MTGOX Statement *NEW MAR 3RD* - page 5.

alexeft

legendary

Activity: 854

Merit: 1000

Quote from: jojo69 on March 03, 2014, 02:10:04 AM

Quote from: dyask on March 03, 2014, 02:06:05 AM

The worse thing is that they are still claiming it is a bug in Bitcoin instead of owning up to that fact that their software and procedures were at fault! That's leads me to believe fraud on their part.

this, malleability as a "bug" has been so debunked, outrageous

He still means to do damage to bitcoin itself, doesn't he!!!

silenstorm

newbie

Activity: 10

Merit: 0

There are some crazy transactions at bitstamp recently!

http://i.imgur.com/Eqp5XGs.png
http://i.imgur.com/2WGUvbL.png

Could it be mtgox buying cheap coins, so they can make profit later?

Lethn

legendary

Activity: 1540

Merit: 1000

If anyone ever puts their money into MTGOX and then complains afterwards after another catastrophe happens they really are beyond help.

nioc

legendary

Activity: 1624

Merit: 1008

They were lying then and now

bitserve

legendary

Activity: 1862

Merit: 1530

Self made HODLER ✓

Quote from: ab8989 on March 03, 2014, 03:00:52 AM

I am not sure what the text is referencing when it says "On the same day". Does it mean that they found out the cash missing from banks on the same day when they asked experts to look at things or does it mean that they found out the missing bitcoins on the same day when they found the missing cash on the 24th february.

I believe the motivation of this sentence is to claim that they filed for bankruptcy immediately after for the first time noticing that they are insolvent. I believe many countries have laws that is illegal to continue operation like nothing happened after you have found your company insolvent. I do not know about Japan. Given this assumed motivation I would assume the sentence wants to say that the ambiguous "same day" statement referes to the finding of missing bitcoins rather than asking experts which is pretty irrelevant which day that happened. I am sure they have asked experts on multitude of days.

Yes, they should have had its insolvency reported as soon as they were aware of it. Now they are the ones that need to report that they weren't, which is very easy: Just publish the addresses of all cold wallets that belong to mtgox at each moment in time so that it is possible see exactly which balance they had at point. The same for bank accounts.

I donno which fantasy world does Karpeles thinks he live, but he has make some vague claims that he will have to back up with evidence. Not doing so means just one thing.

And no, its not that were just criminal negligent by not periodically reconciling balances... They were in fact doing it "All the time":

http://www.reddit.com/user/WeAreMtGox

WeAreMtGox 301 puntos 10 meses atrás

NO. Everything is accounted for (BTC and money). Fractional reserve is absolutely against our principles. In fact 90~95% of BTC are held in cold storage.

[–]WeAreMtGox 10 puntos 8 meses atrás

Absolutely not true. We do not operate a fractional reserve exchange. 100% of deposits and Bitcoins are accounted for at all times.

That was 8/10 months ago... Were they lying then or now? Pick your choice, because the two just doesn't match.

seriouscoin

hero member

Activity: 658

Merit: 500

Only morons would believe a word from Mark

Including ppl still think this is "incompetent"

Loozik

sr. member

Activity: 378

Merit: 250

Born to chew bubble gum and kick ass

Quote from: casinocoin on March 03, 2014, 01:53:10 AM

At the start of February 2014, illegal access through the abuse of a bug in the bitcoin system resulted in an increase in incomplete bitcoin transfer transactions and we discovered that there was a possibility that bitcoins had been illicitly moved through the abuse of this bug.
As a result of our internal investigation, we found that a large amount of bitcoins had disappeared. Although the complete extent is not yet known, we found that approximately 750,000 bitcoins deposited by users and approximately 100,000 bitcoins belonging to us had disappeared.
We believe that there is a high probability that these bitcoins were stolen as a result of an abuse of this bug and we have asked an expert to look at the possibility of a criminal complaint and undertake proper procedures.

So the hack took place between 1 Feb 2014 and 6 Feb 2014 (6 Feb is I believe when btc withdrawals were halted at Gox). During less than a week 850,000 were stolen.

Show me this in the blockchain

EDIT: Can someone who uses blockchain API hooked to a statistical analysis software please calculate value / amount of coins sent on the Bitcoin network in period 1 - 6 Feb 2014. I want to know what % of all bitcoins sent in this period were the ''stolen'' coins.

Revelations86

sr. member

Activity: 428

Merit: 252

Something smells fishy about his statement. Either that or he was truly incompetent.

rat

sr. member

Activity: 253

Merit: 250

they are proven liars about everything that they have said so far...

why are so many reaching to believe they are honest - and just victims...?

ab8989

full member

Activity: 209

Merit: 101

FUTURE OF CRYPTO IS HERE!

