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500k Bitcoins traded in 1h, Mt.Gox market hacked + crash

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Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash

#41

Post by vrotaru »

skrebbel wrote: post #9

i must admit i'm somewhat impressed how fast the hackers and cheaters managed to take over bitcoin trading. i think it's kind of cute. people hoped for an economy no government could control, and got exactly that: anarchy and a burning world.

> the hackers and cheaters

To throw in a bit of conspiracy theory, it may have been the good guys...

P.S. If the latest news are to be trusted it was a cheater. Actually the $1000 he got, is a rather low price to pay for a lesson that... instructive.

Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash

#42

Post by joezydeco »

lubos wrote: post #26
joezydeco wrote: post #10

Earlier quoted context omitted.

Which kind of implies someone was doing this with stolen coins, right? You don't sell so cheap if you have USD 8,500,000 on paper and want to get as much possible out of the sale.

unless you are US government trying to destroy alternative currency. right?

This didn't destroy bitcoin... but it made a lot of cash for some bottom feeders.

Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash

#43

Post by lubos »

andypants wrote: post #31
ebaysucks wrote: post #16

If the 500K Bitcoins sold are the total of the Bitcoins in all MtGox wallets, than Bitcoin is over. Sample of one: I have for about 100 USD in Bitcoins at MtGox, if they got stolen today, I will leave the project.

I think the bitcoins belonged to a guy who had his wallet of 500k stolen some time around last week.

he had only 25k stolen.

Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash

#44

Post by romland »

andypants wrote: post #31
ebaysucks wrote: post #16

If the 500K Bitcoins sold are the total of the Bitcoins in all MtGox wallets, than Bitcoin is over. Sample of one: I have for about 100 USD in Bitcoins at MtGox, if they got stolen today, I will leave the project.

I think the bitcoins belonged to a guy who had his wallet of 500k stolen some time around last week.

You're probably thinking of the guy who claimed he lost 25k bit coins (which at that moment was "worth" 500k USD). This was a trade of 500,000 bit coins.

Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash

#45

Post by donpdonp »

eis wrote: post #6

A little bit explanation: Mt.Gox is the biggest bitcoin market place by far. During the last 1h the whole volume of about 500k BTC was traded making the price drop from somewhere around $17 to virtually nothing. Details are not available yet. It could have been a bug or an intrudor. Rumors have it that someone with a huge wallet got hacked. someone with lots of coins did get hacked MagicalTux is working on Mt.Gox Als…

"to virtually nothing" - I believe this is misreading the chart. I had to take a second look myself. The light red column at 5:10pm is trade volume (240K sold). The price stayed between $17-18. The sale of 260k at 5:50pm was priced between $10-$13. The lowest price during the 'crash' is $10.

My theory is there are miners with large amounts of BTC and someone decided to sell a lot in a relatively small market. According to the depth-of-market calculator and there is only about 2000BTC in total on the buying side right now. Its easy to swing the market.

Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash

#46

Post by joezydeco »

Tichy wrote: post #32

Interesting that on bitmarket.eu there are a lot of buy offers for 0.01€ suddenly. I wonder if those are already bots trying to automatically react to the mtgox price.

More likely, people trying to make bank when (not if) it happens again.

Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash

#47

Post by lubos »

buro9 wrote: post #39

From the mt.gox site: Huge Bitcoin sell off due to a compromised account - rollback The bitcoin will be back to around 17.5$/BTC after we rollback all trades that have happened after the huge Bitcoin sale that happened on June 20th near 3:00am (JST). Service should be back by June 20th 10:00am (JST, 01:00am GMT) with all the trades reversed and accounts available. One account with a lot of coins was compromised and w…

mtgox acts like a central authority. basically all these trades were happening in mysql database within the exchange between internal accounts, there were no actual bitcoin transactions.

Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash

#48

Post by yesimahuman »

Tichy wrote: post #22

Does anybody have a link to instructions for reading that kind of chart (or the name of the chart type)? I used to know, but it has been many years. I suppose green bars means the price went up and red down, and the bar extends between the high and low price. But what does the chunk in the middle mean? And where can I see that 500k were traded?

It's called a candlestick chart.

http://en.wikipedia.org/wiki/Candlestick_chart

Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash

#49

Post by marshray »

enki wrote: post #5
crayz wrote: post #3

That's about 7% of the total number of bitcoins in circulation. Anyone have details on how this happened? http://blockexplorer.com/q/totalbc

according to the guy running the exchange: user with 500k bitcoins was hacked (probably password bruteforce or csrf). they'll probably reverse all transactions since then

Mtgox has announced they're indeed reversing the transactions. https://support.mtgox.com/entries/20208066-huge-bitcoin-sell...

Presumably they can do this because they're not actually bitcoin transactions, just exchange trades. The bitcoins and USDs entering and leaving Mtgox are not going to roll back.

Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash

#50

Post by eis »

donpdonp wrote: post #45
eis wrote: post #6

A little bit explanation: Mt.Gox is the biggest bitcoin market place by far. During the last 1h the whole volume of about 500k BTC was traded making the price drop from somewhere around $17 to virtually nothing. Details are not available yet. It could have been a bug or an intrudor. Rumors have it that someone with a huge wallet got hacked. someone with lots of coins did get hacked MagicalTux is working on Mt.Gox Als…

"to virtually nothing" - I believe this is misreading the chart. I had to take a second look myself. The light red column at 5:10pm is trade volume (240K sold). The price stayed between $17-18. The sale of 260k at 5:50pm was priced between $10-$13. The lowest price during the 'crash' is $10. My theory is there are miners with large amounts of BTC and someone decided to sell a lot in a relatively small market. Accordi…

No, there were definitely transactions for $0.01 per BTC in the live feed.

Here is another nice graph: http://leanback.eu/bitcoin/plots/20110619195756-mtgox.png

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