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Author Topic: Sold 0.008 btc for over 11,000 USD at mtgox [Updated]  (Read 9986 times)
Xiong Zhuang
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August 01, 2011, 06:15:56 PM
 #61

Xiong Zhuang, I can tell you now that you will not see a penny of that withdrawal since its mostly manually processed and specially after the stuffup.

What may happen is that you would lose that money (you clearly wanted to run with it) and probably have your account locked on mtgox.

We won't lock the account, as nothing was lost. It is an interesting way of showing things. We did a fuck up with this update that didn't go right (we did a dozen during the past month and it's the first update causing a major problem, we have found why and modified the procedures to make sure it won't happen again).

Anyway in this case Xiong Zhuang told us exactly how to get the funds back (cancelling the LR withdraw, thru crediting $2000 to his account, solving the negative balance and setting everything right). There is nothing else for us to do here.

We are auditing any account which got a negative balance following that bug. Yes, Dwolla can be reversed, and yes, we will ask for reversal if someone shows an intent to be evil. AML limits on withdraws prevent us from losing any significant amount, anyway.


Don't tell me that you won't cancel my LR withdraw if I didn't post this topic. If that I will hate myself badly.
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August 01, 2011, 06:45:20 PM
 #62

We won't lock the account, as nothing was lost. It is an interesting way of showing things. We did a fuck up with this update that didn't go right (we did a dozen during the past month and it's the first update causing a major problem, we have found why and modified the procedures to make sure it won't happen again).

Anyway in this case Xiong Zhuang told us exactly how to get the funds back (cancelling the LR withdraw, thru crediting $2000 to his account, solving the negative balance and setting everything right). There is nothing else for us to do here.

We are auditing any account which got a negative balance following that bug. Yes, Dwolla can be reversed, and yes, we will ask for reversal if someone shows an intent to be evil. AML limits on withdraws prevent us from losing any significant amount, anyway.

What if someone had tried that moment to convert his millions of USD into some Bitcoins and immediately withdrew them out of MtGox? Even if 100 BTC would be the limit, its still some money ...

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August 01, 2011, 07:13:05 PM
 #63

What if someone had tried that moment to convert his millions of USD into some Bitcoins and immediately withdrew them out of MtGox? Even if 100 BTC would be the limit, its still some money ...

Say what? Convert his USD into bitcoins ? the price per bitcoin went up which means he would have ended up with worthless bitcoins since he paid $11 000 per bitcoin lol

Dont think you quite understood the issue that occured, people got $11 000 per bitcoin thus if you sold bitcoins you could try jippo the system but obviously would get caught and if you bought bitcoins you got screwed out of money from the mtgox system and not real USD from user wallets(which also got correct)

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August 01, 2011, 10:37:07 PM
 #64

At that time, my account got about 5 million USD accounted from some small BTC sale. Later, the MtGox ticker showed price at 14.10 USD per BTC. So, theoretically, I could buy plenty of BTC ... If I wanted.

Perhaps, MtGox had same safety blockage applied. But if not, anyone could rip the BTC out of it.

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August 01, 2011, 11:22:23 PM
 #65

At that time, my account got about 5 million USD accounted from some small BTC sale. Later, the MtGox ticker showed price at 14.10 USD per BTC. So, theoretically, I could buy plenty of BTC ... If I wanted.

Perhaps, MtGox had same safety blockage applied. But if not, anyone could rip the BTC out of it.


They picked up the issue as soon as it happened, you would have had to do the trading to BTC and withdrawing it within a few seconds at best.

Remember, as they patched and looked at system the issue occurred thus they could shutdown trading immediately.

...In the land of the stale, the man with one share is king... >> Clipse

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August 02, 2011, 03:56:03 PM
 #66

Damn. And I'd had a standing sell order at $5 million, too. Unfortunately I canceled it a while back...

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