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Author Topic: [2018-07-25]Rogue Employee Mined 500K Bitcoins in 2011  (Read 36 times)
vit05
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July 25, 2018, 08:41:12 PM
 #1

he CEO of Russian e-payments firm Qiwi said Wednesday that in 2011, an employee used its payment terminals to mine 500,000 bitcoins.

CEO Sergey Solonin told the story while speaking to students at the Moscow Advanced Communications School. Solonin – whose company has thrown its weight behind the Russian government's work with blockchain and launched its own blockchain subsidiary in March of last year – said the experience was what first introduced him to the concept, according to a transcript published on the website Rusbase.

Solonin said he discovered that one of his developers had hijacked the company's hardware to mine bitcoin when the machines were not in use. Moreover, he found that the developer had made roughly $5 million over the course of a few months – a great deal more than the company had seen in profit from the machines.

He explained:

"I thought 'what a crazy stuff,' we're struggling to earn 3 cents on those terminals and such a gold mine is actually hidden here."

The developer quit the firm after being asked to turn over the profit from using company property, Solonin added. While he told his remaining employees to continue mining, the network difficulty had become too great for Qiwi's hardware to handle.

Qiwi refused to disclose the name of the developer to the Russian newspaper Vedomosty which confirmed the story with the press office.

As Solonin told the website The Bell, his understanding is that the employee in question went on to lose all their coins at a now-failed cryptocurrency exchange.

coindesk


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July 25, 2018, 09:29:52 PM
 #2

You had put up the wrong link source which I do end up on reading different thing on what you had given. https://www.coindesk.com/cftc-chair-says-regulator-is-behind-on-blockchain/
which is totally not related on the topic you had posted.

Reading or going back into that issue, only one question comes to my mind on what exchange that Rogue employee losses out that amount of bitcoin?
If he just able to hold up those coins even into this days then he might able to create his own company.

vit05
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July 25, 2018, 10:29:25 PM
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You had put up the wrong link source which I do end up on reading different thing on what you had given. https://www.coindesk.com/cftc-chair-says-regulator-is-behind-on-blockchain/
which is totally not related on the topic you had posted.

Reading or going back into that issue, only one question comes to my mind on what exchange that Rogue employee losses out that amount of bitcoin?
If he just able to hold up those coins even into this days then he might able to create his own company.

Sorry, I changed the link to the correct one.

He lost his resources trying to invest in a number of new cryptocurrency-related companies. It is not so unusual to fail with these companies. Since they often need to "burn" up many resources until they become profitable. But it is also very likely that he has used this as an excuse to escape the tax and justice and is living today as a king on some beach.


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July 26, 2018, 06:41:44 AM
 #4

The employee lost his money in Mt gox or he was shot, it is Russia, or he paid his employer and co-worker so they remain silent.
2011 was the golden year for mining for individuals, too bad we missed it.

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