? thats just not true?

[elggawf]

did anyone have a ridiculous low buy order in case what happened last time happened again?

if so did you withdraw the coins

I don't think that would have helped - this wasn't a crash, this was an artificial skyrocket (due to bug or hax, nothing's been confirmed on these forums yet). The only way someone would have been able to get coins out is if they realized they had a bunch of USD, bought as many coins as they could with it (it looks like when this happened the trade server crashed because the asks and bids were overlapping so it's doubtful that could have happened) and then immediately transferred them out.

[DutchBrat]

My Sell of 32 BTC @ 13.95$ is still in my account history... coins are gone and money is still on my account.....

[caston]

Whew, 1/confirmed  . Now just waiting for mtgox to acknowledge em 

Mine finished confirming OK. Glad I got them out but there was a window after the glitch where I could have sold at a profit as I had bought for $14.

[dub0matic]

serves you people right you shouldve learned from the first hack not to use MtG.
like you didnt see this happening after the whole dwolla crap.
but look TdH is still going strong

[kiwiasian]

serves you people right you shouldve learned from the first hack not to use MtG.
like you didnt see this happening after the whole dwolla crap.
but look TdH is still going strong

Tradehill doesn't do Dwolla anymore.

[caston]

serves you people right you shouldve learned from the first hack not to use MtG.
like you didnt see this happening after the whole dwolla crap.
but look TdH is still going strong

Well has anyone lost money out of this? Other than Mark perhaps?

I haven't really made any money out of bitcoin but I've learned a lot about myself and had one hell of an adventure!

[muyoso]

My Sell of 32 BTC @ 13.95$ is still in my account history... coins are gone and money is still on my account.....

My sell of 7.6 BTC @ 14.3 never executed.  WTF.

[elggawf]

My sell of 7.6 BTC @ 14.3 never executed.  WTF.

It probably executed @ ~$1.37M instead, which was then promptly rolled back because that money probably never actually existed and it was just a system error.

[RandyMarsh]

My Sell of 32 BTC @ 13.95$ is still in my account history... coins are gone and money is still on my account.....

My sell of 7.6 BTC @ 14.3 never executed.  WTF.

https://mtgox.com/trade/history

The last remotely legitimate trade was at 14.1989$

[muyoso]

https://mtgox.com/trade/history

The last remotely legitimate trade was at 14.1989$

DAMNIT.  My luck.   Originally had the coins selling at 14.19 but greedily upped it a bit.

[caston]

https://mtgox.com/trade/history

The last remotely legitimate trade was at 14.1989$

DAMNIT.  My luck.   Originally had the coins selling at 14.19 but greedily upped it a bit.

Might turn out to be for the best for all we know there could be a rally in a few hours.

[Tasty Champa]

I need it to drop to 9.

[kiba]

did anyone have a ridiculous low buy order in case what happened last time happened again?

if so did you withdraw the coins

Like this?

http://bitcoinweekly.com/comics/bitcoin-selloff

[Phinnaeus Gage]

I need it to drop to 9.

Why to you want to sell at 9, when you can make more money at 10?

[Vandroiy]

Okay... any official statement on this?

Was any fake money withdrawn? Where does the nonsense come from? Or is this just a successful troll raid timed with an unlikely buy order of around 20k BTC?

I don't see any of the insane spikes people claim to have come by.

[eyal]

it was probably some kind of a wormwhole bug which caused MtGox to display the USD exchange-rate from some day in the future. With the realistic possibility of a US default, we could actually see it happens sooner than later.

[evoorhees]

it was probably some kind of a wormwhole bug which caused MtGox to display the USD exchange-rate from some day in the future. With the realistic possibility of a US default, we could actually see it happens sooner than later.

LOL that's the best explanation yet.

[neofutur]

Now we can't contact the owner of Mtgox. that's the sad results of no phone number left on website.

260 people contacted the owner of mtgox on the official #mgox  support IRC channel and had immediate answers from MagicalTux

 If you had a phone number to contact us , you d have useless answers from an underpaid offshore call center employee ( and you would probably pay more fees to pay a useless call center in india ).

 mtgox support is by email and realtime on IRC , channel #mtgox, server chat.freenode.net

 this was a bug after a database upgrade to support multi-currencies soon.
 Eveything is back to normal now.

 an official communication will soon come.

[MagicalTux]

an official communication will soon come.

It came:

https://support.mtgox.com/entries/20323996-mt-gox-system-update-troubles

[RandyMarsh]

As such, trades in the order book continued to execute during the upgrade.

Does this mean that you intended to freeze all trading during the upgrade?


Why not have scheduled downtime for this kind of upgrade and/or maintenance?

[Tasty Champa]

anyone think this means we might be able to purchase different currency?
...It gets interesting. 

[apetersson]

human errors happen - was caught and repaired

communication was good in realtime and also afterwards more "official".

but for FSM sake - GET A PROPER TEST/STAGING SYSTEM *and test rollouts under load* before doing this in production

[Cluster2k]

If nothing else, this Mt Gox bug allowed me to sell bitcoins at way above the recent average price.  The trades were not wound back.  Bots reacted to the erroneous price and raised their bids, allowing human traders to take advantage.  Just one of the dangers of letting bots roam free.

[caston]

anyone think this means we might be able to purchase different currency?
...It gets interesting. 

NMC perhaps?

[TiagoTiago]

So this time people actually profited instead of loosing money?

[RandyMarsh]

Bots reacted to the erroneous price and raised their bids

ah that makes sense, and 19k bitcoins changed hands because of it  what a mess

[makomk]

If nothing else, this Mt Gox bug allowed me to sell bitcoins at way above the recent average price.  The trades were not wound back.  Bots reacted to the erroneous price and raised their bids, allowing human traders to take advantage.  Just one of the dangers of letting bots roam free.

Of letting them roam free on an unregulated marketplace that can give completely bogus pricing information and has no rules on how to handle this, anyway.

[Chick]

Damn it, you guys are too slow! I would have cashed out to dwolla by now!

[d.james]

It will take YEARS to withdraw 7million USD from Gox, with the $1000 daily withdraw limit.

[bigb159]

And yet another one who would rather exchange in any currency but the USD. It ain't looking good for the Uncle.

[Jack of Diamonds]

It will take YEARS to withdraw 7million USD from Gox, with the $1000 daily withdraw limit.

The $1k per day is not a hard limit.

It can be raised to 10k or more if you send in personal identification to Mark/Tibanne.

[Crazy]

Suspend trading during upgrades, for fucks sake.

[dub0matic]

does anyone know how long it takes for your deposit to show up