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Huge Bitcoin sell off due to a compromised Mt. Gox account - rollback

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posted on Jun, 20 2011 @ 07:22 AM
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Huge Bitcoin sell off due to a compromised Mt. Gox account - rollback


Huge Bitcoin sell off due to a compromised Mt. Gox account

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).

One account with a lot of coins was compromised and whoever stole it (using a HK based IP to login) first sold all the coins in there, to buy those again just after, and then tried to withdraw the coins. The $1000/day withdraw limit was active for this account and the hacker could only get out with $1000 worth of coins.

Apart from this no account was compromised, and nothing was lost. Due to the large impact this had on the
(visit the link for the full news article)


Related News Links:
venturebeat.com

Related AboveTopSecret.com Discussion Threads:
Bitcoin P2P Currency: The Most Dangerous Project We've Ever Seen


Working Link
edit on 6/20/2011 by semperfortis because: (no reason given)

edit on 20-6-2011 by ChaoticOrder because: (no reason given)




posted on Jun, 20 2011 @ 07:22 AM
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The largest Bitcoin exchange on the internet has recently been compromised and a list of Mt. Gox usernames and passwords have been leaked. Reports are saying a large number of Bitcoins have been lost but the official Mt. Gox website says only one account has been compromised. This isn't good for the Bitcoin currency, which I am beginning to be heavily involved in. I have changed all my email passwords just to be safe. It seems the value of Bitcoin is back around to $13 according to competing Bitcoin exchange, TradeHill (which is also off-line for a few hours to be safe). All these hackers are starting to get on my nerves. But I suspect this was an attack by a Government agency in an attempt to stump the development of Bitcoin. Just like I believe this present spree of hacking news is all just a false flag attack to justify internet totalitarianism.

Here is an update from Mt. Gox:


[Update - 2:06 GMT] What we know and what is being done.

It appears that someone who performs audits on our system and had read-only access to our database had their computer compromised. This allowed for someone to pull our database. The site was not compromised with a SQL injection as many are reporting, so in effect the site was not hacked.
Two months ago we migrated from MD5 hashing to freeBSD MD5 salted hashing. The unsalted user accounts in the wild are ones that haven't been accessed in over 2 months and are considered idle. Once we are back up we will have implemented SHA-512 multi-iteration salted hashing and all users will be required to update to a new strong password.
We have been working with Google to ensure any gmail accounts associated with Mt.Gox user accounts have been locked and need to be reverified.
Mt.Gox will continue to be offline as we continue our investigation, at this time we are pushing it to 8:00am GMT.
When Mt.Gox comes back online, we will be putting all users through a new security measure to authenticate the users. This will be a mix of matching the last IP address that accessed the account, verifying their email address, account name and old password. Users will then be prompted to enter in a new strong password.
Once Mt.Gox is back online, trades 218869~222470 will be reverted.


Huge Bitcoin sell off due to a compromised account - rollback
(visit the link for the full news article)


edit on 20-6-2011 by ChaoticOrder because: (no reason given)



posted on Jun, 20 2011 @ 08:02 AM
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Oh for simpler times, there are parts of me wanting to see the future, but the more I see, the more I want to move back to the past. I'll barter you this fine goose for some bread, rice and greens. Sure, its a tough life, but seems a damn sight more honest to me.

Bitcoins... pffft.



posted on Jun, 20 2011 @ 08:10 AM
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there's also a virus out there that seeks out your bitcoin "wallet" and steals the coins.
gizmodo.com...


that's two quick strikes against the funny money.



posted on Jun, 20 2011 @ 08:13 AM
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reply to post by Qumulys
 


Bitcoin is simple; it's quick, easy and efficient. The production of Bitcoins can't be manipulated, it's certainly a hell of a lot better than engineered debt.



posted on Jun, 20 2011 @ 08:13 AM
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Originally posted by Crakeur
there's also a virus out there that seeks out your bitcoin "wallet" and steals the coins.
gizmodo.com...


that's two quick strikes against the funny money.

it was only a matter of time before that happened, to be honest.

