Bitcoin Forum
September 21, 2019, 01:25:14 AM *
News: If you like a topic and you see an orange "bump" link, click it. More info.
 
   Home   Help Search Login Register More  
Pages: [1] 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 »  All
  Print  
Author Topic: Mt.Gox SCAM? $38million disappeared. Large sums affected.  (Read 37705 times)
daserpent1
Sr. Member
****
Offline Offline

Activity: 440
Merit: 250



View Profile
February 06, 2014, 04:11:41 AM
Last edit: February 07, 2014, 10:21:49 AM by daserpent1
 #1

Apparently, $38million of clients' money has disappeared from mtgox. Was mtgox hacked? Or did they steal the money to keep themselves afloat?

Source :: http://falkvinge.net/2014/02/04/major-bitcoin-exchange-not-executing-withdrawals-now-owes-clients-38m-in-disappeared-money/

Mtgox support has agreed to this and say this affected only the larger transactions (ofc it did).

Mtgox support reply :: https://support.mtgox.com/entries/26128504-Update-Statement-Regarding-BTC-Withdrawal-Delays

Mtgox better come clean about this soon or the BTC price is gonna keep doing down. Fell $100 in just the past 3 hours.

New Press Release from Mtgox (dated 7th Feb 2014) ::  https://www.mtgox.com/press_release_20140207.html

Mtgox has officially stopped all withdrawals. This is not looking good. So we got all our money stuck at a japanese exchange now  Cry
1569029114
Hero Member
*
Offline Offline

Posts: 1569029114

View Profile Personal Message (Offline)

Ignore
1569029114
Reply with quote  #2

1569029114
Report to moderator
1569029114
Hero Member
*
Offline Offline

Posts: 1569029114

View Profile Personal Message (Offline)

Ignore
1569029114
Reply with quote  #2

1569029114
Report to moderator
Goat says: "Bitcoin is NOT Illegal in Thailand. There is no law against Bitcoin in Thailand!"
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1569029114
Hero Member
*
Offline Offline

Posts: 1569029114

View Profile Personal Message (Offline)

Ignore
1569029114
Reply with quote  #2

1569029114
Report to moderator
1569029114
Hero Member
*
Offline Offline

Posts: 1569029114

View Profile Personal Message (Offline)

Ignore
1569029114
Reply with quote  #2

1569029114
Report to moderator
knircky
Member
**
Offline Offline

Activity: 99
Merit: 10


View Profile
February 06, 2014, 04:23:40 AM
 #2

is this the reason for the drop in price?

Weird?

keithers
Legendary
*
Offline Offline

Activity: 1386
Merit: 1001


This is the land of wolves now & you're not a wolf


View Profile
February 06, 2014, 04:30:21 AM
 #3

I said this in another thread, but I have a bad feeling that the people at Gox have been using user's funds for themselves and only processing withdraws when there are sufficient new deposits. It was working before because such huge sums of money kept getting deposited, but its starting to pile up. Seems like it could be exactly what Ultimate Bet was doing with online poker player funds. I could be completely wrong, but something is definitely up. Claiming the site was hacked would be an easy out at first..
hellscabane
Legendary
*
Offline Offline

Activity: 896
Merit: 1000



View Profile
February 06, 2014, 04:37:12 AM
 #4

Apparently, $38million of clients' money has disappeared from mtgox. Was mtgox hacked? Or did they steal the money to keep themselves afloat?

Source :: http://falkvinge.net/2014/02/04/major-bitcoin-exchange-not-executing-withdrawals-now-owes-clients-38m-in-disappeared-money/

Mtgox support has agreed to this and say this affected only the larger transactions (ofc it did).

Mtgox support reply :: https://support.mtgox.com/entries/26128504-Update-Statement-Regarding-BTC-Withdrawal-Delays

Mtgox better come clean about this soon or the BTC price is gonna keep doing down. Fell $100 in just the past 3 hours.

