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Bitcoin Exchange Mt. Gox Goes Offline - $350 Million Hack
Mt. Gox, once the world's largest bitcoin exchange, has gone offline, apparently after losing hundreds of millions of dollars due to a years-long hacking effort that went unnoticed by the company. The hacking attack is detailed in a leaked "crisis strategy draft" plan, apparently created by Gox and published Monday by Ryan Selkis, a bitcoin entrepreneur and blogger (see below).
According to the document, the exchange is insolvent after losing 744,408 bitcoins - worth about $350 million at Monday's trading prices. The plan paints a bleak picture of the exchange's finances and outlines an arbitrage scheme to restore the exchange to solvency. "The reality is that Mt. Gox can go bankrupt at any moment, and certainly deserves to as a company," the document states.
WIRED couldn't confirm the authenticity of the document. Reached Monday night, a Gox representative declined to comment on the document and referred us to the company's webpage, before abruptly hanging up. But the website went offline a few hours after the company suspended trading on its exchange, and if the document is indeed authentic, the situation it described could reverberate across the world of bitcoin and possibly hamper the future of the digital currency.
Silk Road 2.0 'Hacked' Using Bitcoin Bug- All Funds Stolen - 02/14/2014 09:42 AM
The same bug that has plagued several of the biggest players in the Bitcoin economy may have just bitten the Silk Road: On Thursday, one of the recently-reincarnated drug-selling black market site's ...
Yahoo Malware Turned PCs Into Bitcoin Miners - 01/10/2014 09:44 AM
Researchers at security firm Light Cyber revealed this week that one of the malware programs aimed to use the resources of infected PCs to perform the calculations necessary to run a Bitcoin network. ...
V@IO
Senior Member
Posts: 494
Joined: 2010-04-12
Senior Member
Posts: 494
Joined: 2010-04-12
#4772275 Posted on: 02/25/2014 01:45 PM
This is the reason why is am a skeptic of bitcoin.
This is the reason why is am a skeptic of bitcoin.
main_shoby
Senior Member
Posts: 1043
Joined: 2006-02-06
Senior Member
Posts: 1043
Joined: 2006-02-06
#4772314 Posted on: 02/25/2014 02:33 PM
ok! All I care is a $500.00 290X. This will pull 780ti's prices down a little... so I can SLI
ok! All I care is a $500.00 290X. This will pull 780ti's prices down a little... so I can SLI
Speed Weed
Senior Member
Posts: 1066
Joined: 2011-12-04
Senior Member
Posts: 1066
Joined: 2011-12-04
#4772334 Posted on: 02/25/2014 03:12 PM
Brilliant stuff!
Good to see that the likes of the Shadow Crew are still keeping their hand in, targeting easy marks like this!
Brilliant stuff!
Good to see that the likes of the Shadow Crew are still keeping their hand in, targeting easy marks like this!
Rich_Guy
Senior Member
Posts: 11914
Joined: 2003-05-11
Senior Member
Posts: 11914
Joined: 2003-05-11
#4772352 Posted on: 02/25/2014 03:41 PM
Bitcoin in freefall
http://vr-zone.com/articles/bitcoin-freefall-mt-gox-closes-doors/72773.html
Bitcoin in freefall
http://vr-zone.com/articles/bitcoin-freefall-mt-gox-closes-doors/72773.html
k3vst3r
Senior Member
Posts: 3347
Joined: 2009-01-03
Senior Member
Posts: 3347
Joined: 2009-01-03
#4772362 Posted on: 02/25/2014 03:51 PM
it will rebound in value eventually
it will rebound in value eventually
jbmcmillan
Senior Member
Posts: 2490
Joined: 2002-11-28
Senior Member
Posts: 2490
Joined: 2002-11-28
#4772495 Posted on: 02/25/2014 06:11 PM
Stuff like this will keep happening as they as in any bit coin exchange are the largest targets on the web.
it will rebound in value eventually
Stuff like this will keep happening as they as in any bit coin exchange are the largest targets on the web.
BLEH!
Senior Member
Posts: 5782
Joined: 2010-10-17
Senior Member
Posts: 5782
Joined: 2010-10-17
#4772516 Posted on: 02/25/2014 06:29 PM
Been tryna find a way to harness CPU/GPU power to make some money but alas, nothing, yet. Coin mining seems like a waste of time tbh.
Been tryna find a way to harness CPU/GPU power to make some money but alas, nothing, yet. Coin mining seems like a waste of time tbh.
KBDE
Senior Member
Posts: 173
Joined: 2003-04-02
Senior Member
Posts: 173
Joined: 2003-04-02
#4772577 Posted on: 02/25/2014 07:51 PM
It makes absolutely no sense that they haven't noticed the problem earlier in the few years its apparently happening. They MUST have notice a million here or there is missing.
