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Bitcoin

Submission + - Buying 259684 Bitcoins For $2613 During Mtgox Hack (bitcoin.org)

qubezz writes: The firsthand report from a trader about the mtgox.com flash-crash shows the impact to mtgox.com may be much deeper, and gives an insider perspective that throws doubt on mtgox's account of events. The Mt Gox bitcoin exchange remains shut down after it was disclosed that a hacker compromised a trading account and sold all it's bitcoins, crashing the exchange price. Mtgox reports that the hacker was able to transfer less than $1000 out of the hacked account.

This trader has an interest in doubting the hacker story behind the big sell-off — during the fire sale, because when the market crashed, he was able to buy over 250,000 BTC for less than $3000 (at a price of a $0.0101 each), and even transferred 643 BTC off the exchange to his personal wallet, where it is untouchable (and now worth about $10,000). When the exchange rolls back the transactions wiping his remaining 250,000 BTC balance ($4 million at previous exchange prices), will he be getting his $2613 USD back?

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