Mtgox's official story could be wrong. The BTC of many accounts was sold. - page 3.

BCEmporium

legendary

Activity: 1218

Merit: 1000

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...

kjj

legendary

Activity: 1302

Merit: 1026

Most people have never tried to code a big exchange market, so they have no idea how they work, or what they look like in action. Those of us who have aren't fooled.

The exchange has two lists, one for buy orders, one for sell orders. The order matcher finds the buy order with the highest amount, and the sell order with the lowest amount. If there is a tie in either of these, it will go to the oldest one. If there is an overlap, a sale is recorded, balances are updated, the smaller order is closed, the larger order is decremented by the size of the smaller order (or if they were the exact same size, they both close). Rinse, repeat.

A large order, like selling 500,000 coins for not less than 0.01 $ each, will hit thousands of buy orders, one by one as it chews through the order book.

dutt

member

Activity: 135

Merit: 10

OP you are totally wrong.
Those small orders represent the OTHER SIDE OF THE TRADE. The one big sell order was chewing through the open book.

icaci

newbie

Activity: 28

Merit: 0

All leaked passwords are either MD5 hashes or FreeBSD MD5 crypt() hashes. The attacked must have changed all hashes to a known one in order to be able to log into each other users' account. It's not impossible to execute a simple UPDATE query given the fact that the entire passwords database was dumped. Then it would be impossible for you to log into your MtGox account unless the hacker has restored the original hashes.

Bit_Happy

legendary

Activity: 2114

Merit: 1040

A Great Time to Start Something!

Quote from: padrino on June 19, 2011, 04:51:14 PM

I was watching my account until after this happened and nothing was missing, what you saw is every buy order being executed as a large sell order was filled.

+1
Everyone be careful about believing these BS threads, the trolls are here again today.

Philj

sr. member

Activity: 388

Merit: 250

if someone put in a single order to sell 50,000 BTC at $.01 then however many small buy orders were out there would have all been executed as different transactions, and there would now be thousands of people that bought BTC at prices all the way down to $.01. It is more likely that a single large account created those transactions rather than a lot of individuals accounts.

ahtremblay

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Activity: 252

Merit: 250

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Quote from: SgtSpike on June 19, 2011, 05:02:18 PM

You wouldn't see one big sell order because there isn't one big buy order. In order to sell that much BTC, you have to make a transaction for every single buy order that is out there, one at a time.

Sorry OP, but you're wrong.

If that is the case, I am perfectly able to accept it. If fact I hope that is the case.

ahtremblay

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Quote from: speeder on June 19, 2011, 05:01:44 PM

You are talking BS, because I was there when it happened, logged on mtgox, and when it was over, my account was untouched.

What you see on that list, is individual bids being supplied by a single sell order.

Not every account would be compromised. Some accounts have stronger passwords and have a salt, making them harder to brute force. But the majority does not.

SgtSpike

legendary

Activity: 1400

Merit: 1005

You wouldn't see one big sell order because there isn't one big buy order. In order to sell that much BTC, you have to make a transaction for every single buy order that is out there, one at a time.

Sorry OP, but you're wrong.

speeder

hero member

Activity: 994

Merit: 501

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You are talking BS, because I was there when it happened, logged on mtgox, and when it was over, my account was untouched.

What you see on that list, is individual bids being supplied by a single sell order.

ahtremblay

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Activity: 252

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Quote from: Keenan79 on June 19, 2011, 04:53:40 PM

and you can't have script selling many small amounts only from 1 account?

You have to think here. The passwords/accounts of every account is out! Then you get thousands of micro sales with a bunch of big sales moments before. For a total sum larger than any account in the blockexplorer. Look at the evidence!

Keenan79

newbie

Activity: 16

Merit: 0

and you can't have script selling many small amounts only from 1 account?

ahtremblay

sr. member

Activity: 252

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I am stating that a script was run to offer for sale every BTC in every mtgox account.

I am not staying the BTC left mtgox. Mtgox might have been able to shut it down before the person could withdraw sufficient amount.

padrino

legendary

Activity: 1428

Merit: 1000

https://www.bitworks.io

I was watching my account until after this happened and nothing was missing, what you saw is every buy order being executed as a large sell order was filled.

ahtremblay

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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.

This is just a warning. I am not saying it is the case that this happened. Just that it is a possibility.

Topic: Mtgox's official story could be wrong. The BTC of many accounts was sold. - page 3. (Read 11641 times)