MTGox lost 750K Bitcoins?

[h3rlihy]

I wish gox would just die already and stop dragging down the value of our currency. I thought we all already saw this coming? Bye bye gox.

[beegatewood]

is this real?

[EvilPanda]

I wish gox would just die already and stop dragging down the value of our currency. I thought we all already saw this coming? Bye bye gox.

Are there really people dumb enough to send their money to the "new" gox when it launches?

[LiteCoinGuy]

here is what mark says to you:

@ EvilPanda

of course! cheap coins 

[whtchocla7e]

Mt gox is dead. Everyone should stop caring about what they get up to nowadays xD

It's not dead, people have lots of money tied up over there. So, stfu.

[hilariousandco]

Somebody please say it isn't so.

http://two-bit-idiot.tumblr.com/

Sounds like it's true.
http://www.nytimes.com/2014/02/25/business/apparent-theft-at-mt-gox-shakes-bitcoin-world.html?_r=1

MtGox bought gox.com just like the document said. And gox.com is not pointing mtgox.com

Where are the NY times getting their sources from?

[joshv06]

Can someone please answer me this question.

I keep reading everywhere that Mt. Gox "Lost" 750k Bitcoins.

Did they lose them forever? Like when someone loses their private key, or hard drive crash.

Or

Were they stolen and still could be in circulation?

Thanks

[LiteCoinGuy]

It is a shame what happened. I hope everyone gets their life savings back.

man, if you put your life savings in mtgox, you must the very stupid. and i think 99% will never see a satoshi back in their wallet.

@ joshv06

i think they were stolen but thats just my feeling.

maybe they are lost and our btc are now even more valuable  

[davidpbrown]

Were they stolen and still could be in circulation?

If the background to that rumour is true and its been actioned over a long period, then it's likely the perp sold the coins as they aquired them. That is, they're not sat there holding 750k BTC but rather the price over the last few years has been depressed by those being sold. The theft then only becomes obvious now and those who thought they had coins on MtGox didn't really hold anything (flashes of fiat reality in my head), coupled with that all holders of BTC who've been spending in the real world on product or back out to fiat, have lost money to those theiving.

Which then is a good sign perhaps that the appitite for Bitcoins was sufficient to absorb that amount and still show a healthy rise. We'll have to wait and see now, if then the price of coins avaliable without MtGox interference, suggests there really is more demand than easy forged supply.

[123i8]

Lost your life savings? Lost everything??? visit the Office in japan Mtgox. this is who you should look for Founder/Ceo of MtGox

http://www.youtube.com/watch?v=ZddzSC7AuAw

[LiteCoinGuy]

Lost your life savings? Lost everything??? visit the Office in japan Mtgox. this is who you should look for Founder/Ceo of MtGox

http://www.youtube.com/watch?v=ZddzSC7AuAw

yeah, the guy crushes mtgox by himself 

[FrictionlessCoin]

Can someone please answer me this question.

I keep reading everywhere that Mt. Gox "Lost" 750k Bitcoins.

Did they lose them forever? Like when someone loses their private key, or hard drive crash.

Or

Were they stolen and still could be in circulation?

Thanks

IMHO, they were short short 750K bitcoins from at least two years ago.  In other words, they sold the public Bitcoin that did not exist.

The could not cover their short fall,  so the claim is they lost 750K bitcoins. 

[FrictionlessCoin]

Were they stolen and still could be in circulation?

If the background to that rumour is true and its been actioned over a long period, then it's likely the perp sold the coins as they aquired them. That is, they're not sat there holding 750k BTC but rather the price over the last few years has been depressed by those being sold. The theft then only becomes obvious now and those who thought they had coins on MtGox didn't really hold anything (flashes of fiat reality in my head), coupled with that all holders of BTC who've been spending in the real world on product or back out to fiat, have lost money to those theiving.

Which then is a good sign perhaps that the appitite for Bitcoins was sufficient to absorb that amount and still show a healthy rise. We'll have to wait and see now, if then the price of coins avaliable without MtGox interference, suggests there really is more demand than easy forged supply.

Agree.  That 750,000 BTC was ficticious supply.  

IMHO, Mt.Gox problem when they started selling 'naked short' BTC probably since late 2011.   That is why they force the crash in April 2011,  they were big time short and needed to cover.  

Technically, the loss is actually Mt.Gox loss and the customer needs to be made whole.  A custiodian of customer's property has no right to steal that customers property.  Does not matter if it was fiat,  gold, btc or coffee beans.

