Who stole the bitcoins?

Technology 1 min
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Mt.Gox's lost bitcoins look less like a clean hack and more like an inside job, with price-pumping bots in the mix.

Anyone who followed bitcoin last year remembers Mt.Gox, one of the market giants, suddenly saying hackers had stolen 650,000 BTC and shutting the shop. Holding a bit of LTC at the time, I had an ugly little laugh as BTC crashed. Japanese police (no parallel structure jokes needed) dug in and built a strong case that only about 7,000 coins were taken in a hack while the rest were likely taken from inside the company. The firm effectively had one full-time employee, French CEO Mark Karpeles, with the rest of the work outsourced. So who was the thief? We will not name names here. On top of that, two bots called Willy and Markus appear to have run suspicious trades that pushed prices up: keep buying to scramble the market, ride BTC to a peak, then blow it up and leave. How the case ends is unclear, but from here the CEO’s outlook does not look good.

Oğuzhan Koçaklı

Oğuzhan Koçaklı writes and advises on AI engineering, agents, GenAI products, and applied ML. Daily digests and deep dives in EN + TR at oguzhan.co.

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