I was close to putting some money into bitcoins, and I'm still considering it. (as a long term thing, not as a short term "lets buy something illegal" thing. ) I'mstill having doubts, but I won't put in more than I'm willing to loose.



posted on Jun, 20 2011 @ 08:15 AM
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Originally posted by Crakeur
there's also a virus out there that seeks out your bitcoin "wallet" and steals the coins.
gizmodo.com...


that's two quick strikes against the funny money.

Yes, but there are also trojans and viruses that will steal your passwords and online banking information. It's up to the user to keep their digital wallet safe. Encrypting it is the first line of defense. It's just like if you leave your physical money unprotected and don't take the proper precautions, it is open to thieves.

EDIT: But they really do need to make wallet encryption a part of the Bitcoin client.


edit on 20-6-2011 by ChaoticOrder because: (no reason given)



posted on Jun, 20 2011 @ 08:26 AM
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Originally posted by Crakeur
there's also a virus out there that seeks out your bitcoin "wallet" and steals the coins.
gizmodo.com...


that's two quick strikes against the funny money



Your choice of wording yet again shows off the pro PTB, corporate mentality of the people who make their living off this site.
An alternative recognised currency would be a good thing in this ever smaller world in which we find ourselves, one that has no national boundaries and cannot be inflated/deflated at the will of a few select bankers, is bitcoin this new currency ? I doubt it but it's a step in the right direction



posted on Jun, 20 2011 @ 08:38 AM
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If anyone wishes to learn more about Bitcoin and how it works you might want to check out my new website (some feedback would be appreciated): bitfreak.co.cc...



posted on Jun, 20 2011 @ 08:45 AM
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Originally posted by ChaoticOrder

Originally posted by Crakeur
there's also a virus out there that seeks out your bitcoin "wallet" and steals the coins.
gizmodo.com...


that's two quick strikes against the funny money.

Yes, but there are also trojans and viruses that will steal your passwords and online banking information. It's up to the user to keep their digital wallet safe. Encrypting it is the first line of defense. It's just like if you leave your physical money unprotected and don't take the proper precautions, it is open to thieves.

EDIT: But they really do need to make wallet encryption a part of the Bitcoin client.


edit on 20-6-2011 by ChaoticOrder because: (no reason given)


ermh my bank has never been compromised.. well at least my real online money, through a reputable online banking system, with multi million dollar encryption

From an economic position Bitcoins are off to not a very good start.....





so what you sayin?



posted on Jun, 20 2011 @ 08:45 AM
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reply to post by yellowbeard
 


I don't make my living off this site. I'm just grounded in reality. It's fantasy money that cannot be used in a real society to purchase necessities such as rent and the fact that someone can creat a virus to steal your precious WoW money makes it that much less desireable.

There are a plenty of ways to protect your real money and there are systems in place to protect individuals from theft of real money, such as insurance. Try filing a claim with the FDIC or the police when someone steals your platinum and your +3 sword of ogre slaying.



posted on Jun, 20 2011 @ 08:50 AM
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reply to post by guessing
 




ermh my bank has never been compromised.. well at least my real online money, through a reputable online banking system, with multi million dollar encryption
My online bank account has never been compromised either, but it does happen all the time. It's the principle. You can't call it unsafe because you didn't take the time to protect it.



posted on Jun, 20 2011 @ 08:54 AM
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reply to post by Crakeur
 





It's fantasy money that cannot be used in a real society to purchase necessities such as rent and the fact that someone can creat a virus to steal your precious WoW money makes it that much less desireable.
It could be used to pay the rent if it were an accepted form of payment by real estate or home owners. You can already buy many things with it, including physical items (mostly computer hardware at this stage). There no restriction on what it could be used to buy, assuming the payee accepts BTC as payment.


