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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

#61

Post by tlrobinson »

weavejester wrote: post #36
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…

I'm surprised that people with large amounts of bitcoin don't have better security measures. For that amount of money, I'd consider securing the private key in a safety deposit box. Probably several safety deposit boxes, actually.

They apparently had 500k BTC in their MtGox account, which is insane. Unless they were actively trading all of that they should have withdrawn from MtGox to the BitCoin network.

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

#62

Post by saulrh »

mikemoka wrote: post #17
kiba wrote: post #11

Earlier quoted context omitted.

It just mean that the market is really small.

do you mean that if the market would be bigger such things won't be done? they could do more of the same unfortunately..

If I'm doing my math right, $500k is something like 2% of the bitcoin economy. Imagine what would happen to wall street if someone cashed out a few trillion dollars' worth of stock at once.

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

#63

Post by weavejester »

wmf wrote: post #56
lubos wrote: post #47

Earlier quoted context omitted.

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.

But if you bought a bunch of BTC at $0.01 and then withdrew them, Mt.Gox should have irreversibly sent that over the real Bitcoin network.

It sounds as if Mt. Gox managed to shut things down before anyone could do that.

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

#64

Post by swishercutter »

[deleted] wrote: post #34

[deleted]

You know whats funny about that whole 25k thing...he has shown no proof, says he filed a police report but has not shown it, media went wild with it (with no evidence) and to the best of my knowledge no media outlet has interviewed the supposed law enforcement regarding the matter....I smell some FUD...there are numerous more inconsistencies with his story and many believe him to be a troll.

NO early adopter leaves his wallet.dat file unprotected on a known compromised computer. Especially one who claims to be an early adopter and saying he got in later in the same post. If you really read that whole thread you will smell a rat or troll also.

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

#65

Post by kristofferR »

wmf wrote: post #56
lubos wrote: post #47

Earlier quoted context omitted.

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.

But if you bought a bunch of BTC at $0.01 and then withdrew them, Mt.Gox should have irreversibly sent that over the real Bitcoin network.

Yeah, but my guess is that not many people managed to withdraw them because of the stability problems the site had/have. Mt.Gox will probably have some losses, but not that high I think.

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

#66

Post by swishercutter »

tijs wrote: post #18
Osiris wrote: post #4

mtgox.com is offline. Did they shut trading down?

the site has been on and off for the past week or so. not intentional perse just busy servers as far as i can tell.

I was in the bitcoin forums and mt gox as this happened...they shut down afterwards.

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

#67

Post by seats »

wmf wrote: post #52
seats wrote: post #28

Earlier quoted context omitted.

When the market is really big, then only the really rich people can manipulate it. Comforting thought ;)

It's already a little disturbing to realize that a single account held 261K BTC out of 6.5M BTC in circulation.

I wonder how the distribution of bitcoins compares to that of dollars

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

#69

Post by Synaesthesia »

wmf wrote: post #52
seats wrote: post #28

Earlier quoted context omitted.

When the market is really big, then only the really rich people can manipulate it. Comforting thought ;)

It's already a little disturbing to realize that a single account held 261K BTC out of 6.5M BTC in circulation.

I think that someone actually kept that 250k BTC in their MTGox account!

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

#70

Post by kabushikigaisha »

eis wrote: post #60

Newest update: Apparently someone got the whole user account database of Mt.Gox I wont publish the link to it though for obvious reasons. Quick analysis: the database is legit, it contains user id, username, email if set, and a bcrypt hash. The hashes seem salted with a global salt.

I don't think the db is public, it's being sold for a price.
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