I'll admit, Mt. Gox crashing isn't all that bad. At least there won't be a ridiculous spread between it and the other more liquid options. Besides, Mt. Gox needed to get smacked down in my opinion.

As for the people affected by this bull crap though. I feel bad for that; no one should have their hard-earned money toyed around with like that. I'm sure we've seen this play out last year when USD withdrawals went to a crawl. Either there is a ton of incompetence afloat or a horrendous amount of scheming about. And those are two choices that just plain sucks...
RandyMagnum
Sr. Member
****
Offline Offline

Activity: 664
Merit: 250



View Profile
February 06, 2014, 04:51:30 AM
 #5

Quote
It seems very likely to me that for some reason Mark K is not able to work on his codebase anymore, and isn't able to resolve bugs in a timely manner, leaving his support staff to try and clean up the mess by making horrible hacks like "throw away and retry later". The question in my mind then becomes - where is Mark and what is he doing?  - Mike Hearn

https://bitcoinfoundation.org/forum/index.php?/topic/700-mtgox-insolvency/
BittBurger
Hero Member
*****
Offline Offline

Activity: 882
Merit: 1000


View Profile
February 06, 2014, 05:05:16 AM
 #6

I said this in another thread, but I have a bad feeling that the people at Gox have been using user's funds for themselves and only processing withdraws when there are sufficient new deposits. It was working before because such huge sums of money kept getting deposited, but its starting to pile up. Seems like it could be exactly what Ultimate Bet was doing with online poker player funds. I could be completely wrong, but something is definitely up. Claiming the site was hacked would be an easy out at first..
Soon after they had their accounts seized and were seriously short on money, a friend of mine simply lost all his coins out of his online wallet there.  No explanation, no refund, nothing.  Just gone.  About $2,000 worth at the time (25 BTC).

Bitcoin's true purpose defined in Satoshi's message on the Genesis Block:
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"
View it on the Blockchain | Genesis Block Newspaper Copies
gollum
Sr. Member
****
Offline Offline

Activity: 434
Merit: 250


In Hashrate We Trust!


View Profile
February 06, 2014, 05:17:27 AM
 #7

Seems like MtGox is the "Lehman Brothers" of the bitcoin world.
My analysis points out that BTC/USD might crash down to $100

seriouscoin
Hero Member
*****
Offline Offline

Activity: 658
Merit: 500


View Profile
February 06, 2014, 05:19:26 AM
 #8

Seems like MtGox is the "Lehman Brothers" of the bitcoin world.
My analysis points out that BTC/USD might crash down to $100



What software is this? care to share?

gollum
Sr. Member
****
Offline Offline

Activity: 434
Merit: 250


In Hashrate We Trust!


View Profile
February 06, 2014, 05:20:41 AM
 #9

Seems like MtGox is the "Lehman Brothers" of the bitcoin world.
My analysis points out that BTC/USD might crash down to $100



What software is this? care to share?


Here you are:
https://www.tradingview.com/e/?symbol=MTGOX%3ABTCUSD#
CompNsci
Sr. Member
****
Offline Offline

Activity: 328
Merit: 253


View Profile
February 06, 2014, 05:29:41 AM
 #10

This is curious. Just posted a number of withdrawals of various amounts. The first two smaller ones (<=1.0 BTC) went through quickly and immediately appeared on the blockchain.

Subsequent withdrawals, whether larger or smaller, have failed to appear, despite Mt. Gox producing a transaction hash and emailing it to me.

The long term history of their behavior has been honest, but it appears there is something seriously wrong with the their BTC withdrawal code.

Comment #27 on the article at falvinge.net (http://falkvinge.net/2014/02/04/major-bitcoin-exchange-not-executing-withdrawals-now-owes-clients-38m-in-disappeared-money/) seems to point to a race condition in their withdrawal code, creating transactions which attempt to double spend the same outputs. This can apparently be verified on Mt. Gox's api for their transactions.

