Topic: Mtgox's official story could be wrong. The BTC of many accounts was sold. (Read 11641 times)

@kjj,

It's not a matter of read minds, a thing I can't obviously do, but a matter of reading timelines, a thing I can perfectly do.

Not buying that one. Trade halted nearly 15 minutes after that transfer. He would halt trade as first measure.

says who? your guess?


if so, security at MtGox was even worse.
500k should not be online but deposited in an offline address from the beginning.

can anyone verify that?

that's kind of important to the story claimed by MtGox.

Not buying that one. Trade halted nearly 15 minutes after that transfer. He would halt trade as first measure.

the 500k transfer was Mtgox transferring to a backup as a security precaution.

the 500k transfer was Mtgox transferring to a backup as a security precaution.

I guess that 1000 USD equivalent limit is based in MtGox Last.

so anyway, what was the point in this? I don't see why would anyone do that .. why not instead sell SOME BTC and when the price is sufficiently low, withdraw remaining BTC.

so either hacker is pretty dumb or some info is missing here.

I believe a hacker got hold of everyone's account at mtgox. This hacker then executed a looping script that logged into a number of accounts one by one and issued a sales order for the full BTC balance in these select accounts. After 2 minutes, the loop was completed and all BTC held of the mtgox's clients accounts were offered for sale on the mtgox market.

This drove the price of BTC down to almost nothing. mtgox as a withdrawal limit of 1000$ equivalent BTC per 24 hour period. With the price to almost nothing, the hacker could withdraw almost any amount of BTC he wished from different accounts. I think in a few days or weeks some people will learn they have lost a fortune in this attack.

We must face the reality that mtgox is short on BTC. They do not have the BTC they claim they have.

The official story by mtgox states that a single large account was compromised and someone sold everything. This story does not make sense for a number of reasons. First, every account was compromised so why would the hacker limit himself only to one account.

If you were watching the sales order book in real time during this event, you would notice that there were a sequence of hundreds of small sales ranging from 0.1BTC to 2BTC. This is inconsistent with the one big sellout story. The picture below indicates some of those sales. Please refer to this youtube to see how it happened live. http://www.youtube.com/watch?v=T1X6qQt9ONg



Again this is inconsistent with the one big account sold off story. Many mtgox accounts have small amount of BTC coins left hanging in them (because of a withdraw bug for small amounts). We are seeing these small sellouts in the order book.


TL:DR; If you look at the sales manifest, There are hundreds of 0.1BTC to 0.5BTC sales orders placed one after the other. This indicates that a script is looping trought the accounts and issuing a sales order. If it was just 1 big account, there would be 1 sale for 250k BTC. This fact, combined with the release of all mtgox accounts / password moments later makes it impossible for me to believe in the official story.