“When I heard the news, I was working in Hongkong at the time, Mt.Gox price and Bitstamp price has been out of touch, I feel the whole market will have some sort of collapse, the fact that the collapse of bitcoin completely pulled into a bear market. “
Remember five years ago that “bitcoin Big Bang”, BitMEX co-founder Arthur Hayes is still a lingering fear.
Five years ago, the world’s largest bitcoin exchange Mt.Gox stolen 850 thousand coins, declared bankruptcy.
Five years later, the bankruptcy liquidation of Mt.Gox is still in progress, but the external “four chokedamp”: someone ready to send money to revive Mt.Gox; new evidence of Mt.Gox in the past has been manipulating the price of bitcoin; Mt.Gox was again questioned embezzlement……
As everyone knows, the danger is approaching, 140 thousand bitcoin Mt.Gox remnants of the earliest in the year 2019 will be returned to the user, and this will be all bitcoin holders nightmare.
[original] deep chain
This is not bright.
850 thousand bitcoin theft
2014 years 2 months 24 days, bitcoin the darkest day in the history of.
Trading volume accounted for 80% of the global Mt.Gox, the world’s largest bitcoin trading platform (Mentougou) broke the theft, 850 thousand coins from the policy and the air take wings to itself, just crossing the game player who once again pushed to the verge of despair.
In 2006, the P2P transmission network “eDonkey” founder Jed McCaleb founded the Mt.Gox on a whim.
Founded at the beginning of the Mt.Gox is designed as a card game trading site, called Magic: The Gathering Online Exchange, English abbreviations: Mt.Gox, Chinese people gave him a call: Mentougou down to earth.
7 months to 2010 years, Jed McCaleb accidentally saw an article in the bitcoin, out of curiosity about new things, he tried to buy bitcoin, but buy bitcoin extremely inconvenient, mostly in the OTC transaction. Then, he founded 4 Mt.Gox years ago from the card game trading site bitcoin exchange transformation.
The transformation of less than a month, Mt.Gox will become the world’s largest bitcoin trading platform, accounted for the global bitcoin trading volume 70%.
In March 2011, Mt.Gox was sold to the owner in second: Mark Karpeles.
Mark Karples is a long-term residence in Japan France developers, because the body extra baggage, the domestic bitcoin community gave him a nickname – fat image method.
The method was the fat after hours, Mt.Gox continued to maintain the momentum to stride forward singing militant songs in mid May 2013, trading volume has reached 150 thousand Mt.Gox daily bitcoin, bitcoin transactions accounted for the global 80% of the total, the daily flow of funds of billions of dollars, unlimited scenery.
After selling Mt.Gox, Jed and McCaleb have not been idle. 2012, he founded the new block chain project — the famous Ripple and 2014, because the team; team conflict, Jed McCaleb left Ripple, and created a new Ripple like project – Stellar (Heng Xing).
However, Mt.Gox scenery is not completely release fat smile on her face, the crisis began to wait.
The crisis began in 2013, from the beginning of June, Mt.Gox customers extract dollars, by November, users found withdrawals bitcoin may often encounter delays, ranging from a few weeks to a few months, which caused strong dissatisfaction of users have complained that, in all kinds of social media.
Until February 24, 2017, Mt.Gox forced the suspension of all transactions, and will exchange line. An internal letter was leaked that the company was hackers stole 744 thousand and 400 bitcoins and the exchange itself 100 thousand bitcoins, accumulated about 850 thousand.
In March 20th, Mt.Gox called on the site, they found 200 thousand bitcoins in an old wallet, the number of stolen bitcoins reduced to 650 thousand, then Mt.Gox respectively in Tokyo and the United States filed for bankruptcy protection, all of its remaining assets were frozen, including the re discovery of the 200 thousand BTC.
Influenced by events in Mentougou, bitcoin prices from $600 to $400 diving straight, speed up the bottom of bitcoin.
In addition to the price impact on the currency, the status and influence of Mt.Gox was stolen, large number of game player confidence caused a great blow, after two years, bitcoin market increasingly low, trading volume and prices continue to decline.
According to statistics, the theft victims of about 2.4 million, the repayment of creditors by Tokyo lawyer Lin declared responsible for matters.
Kobayashi in the spring of 2018 in the Bitpoint trading platform to sell a lot of BTC and BCH, worth about 35 billion yen ($318 million 500 thousand), but there are still Mt.Gox bankruptcy trust about one hundred and forty thousand bitcoin is frozen.
According to the compensation scheme Kobayashi released in August 2018 and delayed period, this one hundred and forty thousand bitcoins as early as August 2019 in succession of compensation to the user, the average cost of these coins is less than $1000, once all creditors, large amounts of cash for the entire market zapan will cause a devastating blow.