This would point toward another technical glitch, rather than fraud.
homerzhu
Full Member
***
Offline Offline

Activity: 160
Merit: 100



View Profile
February 06, 2014, 05:30:21 AM
 #11

is it true?
bryant.coleman
Legendary
*
Offline Offline

Activity: 2212
Merit: 1036


LiveCoin - is a modern stock exchange


View Profile
February 06, 2014, 05:32:48 AM
 #12

BTC vs USD exchange rates are currently on a free-fall..... So something serious is going on...

█████████▄           ▄█
▀██▄         ██
▀██▄    ▄▄ ██
▀███ ███ ██
█████████▄        ▀▀ ██
▀██▄      ▄▄ ██
▄█████████ ███ ██
▄██▀          ▀▀ ██
████
█▀            ▄▄ ██
▄██ ███ ██
▄██▀   ▀▀ ██
▄██▀        ██
███████████▀          ▀█




▄▄█
█████
█████
█████
█████
█████

█████

█████

█████


▄▄█
█████
█████
█████
█████
█████
█████
█████

█████

█████

█████
▄▄█
█████
█████
█████
█████
█████
█████
█████
█████
█████

█████

█████

█████
█▄           ▄█████████
██         ▄██▀
██ ▄▄    ▄██▀
██ ███ ███▀
██ ▀▀        ▄█████████
██ ▄▄      ▄██▀
██ ███ █████████▄
██ ▀▀          ▀██▄
██ ▄▄            ▀█████
██ ███ ██▄
██ ▀▀   ▀██▄
██        ▀██▄
█▀          ▀███████████
Holliday
Legendary
*
Offline Offline

Activity: 1120
Merit: 1006



View Profile
February 06, 2014, 05:34:18 AM
 #13

How long is MtGox going to be a scab on the face of Bitcoin?

Stop using MtGox people. That was obvious in 2011...

If you aren't the sole controller of your private keys, you don't have any bitcoins.
CryptoVortex
Newbie
*
Offline Offline

Activity: 34
Merit: 0


View Profile
February 06, 2014, 05:39:45 AM
 #14

is this the reason for the drop in price?

Weird?
It does seem to be the reason for the drop in price.  Whether the price should drop is not so clear to me, though.  Previously, when Gox only blocked fiat withdrawals, it was obvious that the USD/BTC price should be higher there than on other exchanges.  The bitcoin there were worth just as much, but a "dollar" on Gox was worth less than a real dollar.  However, if both the denominator and the numerator are going to zero, then what is a fair exchange rate between "Gox dollars" and "Gox bitcoin"?

Personally, if I had not abandoned Gox a year ago after they embezzled from me, I would be buying bitcoin there.  Although neither fiat nor bitcoin withdrawals are working as they should now, it's much still much more likely that you'll be able to get your bitcoin out of there than that they'll pay you in fiat.  If anything, I would think that this news should be causing a spike in the price at Gox.  Expect the volatility to keep rising there if they don't resolve this soon.

If this does turn out to be just a massive technical glitch, then the main effect will be to slightly reduce faith in bitcoin generally and thus drive the price down at all exchanges.  On the other hand, it will certainly drive even more people away from Gox, which can only be good for the bitcoin community in the long run, IMHO.
gog1
Hero Member
*****
Offline Offline

Activity: 756
Merit: 500


View Profile
February 06, 2014, 05:45:04 AM
 #15

BTC vs USD exchange rates are currently on a free-fall..... So something serious is going on...

gox had been acting as a hard cap on prices on all other exchanges, I suppose when people realize that it is not possible to withdraw btc from gox, they'll completely ignore their trades.
daserpent1
Sr. Member
****
Offline Offline

Activity: 440
Merit: 250



View Profile
February 06, 2014, 05:52:00 AM
 #16

I just tried to withdraw my bitcoins and they haven't even shown up in the blockchain yet  Undecided Been more than an hour now.

