Almost Half a Billion Worth of Bitcoins Vanish
Almost Half a Billion Worth of Bitcoins Vanish
Mt. Gox Says It Lost 750,000 of Customers' Bitcoin to Fraud
Updated Feb. 28, 2014 7:16 p.m. ET
Mt. Gox CEO Mark Karpeles bows in apology at a news conference at the Justice Ministry in Tokyo. Associated Press
Mt. Gox, once the dominant exchange for bitcoin trading, on Friday said more than $470 million of the virtual currency vanished from its digital coffers, kicking into high gear a search for the missing money by victims and cybersleuths.
Bitcoin exchange Mt. Gox said it was filing for bankruptcy protection and that 750,000 of its customers' bitcoins had been lost. Is the end of the crypto-currency or merely growing pains? Columbia Business School assistant professor Moshe Cohen discusses on MoneyBeat.
Acting alone and in groups, the people stepped up their efforts after Mt. Gox filed for bankruptcy protection in Japan and confirmed rumors it had lost almost 750,000 of its customers' bitcoins, as well as roughly 100,000 of its own.
Mt. Gox Chief Executive Mark Karpelès said technical issues had opened the way for fraudulent withdrawals, though he didn't provide details.
"There was some weakness in the system, and the bitcoins have disappeared. I apologize for causing trouble," Mr. Karpelès said at a packed news conference at a Tokyo courthouse after the bankruptcy filing.
Replies to This Discussion
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Permalink Reply by TheLasersShadow on
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Lost... hahaha no they're in someones hard drive that colluded with someone at MtGox. You don't miss 750,000 bitcoins flowing out and say huh? no big deal!! They claimed they had cold storage which means someone had to notice that the hot wallet was empty then transfer over coins from the cold storage via usb stick. How many times would some jackass do this before going "hey we might have a problem here I keep ferrying over millions in bitcoins but our accounting system doesn't match up?" It's called a BANK HEIST!! Watch hackers are already digging and have gained 20 gigs of data from a gox server, this story is not over by a long shot. NO ONE is THIS incompetent expect criminal charges soon. http://www.reddit.com/r/Bitcoin/comments/1zeuoy/rumors_of_20gb_of_d... I applied for Life lock today as my documents where on their servers. Never managed to get my 1.65btc out due to their shitty AML requirements. Not huge for me but some lost everything. I'm hoping these hackers don't dox MtGox users as that would just be evil as we've lost so much already.
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http://www.coindesk.com/gox-money-moving-through-block-chain/
Gox claimed only 2000 coins in assets in the bankruptcy filings now we see 180,000 bitcoins ($113 million) moving around in Gox accounts. Unlike normal banks that can secretly steal your money and say oops with Bitcoins public leger system the theft isn't so secret...
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