Topic: Most Mt Gox Bitcoins Were Gone by May 2013, Report Claims - page 2. (Read 1495 times)
It's difficult to believe that nobody at Gox noticed such huge amount of missing coins. Why those guys never made any accounting on their holdings? For any exchange that should be one of the most trivial things.
Was not Mt. Gox under control of Jed Mccaleb in 2011 ?
it could be that willy bot was created to cover the dump of those stolen coins, that were dumped at small amount to avoid arousing suspicion, there is a big scam around that exchange
It really boils down to incredible stupidity, negligence, or such a tremendous amount of fraud and criminal intentions, this isn't funny anymore. I do buy the Willy report more every day, actually...
Quote
Mt Gox's missing bitcoins were stolen from the exchange over a period of time beginning in 2011, according to a new report released today by a group investigating its collapse.
They were gone long before the company's collapse in February 2014, the report said. Gox had therefore been operating on a fractional reserve basis for most of that time, either knowingly or unknowingly.
The stolen bitcoins had been withdrawn and sold off on various exchanges including Mt Gox itself, and given the timing probably at prices far below the 2013-14 highs.
Tokyo-based bitcoin security firm WizSec, which produced today's update and a previous one in February, has been conducting an unofficial investigation into Mt Gox's collapse based on data pieced together from various leaks, hacks and other sources.
http://www.coindesk.com/most-mt-gox-bitcoins-were-gone-by-may-2013-report-claims/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+CoinDesk+%28CoinDesk+-+The+Voice+of+Digital+Currency%29
http://blog.wizsec.jp/2015/04/the-missing-mtgox-bitcoins.html
Wheres magicaltux's comments on this? no way he didnt know coins were gone way before 2014.
They were running a fractional reserve and when they were cornered, they blamed it on Mark's Willy. 
You can see why the exchanges today are so over regulated... this is all related to what happened there at MtGox.... was it not for that event, we would have seen prices exceeding $2000 per Bitcoin.
It seems greed has no boundries.
You can see why the exchanges today are so over regulated... this is all related to what happened there at MtGox.... was it not for that event, we would have seen prices exceeding $2000 per Bitcoin.
It seems greed has no boundries.
Interesting
They were running a fractional reserve and when they were cornered, they blamed it on Mark's Willy.
You can see why the exchanges today are so over regulated... this is all related to what happened there at MtGox.... was it not for that event, we would have seen prices exceeding $2000 per Bitcoin.
It seems greed has no boundries.
You can see why the exchanges today are so over regulated... this is all related to what happened there at MtGox.... was it not for that event, we would have seen prices exceeding $2000 per Bitcoin.
It seems greed has no boundries.
Quote
Mt Gox's missing bitcoins were stolen from the exchange over a period of time beginning in 2011, according to a new report released today by a group investigating its collapse.
They were gone long before the company's collapse in February 2014, the report said. Gox had therefore been operating on a fractional reserve basis for most of that time, either knowingly or unknowingly.
The stolen bitcoins had been withdrawn and sold off on various exchanges including Mt Gox itself, and given the timing probably at prices far below the 2013-14 highs.
Tokyo-based bitcoin security firm WizSec, which produced today's update and a previous one in February, has been conducting an unofficial investigation into Mt Gox's collapse based on data pieced together from various leaks, hacks and other sources.
http://www.coindesk.com/most-mt-gox-bitcoins-were-gone-by-may-2013-report-claims/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+CoinDesk+%28CoinDesk+-+The+Voice+of+Digital+Currency%29
http://blog.wizsec.jp/2015/04/the-missing-mtgox-bitcoins.html
Wasn't there one theory that said Mt. Gox began operating on a fractional reserve because of the $5 million fine that they were forced to pay by the government? I think the theory stated that the fine was paid by converting BTC into fiat and when BTC prices skyrocketed, it became increasingly difficult for Mt. Gox to pay it off. Does that theory still have merit today or has it been discredited?
Also, as the article points out, it was proven on June 2011 that Mt. Gox had control of 424,242 bitcoins which was around the same amount that it was supposed to have back then. This is corroborated by the chart in that article. What isn't explained is the massive drop in BTC reserves immediately after that. If you look at the chart, the line for "actual BTC" follows the line for "expected BTC" almost perfectly except for the drop in 2011 which happened just after the 424,242 BTC transfer and a minor slipping in the first half of 2012.
That puts to rest the "slow drain" theory that the exchange constantly lost hundreds of bitcoins per day over the span of many years. If Karpeles and Mt. Gox were unaware of the event in 2011 which caused the expected BTC reserves to diverge so rapidly, then it's very much possible that the discrepancy would have gone unnoticed.
Quote
Mt Gox's missing bitcoins were stolen from the exchange over a period of time beginning in 2011, according to a new report released today by a group investigating its collapse.
They were gone long before the company's collapse in February 2014, the report said. Gox had therefore been operating on a fractional reserve basis for most of that time, either knowingly or unknowingly.
The stolen bitcoins had been withdrawn and sold off on various exchanges including Mt Gox itself, and given the timing probably at prices far below the 2013-14 highs.
Tokyo-based bitcoin security firm WizSec, which produced today's update and a previous one in February, has been conducting an unofficial investigation into Mt Gox's collapse based on data pieced together from various leaks, hacks and other sources.
http://www.coindesk.com/most-mt-gox-bitcoins-were-gone-by-may-2013-report-claims/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+CoinDesk+%28CoinDesk+-+The+Voice+of+Digital+Currency%29
http://blog.wizsec.jp/2015/04/the-missing-mtgox-bitcoins.html
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