Mtgox can't stop withdrawals as and when they wish. It is our coins! We decide when to withdraw.  Angry Angry
ymer
Sr. Member
****
Offline Offline

Activity: 308
Merit: 250



View Profile
February 06, 2014, 05:56:28 AM
 #17

I just tried to withdraw my bitcoins and they haven't even shown up in the blockchain yet  Undecided Been more than an hour now.

Mtgox can't stop withdrawals as and when they wish. It is our coins! We decide when to withdraw.  Angry Angry

I'm afraid that your coins have already been spent  Embarrassed
JakeGold
Member
**
Offline Offline

Activity: 96
Merit: 10



View Profile
February 06, 2014, 05:58:24 AM
 #18

Mtgox can't stop withdrawals as and when they wish. It is our coins! We decide when to withdraw.  Angry Angry

Gox: Teaching people the hard way.
daserpent1
Sr. Member
****
Offline Offline

Activity: 440
Merit: 250



View Profile
February 06, 2014, 05:59:06 AM
 #19

I just tried to withdraw my bitcoins and they haven't even shown up in the blockchain yet  Undecided Been more than an hour now.

Mtgox can't stop withdrawals as and when they wish. It is our coins! We decide when to withdraw.  Angry Angry

I'm afraid that your coins have already been spent  Embarrassed

Well, all i can do is wait and wait and wait i guess
bbit
Legendary
*
Offline Offline

Activity: 1330
Merit: 1000


Bitcoin


View Profile
February 06, 2014, 06:02:33 AM
 #20

I just tried to withdraw my bitcoins and they haven't even shown up in the blockchain yet  Undecided Been more than an hour now.

Mtgox can't stop withdrawals as and when they wish. It is our coins! We decide when to withdraw.  Angry Angry

I'm afraid that your coins have already been spent  Embarrassed

Well, all i can do is wait and wait and wait i guess
I've been saying this for months insolvency means taking everyones coins with them......all your coins are mine...

anyone who needs to blow a load because you lost a ton of money check out my sig below  Grin


           █████████████████     ████████
          █████████████████     ████████
         █████████████████     ████████
        █████████████████     ████████
       ████████              ████████
      ████████              ████████
     ████████     ███████  ████████     ████████
    ████████     █████████████████     ████████
   ████████     █████████████████     ████████
  ████████     █████████████████     ████████
 ████████     █████████████████     ████████
████████     ████████  ███████     ████████
            ████████              ████████
           ████████              ████████
          ████████     █████████████████
         ████████     █████████████████
        ████████     █████████████████
       ████████     █████████████████
▄▄
██
██
██
██
██
██
██
██
██
██     
██
██
▬▬ THE LARGEST & MOST TRUSTED ▬▬
      BITCOIN SPORTSBOOK     
   ▄▄
██
██
██
██
██
██
██
██
██
██     
██
██
             ▄▄▄▄▀▀▀▀▄
     ▄▄▄▄▀▀▀▀        ▀▄▄▄▄           
▄▀▀▀▀                 █   ▀▀▀▀▀▀▀▄▄
█                    ▀▄          █
 █   ▀▌     ██▄        █          █               
 ▀▄        ▐████▄       █        █
  █        ███████▄     ▀▄       █
   █      ▐████▄█████████████████████▄
   ▀▄     ███████▀                  ▀██
    █      ▀█████    ▄▄        ▄▄    ██
     █       ▀███   ████      ████   ██
     ▀▄        ██    ▀▀        ▀▀    ██
      █        ██        ▄██▄        ██
       █       ██        ▀██▀        ██
       ▀▄      ██    ▄▄        ▄▄    ██
        █      ██   ████      ████   ██
         █▄▄▄▄▀██    ▀▀        ▀▀    ██
               ██▄                  ▄██
                ▀████████████████████▀




  CASINO  ●  DICE  ●  POKER   
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
   24 hour Customer Support   

▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
Pages: [1] 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!