sorry OP your clueless.
a single big sell order WILL result in thousands of trades. Each trade is a buy limit order that was sitting in the order book.
also, the reason for the big sell order was to drive prices down in order to withdraw BTCs from mtgox, since there is a $1000 a day limit.
Topic: Mtgox's official story could be wrong. The BTC of many accounts was sold. - page 2. (Read 11645 times)
June 19, 2011, 09:42:30 PM
June 19, 2011, 09:38:03 PM
And I think people is taking damage of their own stupidity. Everybody ran to the same spot, like lambs to the slaughter, instead of diversify their options.
Created a bitcoin centralization, now here's the price...
Created a bitcoin centralization, now here's the price...
June 19, 2011, 09:28:53 PM
That graph is pretty damning. Can anyone think of another plausible scenario for transfering 500k bitcoins? I don't think there is. The BTCs were probably bulk transfered out to another account and then distributed out to other accounts soon after. Unlike with a fiat currency system that people love to deride, there is no compensation here. No chargebacks. The BTCs are gone and not coming back. Worse, whoever has them is sitting on a fortune when markets reopen and can crash the market at any moment they wish. I fear this hack is the end of bitcoin as a potentially viable commodity/currency. The confidence in the market is gone. Why Mt Gox didn't have any protection against this is amazing, as it's a completely foreseeable scenario.
I think Mtgox could file bankruptcy in a few days or weeks.
June 19, 2011, 09:19:33 PM
I don't want to be guy carrying the bad news. Don't shoot me! I'm just the messenger! But I also believe MtGox's coins had been depleted.
MtGox has a 1000 USD limit or equivalent BTC, at 0.01 this means 100,000 btc can be withdraw at once.
By seeing the users file, I come to a conclusion that the attackers could use any number of those accounts, if not all, to trade and withdraw.
This is a snap of bitcoinmonitor during the attack, notice the last transactions leading to the 500K. Looks like the robber getting away with his heist.
MtGox has a 1000 USD limit or equivalent BTC, at 0.01 this means 100,000 btc can be withdraw at once.
By seeing the users file, I come to a conclusion that the attackers could use any number of those accounts, if not all, to trade and withdraw.
This is a snap of bitcoinmonitor during the attack, notice the last transactions leading to the 500K. Looks like the robber getting away with his heist.
That graph is pretty damning. Can anyone think of another plausible scenario for transfering 500k bitcoins? I don't think there is. The BTCs were probably bulk transfered out to another account and then distributed out to other accounts soon after. Unlike with a fiat currency system that people love to deride, there is no compensation here. No chargebacks. The BTCs are gone and not coming back. Worse, whoever has them is sitting on a fortune when markets reopen and can crash the market at any moment they wish. I fear this hack is the end of bitcoin as a potentially viable commodity/currency. The confidence in the market is gone. Why Mt Gox didn't have any protection against this is amazing, as it's a completely foreseeable scenario.
June 19, 2011, 08:40:09 PM
with multiple accounts he could withdraw tons of money.
I am annoyed because someone used the damn list to fuck with my gmail account.
I am annoyed because someone used the damn list to fuck with my gmail account.
Same thing with me. However, I was able to quickly update ally my important passwords. I think that my gmail password was simply reset.
June 19, 2011, 08:35:26 PM
op looks like a screen cap from that youtube vid floating around
Did you read the post sherlock. I say right there where its from.
nope it was tl;dr
June 19, 2011, 08:34:13 PM
op looks like a screen cap from that youtube vid floating around
Did you read the post sherlock. I say right there where its from.
June 19, 2011, 08:33:03 PM
nvm hehe
June 19, 2011, 07:34:13 PM
Wait, did Google download this list, and then "force" people on it to change password?
My Gmail account had been "compromised" (I don't use the same password, so I don't see how), but perhaps this was just a reaction of the Mt Gox leak?
If so, then this is exactly why I am using Gmail, excellent service!
Yeah, pretty much. My Gmail account had been "compromised" (I don't use the same password, so I don't see how), but perhaps this was just a reaction of the Mt Gox leak?
If so, then this is exactly why I am using Gmail, excellent service!
June 19, 2011, 07:14:42 PM
with multiple accounts he could withdraw tons of money.
I am annoyed because someone used the damn list to fuck with my gmail account.
Have you checked the logon history for unknown IPs? Gmail automatically gives a password change option on logon for everyone whose email was in the leaked database, that's Googles doing in case you encountered it.I am annoyed because someone used the damn list to fuck with my gmail account.
Ah. Google is so quick. Now I just wish Android wasn't so difficult to figure out how to change my password on it without deleting my account/adding it again.
