Was the recent price spike due to hacked accounts?

[zby]

As users may have been aware of, the Bitcoin Forum (https://bitcointalk.org/ - independent of Mt.Gox) has been the target of various attacks during the past few days.

As a result of this event, some of the Bitcoin Forum users` accounts may have been compromised.  Subsequently, some of the information have been used to conduct unauthorized orders, resulting in unusually high trade activities.  

Link: https://support.mtgox.com/entries/20433652-resolved-outage-11804-unexecuted-trades - it is not clear if it was the massive buy orders that originated from the hacked accounts -  but it looks likely.  It is also possible that the other anomalies observed were a result of the admins work.

[Sekioh]

No.

If you read what you linked, the red was 'normal activity' the blue spikes are the hacked trades, which seem to be barely touching any of the market if this is truthful.

[zby]

As shown in the graph below, the orders according to the red line have been executed.  However, all orders below and above the red line reflect the unusual activities within the last 12 hours.

This is the exact wording (and this is what I read) - they don't actually say the red line was 'normal activity' (as you apparently read it) - only that these were the trades that were executed and that the rest were 'unusual'.  But even if we interpret it your way - the coincidence would still be suspicious.  All of this is rather foggy - but yeah - it's not unusual for mtgox.

[Serge]

one of my buy orders at $5.8 yesterday was reversed last night

[Minsc]

one of my buy orders at $5.8 yesterday was reversed last night

How does Gox reverse a buy order if you buy and then withdraw coins right away?

[rebuilder]

How does Gox reverse a buy order if you buy and then withdraw coins right away?

Either they don't, or they pay out of their own pocket to do it.

[Serge]

one of my buy orders at $5.8 yesterday was reversed last night

How does Gox reverse a buy order if you buy and then withdraw coins right away?

I didn't withdraw right away, but i assume they would put in negative balance for w/e amount is due if you withdraw right away
thing is by my records i already sold those btc's (I had balance in BTC and USD and trades on both sides), I keep record what i purchase and sale and after reversal had to adjust my positions, good thing I've spotted it early or it could have put me in bad position where I would do a sale counting those coins in which were pulled out.

this is the message in my account history
"Cancel trade: Invalid trade matching (BTC bought: [tid:xxxxxxxxxxxxxxxx] XXXX BTC at $5.80000)" with refund amount


Something definitely out of ordinary was happening at mtgox yesterday

[Sekioh]

As shown in the graph below, the orders according to the red line have been executed.  However, all orders below and above the red line reflect the unusual activities within the last 12 hours.

This is the exact wording (and this is what I read) - they don't actually say the red line was 'normal activity' (as you apparently read it) - only that these were the trades that were executed and that the rest were 'unusual'.  But even if we interpret it your way - the coincidence would still be suspicious.  All of this is rather foggy - but yeah - it's not unusual for mtgox.

I may have misread that that way, but still, doesn't seem right that if it was a single person or single group that they would do many flip trades like that. If anything you'd just straight dump them on market fill and it'd be a single steep line going right up and down, not a steady 'move' and jitter at a certain price range.

[heatherk]

One of my accounts appears to be locked, but I never did anything wrong. I'm in contact, but was this from the SA attack? Did they really manage to hack accounts? If they can read my private messages why would they think I was involved? My on/off bf has an account here--I'm so worried and confused.

[mp420]

Rumor has it MtGox has been even more seriously compromised:

https://bitcointalk.org/index.php?topic=43678.0

If there's anything at all to it, the prudent thing for MtGox to do would be to halt all trading, require e-mail confirmation of all withdrawals and close the whole exchange down until this breach has been thoroughly investigated.

[ElectricMucus]

Rumor has it MtGox has been even more seriously compromised:

https://bitcointalk.org/index.php?topic=43678.0

If there's anything at all to it, the prudent thing for MtGox to do would be to halt all trading, require e-mail confirmation of all withdrawals and close the whole exchange down until this breach has been thoroughly investigated.

This isn't in mtgox interest though. They aren't generating revenue for the time trading is halted and would most likely loose their position as #1 exchange afterwards. This could happen nevertheless from the current outlook.

[Revalin]

This isn't in mtgox interest though. They aren't generating revenue for the time trading is halted and would most likely loose their position as #1 exchange afterwards. This could happen nevertheless from the current outlook.

I thought so too in June, but they picked up right where they left off.  They didn't earn anything on trades during that time, but it certainly doesn't appear their customer base fled.