[cdog]

Thats something like 15% of all Bitcoin in existence. Theres no way its possible they lost that much. Its not possible.

This is all unverified and until proven otherwise Im saying definitely BS, who knows how much they lost or what will happen but we need to calm down at this time.

[wtfvanity]

Somebody please say it isn't so.

http://two-bit-idiot.tumblr.com/

Sounds like it's true.
http://www.nytimes.com/2014/02/25/business/apparent-theft-at-mt-gox-shakes-bitcoin-world.html?_r=1

MtGox bought gox.com just like the document said. And gox.com is not pointing mtgox.com

Where are the NY times getting their sources from?

It's the NY Times for crying out loud. They don't need sources, duh.

[davidpbrown]

Technically, the loss is actually Mt.Gox loss and the customer needs to be made whole.  A custiodian of customer's property has no right to steal that customers property.  Does not matter if it was fiat,  gold, btc or coffee beans.

Nice idea but surely that's the point of bankruptcy, they cut their losses and liability and we all hope then they don't start over - potentially those at fault getting a ban from being owner or on executive of companies in that one country.. hence the move to Singapore mooted in that leaked plan.

[FrictionlessCoin]

Technically, the loss is actually Mt.Gox loss and the customer needs to be made whole.  A custiodian of customer's property has no right to steal that customers property.  Does not matter if it was fiat,  gold, btc or coffee beans.

Nice idea but surely that's the point of bankruptcy, they cut their losses and liability and we all hope then they don't start over - potentially those at fault getting a ban from being owner or on executive of companies in that one country.. hence the move to Singapore mooted in that leaked plan.

Bankruptcy protects a company from creditors.   Customer deposits is not money that a company like Gox should be able to use or steal.

So if these folks aren't made whole,  then it is theft.   This will be settles in a criminal court of law,  not a civil one.

[crimdelacrim]

Were they stolen and still could be in circulation?

If the background to that rumour is true and its been actioned over a long period, then it's likely the perp sold the coins as they aquired them. That is, they're not sat there holding 750k BTC but rather the price over the last few years has been depressed by those being sold. The theft then only becomes obvious now and those who thought they had coins on MtGox didn't really hold anything (flashes of fiat reality in my head), coupled with that all holders of BTC who've been spending in the real world on product or back out to fiat, have lost money to those theiving.

Which then is a good sign perhaps that the appitite for Bitcoins was sufficient to absorb that amount and still show a healthy rise. We'll have to wait and see now, if then the price of coins avaliable without MtGox interference, suggests there really is more demand than easy forged supply.

If the coins were stolen, I believe it would have to have been done in a situation like you just described. What I can't understand is the stupidity involved. In order for this to happen all the way until you have only a couple thousand BTC left to your company's name, you have to be completely and utterly incompetent not for weeks or months, but for years on end. You would have to never ever realize that "hey I am bleeding money and not making any." They have to be almost impossibly stupid for this to happen. I don't know if we will ever get the full picture.

[mknewman]

https://blockchain.info/address/1Drt3c8pSdrkyjuBiwVcSSixZwQtMZ3Tew

No. Transactions    623    
Total Received    782,558.72529011 BTC

[FrictionlessCoin]

Were they stolen and still could be in circulation?

If the background to that rumour is true and its been actioned over a long period, then it's likely the perp sold the coins as they aquired them. That is, they're not sat there holding 750k BTC but rather the price over the last few years has been depressed by those being sold. The theft then only becomes obvious now and those who thought they had coins on MtGox didn't really hold anything (flashes of fiat reality in my head), coupled with that all holders of BTC who've been spending in the real world on product or back out to fiat, have lost money to those theiving.

Which then is a good sign perhaps that the appitite for Bitcoins was sufficient to absorb that amount and still show a healthy rise. We'll have to wait and see now, if then the price of coins avaliable without MtGox interference, suggests there really is more demand than easy forged supply.

If the coins were stolen, I believe it would have to have been done in a situation like you just described. What I can't understand is the stupidity involved. In order for this to happen all the way until you have only a couple thousand BTC left to your company's name, you have to be completely and utterly incompetent not for weeks or months, but for years on end. You would have to never ever realize that "hey I am bleeding money and not making any." They have to be almost impossibly stupid for this to happen. I don't know if we will ever get the full picture.

This is obviously BS,  Bitcoin is an electronic currency.  You can find out in micro-seconds how much coins are in your wallets.  To lose 750K Bitcoins over a long period and not know about it is really difficult to believe.  What is beliveable is Mt.Gox sold 750K of BTC that they never had.   Any auditing firm can find this out.