MTGox: Investigations indicate insider act

photo credit: zcopley

photo credit: zcopley

It seems that the investigations about the MTGox desaster could come to a soon end. The reports from the investigators shows, that only one per cent of the losses can be attributed to hacker attacks. The investigation of the Tokyo Police have revealed that the vast Bitcoin loss that led to the bankruptcy of Bitcoin exchange Mt. Gox, was apparently caused by manipulation by insiders.

Just 7000 Bitcoins to have been stolen by hackers, the attacker could obviously be fooled by manipulating the stock market transactions systems and cause false postings. Analysis of accounting data on the stock exchanges servers had for the remaining 643,000 Bitcoins but found no signs of external hacker attacks. According to the report, they were probably embezzled from strangers who were familiar with the systems of exchange.

Thus, the investigators should be met with at least two suspicious accounts whose balances coin was ever grown without recorded transactions. This customer funds were transferred by system operations on these accounts, without this affected customers would have been displayed. The unknowns may then resold the coins directly on the stock market to make checkout.

Whether the Tokyo police already has specific persons in sight, is still unclear. According to a report 127,000 creditors waiting to funds from the insolvent trading.

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