June 19, 2011, 07:13:29 PM
Wait, did Google download this list, and then "force" people on it to change password?
My Gmail account had been "compromised" (I don't use the same password, so I don't see how), but perhaps this was just a reaction of the Mt Gox leak?
If so, then this is exactly why I am using Gmail, excellent service!
My Gmail account had been "compromised" (I don't use the same password, so I don't see how), but perhaps this was just a reaction of the Mt Gox leak?
If so, then this is exactly why I am using Gmail, excellent service!
June 19, 2011, 07:10:03 PM
i only joined mt gox to have a look to see if they did instant buy glad i never used it >.> but can't remember what password i put on the bloody thing...
anyway i suggest virwox.com for trading has been good to me and love the paypal payout option and still around $16 dollar trade rate atm
Android app for it here
anyway i suggest virwox.com for trading has been good to me and love the paypal payout option and still around $16 dollar trade rate atm
Android app for it here
June 19, 2011, 07:05:57 PM
with multiple accounts he could withdraw tons of money.
I am annoyed because someone used the damn list to fuck with my gmail account.
Have you checked the logon history for unknown IPs? Gmail automatically gives a password change option on logon for everyone whose email was in the leaked database, that's Googles doing in case you encountered it. I am annoyed because someone used the damn list to fuck with my gmail account.
June 19, 2011, 07:03:16 PM
with multiple accounts he could withdraw tons of money.
I am annoyed because someone used the damn list to fuck with my gmail account.
I am annoyed because someone used the damn list to fuck with my gmail account.
June 19, 2011, 06:50:47 PM
Did anyone get e-mails with trade notifications? I didn't. I guess you could turn this off first but that would be hard.
Special edition of The Bitcoin Show tonight:
9-10pm Eastern TradeHill interview
10-11pm Eastern Mt. Gox interview.
Special edition of The Bitcoin Show tonight:
9-10pm Eastern TradeHill interview
10-11pm Eastern Mt. Gox interview.
June 19, 2011, 06:37:15 PM
It was a 500K movement, maybe the attacker merging the coins to his main wallet. Even @0.01 he couldn't withdraw that many.
June 19, 2011, 06:30:52 PM
Well I doubt they could get all accounts and know for a fact that mine did not sell any coins, but I also doubt that any one person would have such a huge amount of coins stashed on Mt Gox.
I am betting either it was one person trying to dump stolen coins or that they hacked a significant number of accounts to accumulate the coins for the mass sell off.
And what is the 400k withdrawal all about?
I am betting either it was one person trying to dump stolen coins or that they hacked a significant number of accounts to accumulate the coins for the mass sell off.
And what is the 400k withdrawal all about?
June 19, 2011, 06:26:34 PM
I don't want to be guy carrying the bad news. Don't shoot me! I'm just the messenger! But I also believe MtGox's coins had been depleted.
MtGox has a 1000 USD limit or equivalent BTC, at 0.01 this means 100,000 btc can be withdraw at once.
By seeing the users file, I come to a conclusion that the attackers could use any number of those accounts, if not all, to trade and withdraw.
This is a snap of bitcoinmonitor during the attack, notice the last transactions leading to the 500K. Looks like the robber getting away with his heist.
Just hope I'm wrong...
MtGox has a 1000 USD limit or equivalent BTC, at 0.01 this means 100,000 btc can be withdraw at once.
By seeing the users file, I come to a conclusion that the attackers could use any number of those accounts, if not all, to trade and withdraw.
This is a snap of bitcoinmonitor during the attack, notice the last transactions leading to the 500K. Looks like the robber getting away with his heist.
Just hope I'm wrong...
Things are getting clearer.
The hacker has access to many accounts with high BTC. He cannot withdraw because of the limit of 1000$ equivalent BTC. What does he do? He sells offs tons of BTC to drive the price down to almost nothing. Then he empties any number of BTC he wishes. The coins are depleted, many people lost a fortune.
June 19, 2011, 06:24:54 PM
Someone was offering it for sale 17 hours ago here:
http://apps.ycombinator.com/item?id=2670302
and here:
http://pastebin.com/ui0nusuZ
So I think they're well related. Somebody may had buy or the seller himself decided to go for it.
http://apps.ycombinator.com/item?id=2670302
and here:
http://pastebin.com/ui0nusuZ
So I think they're well related. Somebody may had buy or the seller himself decided to go for it.
June 19, 2011, 06:20:40 PM
... I'm a little bit confused. It is obvious that the stolen database wasn't used to mass sell on every account. Does that mean that the 400k btc withdraw was unrelated? Or it was related in that the owner of that wallet had his password stolen from the mtgox database?
Who made the database public to begin with?
Who made the database public to begin with?
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