Quote

We found that approximately 750,000 bitcoins deposited by users and approximately 100,000 bitcoins belonging to us had disappeared.
We have asked an expert to look at the possibility of a criminal complaint and undertake proper procedures.
On the same day (24th), we found out large discrepancies between the amount of cash held in financial institutions and the amount deposited from our users.

I am not sure what the text is referencing when it says "On the same day". Does it mean that they found out the cash missing from banks on the same day when they asked experts to look at things or does it mean that they found out the missing bitcoins on the same day when they found the missing cash on the 24th february.

I believe the motivation of this sentence is to claim that they filed for bankruptcy immediately after for the first time noticing that they are insolvent. I believe many countries have laws that is illegal to continue operation like nothing happened after you have found your company insolvent. I do not know about Japan. Given this assumed motivation I would assume the sentence wants to say that the ambiguous "same day" statement referes to the finding of missing bitcoins rather than asking experts which is pretty irrelevant which day that happened. I am sure they have asked experts on multitude of days.

However I think whatever they say about they found out on 24th of feb is a lie because are these issues not already mentioned on the leaked crisis memo which was done many weeks ago? How did the leaked crisis memo know about this stuff if MtGox only for the first time found about this on 24th of feb?

Rampion

legendary

Activity: 1148

Merit: 1018

Quote from: ?? on ??

"On the same day (24th), we found out large discrepancies between the amount of cash held in financial institutions and the amount deposited from our users. The amounts are still under investigation and may vary but they approximate JPY 2.8 bil"

What a fucking joke. More BS from Gox. It's impossible they did not realize they had less money in the bank than they were supposed to have. To begin with they did know very well they were short of aprox. $10M because of Coinlab and DHS.

Something very fishy is going on. I hope they go down for good and never come back.

Ekaros

hero member

Activity: 728

Merit: 500

Quote from: turvarya on March 03, 2014, 02:48:14 AM

There are just 2 realististic possibilities:

1. Mark Karpeles stole it
2. Somebody else from MtGox stole it.

The whole "there was a hacker, who used a bug to steal the Money"-Argument is just stupid.

This is the likeliest scenario if the amounts are really wrong...

Unless they have had some sort of bug in their implementation, which I can't leave out either. Meaning that trades have not been balanced on sheets...

kevindeangelis

full member

Activity: 448

Merit: 130

3D-Printing goes Blockchain!

To quote a scene from Office Space ...

Money Laundering ... to .. to .. (looking up definition of money laundering) ...

turvarya

hero member

Activity: 714

Merit: 500

There are just 2 realististic possibilities:

1. Mark Karpeles stole it
2. Somebody else from MtGox stole it.

The whole "there was a hacker, who used a bug to steal the Money"-Argument is just stupid.

sgravina

sr. member

Activity: 451

Merit: 250

A new, better MtGox! A MtGox that does't lose customers funds. This is such an awesome idea.

It's good for them to build on their strengths rather then trying to compete with the bitcoin eater address.

BruceFenton

sr. member

Activity: 404

Merit: 250

It would be good to know who the "expert" is and get reports from him.

Artlover

full member

Activity: 149

Merit: 100

Given he apparently left France in a hurry, moving to Japan practically over night after his employers accused him of computer fraud, I think there is valid reason to suspect that it's more than incompetence, and that illegal activity on his part here is likely.

Justin00

legendary

Activity: 910

Merit: 1000

★YoBit.Net★ 350+ Coins Exchange & Dice

b..b...but the withdawl tests... wont somebody think of the withdraw tests!!!!

wheres the ol bitcoin foundation now... wonder how much they all split it.

btbrae

hero member

Activity: 680

Merit: 500

So let me get this right, they lost $30 million that's MILLION, USD in their actual bank accounts, BESIDES the loss of BTCs. I don't even...

Or does this mean they were running fractional reserve and are now trying to cover it up as "discovered discrepancies on the 24th Feb". That'd be my guess.

frankenmint

legendary

Activity: 1456

Merit: 1018

HoneybadgerOfMoney.com Weed4bitcoin.com

aaaaaaaaaaaaaaaaaannnnnnnnnnnnnddddddd its gone.

All hell breaks loose in 3....2......1

Topic: MTGOX Statement *NEW MAR 3RD* - page 5. (Read 9163 times)

Topic: MTGOX Statement NEW MAR 3RD - page 5. (Read 9163 times)