There are a plenty of ways to protect your real money and there are systems in place to protect individuals from theft of real money, such as insurance. Try filing a claim with the FDIC or the police when someone steals your platinum and your +3 sword of ogre slaying.
There are escrow type services like ClearCoin which can add security to Bitcoin payments. Most online business is automated anyway, and it's lot easier to avoid scamming when you buy physical items in real life (using bitcoin).


edit on 20-6-2011 by ChaoticOrder because: (no reason given)



posted on Jun, 20 2011 @ 09:01 AM
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Originally posted by ChaoticOrder
reply to post by guessing
 




ermh my bank has never been compromised.. well at least my real online money, through a reputable online banking system, with multi million dollar encryption
My online bank account has never been compromised either, but it does happen all the time. It's the principle. You can't call it unsafe because you didn't take the time to protect it.


Thats true,

But I can make a choice on where I put my money



posted on Jun, 20 2011 @ 09:01 AM
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Originally posted by ChaoticOrder
It could be used to pay the rent if it were an accepted form of payment from by real estate or home owners. You can already buy many things with it, including physical items (mostly computer hardware at this stage). There no restriction on what it could be used to buy, assuming the payee accepts BTC as payment.


Sure, and I would use my toe jam to pay my employees, if they'd accept it but, they don't and they won't because, at the end of the day, when you want to go out to dinner or buy that new car, you can't walk in with your laptop and offer bitcoins.



Originally posted by ChaoticOrder
it's lot easier to avoid scamming when you buy physical items in real life (using bitcoin).


buty you can't do that.



posted on Jun, 20 2011 @ 09:04 AM
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reply to post by Crakeur
 


Just because it is "virtual" doesn't make it less valuable than real physical money which you can hold. The majority of "normal money" is actually stored on computers anyway. And all money is actually stamped with various codes and numbers which are stored on computers. The paper it is printed on is simply a way to let you make transactions, but now-a-days most payments can be done with plastic cards anyway. Bitcoins could easily be stored on electronic cards. The advantage is that it's an electronic commodity, unlike normal money which can continually be injected into the money pool.


edit on 20-6-2011 by ChaoticOrder because: (no reason given)



posted on Jun, 20 2011 @ 09:08 AM
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reply to post by guessing
 





But I can make a choice on where I put my money
You can move your wallet to where ever you like - flash drives, CD's, external HDD's, any type of electronic storage. You can even make multiple copies of it (encrypted copies) and save it in many different places. Can you back your "real" money in such a way?



posted on Jun, 20 2011 @ 09:09 AM
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Originally posted by ChaoticOrder
reply to post by Crakeur
 


Just because it is "virtual" doesn't make it less valuable than real physical money which you can hold. The majority of "normal money" is actually stored on computers anyway. And all money is actually stamped with various codes and numbers which are stored on computers. The paper it is printed on is simply a way to let you make transactions, but now-a-days most payments can be done with plastic cards anyway. Bitcoins could easily be stored on electronic cards. The advantage is that it's an electronic commodity, unlike normal money which can continually be injected into the money pool.


edit on 20-6-2011 by ChaoticOrder because: (no reason given)


I am currently working on a new currency, it is virtual and well, you too can get it for free.

you can't cash it out, not just yet anyway..

Send me $10 bucks and you can have some. I promise one day it will be worth.... HEAPS.

They are called Vdollars or V$

interested?



posted on Jun, 20 2011 @ 09:10 AM
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Originally posted by ChaoticOrder
reply to post by guessing
 





But I can make a choice on where I put my money
You can move your wallet to where ever you like - flash drives, CD's, external HDD's, any type of electronic storage. You can even make multiple copies of it (encrypted copies) and save it in many different places. Can you back your "real" money in such a way?


I can spend my real money on things like .... food.....



posted on Jun, 20 2011 @ 09:14 AM
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reply to post by guessing
 


Your currency won't be able to compete with bitcoin.

Not to mention all the other bitcoin debunkers who claim to be doing thew same thing - you'll be competing with them too.




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