In my eyes this only leads to one conclusion: inside job. I think that Mark Karpeles is a very rich man now, if he wasn't already before.
It makes absolutely no sense that they haven't noticed the problem earlier in the few years its apparently happening. They MUST have notice a million here or there is missing.
In my eyes this only leads to one conclusion: inside job. I think that Mark Karpeles is a very rich man now, if he wasn't already before.
tugCREW
Member
Posts: 35
Joined: 2013-12-23
Member
Posts: 35
Joined: 2013-12-23
#4772610 Posted on: 02/25/2014 08:49 PM
I never trust them, something fishy
I never trust them, something fishy
Veeshush
Senior Member
Posts: 1098
Joined: 2010-11-28
Senior Member
Posts: 1098
Joined: 2010-11-28
#4772622 Posted on: 02/25/2014 09:10 PM
http://www.wired.com/wiredenterprise/2014/02/bitcoins-mt-gox-implodes/
How could you not trust these competent people!
Bitcoin insiders had been bracing for the worst from Mt. Gox for weeks, but the magnitude of the apparent theft — which would be the largest bitcoin heist ever — and the company’s alleged plan to replenish its stock of bitcoins took even seasoned bitcoiners by surprise. “Gox is the worst-run business in the history of the world,” said Roger Ver, in an instant message interview. Ver is a bitcoin advocate who lives across the street from Mt. Gox’s Tokyo offices and tried to help out the troubled exchange the last time it was hacked, back in 2011.
http://www.wired.com/wiredenterprise/2014/02/bitcoins-mt-gox-implodes/
How could you not trust these competent people!
JulesCools
Senior Member
Posts: 282
Joined: 2013-04-29
Senior Member
Posts: 282
Joined: 2013-04-29
#4772672 Posted on: 02/25/2014 10:23 PM
As long as people keep believing that bitcoins are valuable, they stole something. BUT WAIT! If we all agree they're the useless garbage imagination of fools who have created their own currency, it's not worth anything. There is no actual work behind bitcoin, it's worth nothing.
As long as people keep believing that bitcoins are valuable, they stole something. BUT WAIT! If we all agree they're the useless garbage imagination of fools who have created their own currency, it's not worth anything. There is no actual work behind bitcoin, it's worth nothing.
HonoredShadow
Senior Member
Posts: 4258
Joined: 2007-05-27
Senior Member
Posts: 4258
Joined: 2007-05-27
#4772693 Posted on: 02/25/2014 10:48 PM
A bit like real money then.
A bit like real money then.
southamptonfc
Senior Member
Posts: 1726
Joined: 2006-04-10
Senior Member
Posts: 1726
Joined: 2006-04-10
#4772702 Posted on: 02/25/2014 10:58 PM
^^ Exactly.
Try going to the Fed and asking to be given some gold in exchange for your 100 dollar bill!
These are interesting times, sink or swim, I'm enjoying the development of bitcoin.
^^ Exactly.
As long as people keep believing that bitcoins are valuable, they stole something. BUT WAIT! If we all agree they're the useless garbage imagination of fools who have created their own currency, it's not worth anything. There is no actual work behind bitcoin, it's worth nothing.
Try going to the Fed and asking to be given some gold in exchange for your 100 dollar bill!
These are interesting times, sink or swim, I'm enjoying the development of bitcoin.
seaplane pilot
Senior Member
Posts: 1293
Joined: 2004-10-02
Senior Member
Posts: 1293
Joined: 2004-10-02
#4772709 Posted on: 02/25/2014 11:08 PM
You spew FUD!
What am I going to do with all this crypto I have mined in less than a year? It is worthless.
http://cryptofolio.info/?@ReadOnly=6092_e58a760b
Also in regards to Mt. Gox, it is a Mt. Gox issue not a Bitcoin issue. Coinbase and other Bitcoin exchanges are doing fine.
Coinbase BTC price= 533.00 USD
As long as people keep believing that bitcoins are valuable, they stole something. BUT WAIT! If we all agree they're the useless garbage imagination of fools who have created their own currency, it's not worth anything. There is no actual work behind bitcoin, it's worth nothing.
You spew FUD!
What am I going to do with all this crypto I have mined in less than a year? It is worthless.
http://cryptofolio.info/?@ReadOnly=6092_e58a760b
Also in regards to Mt. Gox, it is a Mt. Gox issue not a Bitcoin issue. Coinbase and other Bitcoin exchanges are doing fine.
Coinbase BTC price= 533.00 USD
Click here to post a comment for this news story on the message forum.
Senior Member
Posts: 586
Joined: 2008-06-20
Mwu-ha-ha!
Sorry, but I can only gloat on this! If the history can NOT teach anyone anything, then only the harsh reality can!
BTW, I even know who performed this "hacking effort" - owners of Mt.Gox themselves.