Stolen five years ago bitcoin, has now become suspended in all bitcoin game player head Damour Damocles sword.
Who is the thief Mt.Gox6.5 million bitcoin murderers?
This may be the following: “who is the Cong, second case in the history of bitcoin. But there is evidence from the point of view, it is not unusual for the theft together.
Japan’s “Yomiuri Shimbun” reported that Mt.Gox has fallen because of fraud, rather than external hackers, the Japanese Metropolitan police sources told the newspaper, in 650 thousand lost bitcoin, in fact only 7 thousand pieces are really stolen. Angry crowds have to spearhead the Mt.Gox method that the actual control of fat, embezzlement.
In August 2015, law fat was arrested by Japanese police, accused of embezzlement of company funds engaged in prostitution, business acquisitions and other luxury goods, but there is no direct relationship with the Mt.Gox event in July 2016 by fat was bailed out, but cannot leave japan.
After the bankruptcy of Mt.gox, Tokyo based bitcoin security company “WizSec” involved in the case, the study revealed that Mt.Gox started as early as 2011 is stolen, the second master method of fat over time.
In February 2019, law of fat in an interview with WhatBitcoinDid, said Jed McCaleb gave his Mt.gox serious bugs.
Fat law said, in the first three months of the acquisition of the exchange, he frequently encountered technical problems, for example, in exchange for registered users reached a certain number, some basic mistakes will happen, he added, “the transaction not only rounding error, and simply use encrypted passwords are not suitable for bitcoin transactions.”
It is found by fat exchange code, he had to rewrite the code, but the damage has already been done.
The interview has aroused extensive discussion, many onlookers began to turn against the Jed McCaleb, that he was the “arch-criminal”.
YouTube, user Coinspeed commented: “the interesting story, so Jed will be a serious error to the code exchange method of fat, including deposit system of the back door, leaving hundreds of thousands of BTC disappeared in a few years, at the same time after Jed created Ripple. Look back but just pan fat method man, Jed is the villain. “
Another YouTube user Surfer Jim agrees, Jed McCaleb is behind.
“Fat more innocent than it seems Jed, method of fat to speak more honest and speak like a liar like Jed, Jed Mt. Gox has a thorough understanding of the organization, it is enough to steal BTC and easily transfer. If one day he wants to move those stolen bitcoin, when he does, I hope he will be caught. “
Jed McCaleb has not publicly responded to these questions.
Questioned the market manipulation
Who is the real culprit, now is not known, but a new study suggests that the Mt.Gox had been operating in the market price of bitcoin.
At the beginning of 2019, Zhongshan University scholar Chen Weili and his colleagues published the expose Mt.Gox manipulate bitcoin prices, “bitcoin market manipulation: Mining Mt.Gox trading network evidence”.
The research team based on 2011 11 4 to 2013 months Mt.Gox years in exchange of data exchange network, the data leaked online in 2014, provides more detailed information record block chain.
First of all, the research team examined each transaction, the transaction price to determine whether bitcoin exchange prices are roughly the same, to their surprise, a large number of transactions or much higher than the reference price is far lower than the price.
For example, in August 30, 2013, when the price of bitcoin is generally between $129 to $143, but on the same day, Chen and his colleagues found a transaction in the Mt.Gox data, one bitcoin price is $49000, another $0.81.
The team statistics of all the price higher or lower than the reference price of more than 50% transactions, found a total of nearly 200 thousand pens, which accounted for about 2.8% of the total transaction.
The number of these transactions that they have specific purposes, is most likely to provide liquidity and increase the volume of exchange.
“The price manipulation is also a possible destination,” Chen and his colleagues said, “we found that there is great correlation with abnormal trading bitcoin transaction price.”
Among the researchers further study 10 thousand people involved in abnormal high trading users, 6000 users participate in low-cost trading and 9000 had never been involved in abnormal transaction user transaction pattern.
First of all, the abnormal trading network than the normal trading accounts network more closely together. One possible reason is that these accounts are controlled by an organization, in addition, compared with the normal account, account and the correlation between abnormal prices higher.” Chen Weili said.
These accounts also showed some highly suspicious transactions. For example, in February 7, 2013, codenamed 231 accounts and their transactions carried out 749. For an ordinary trader, this is meaningless, Chen and his colleagues said: “the reasonable explanation from the cycle model is that the account may belong to the exchange, and can be used to increase the daily trading volume or to lift or suppress the price”
“These findings lead us to believe that there are many Mt.Gox exchange market manipulation,” Chen Weili said.
The resurrection of Mt.Gox in order to send money?
When everyone thinks Mt.Gox has been dead when someone wants to resurrect Mt.Gox and attempt to revive the Mt.Gox.
This man’s name is Brock Pierce, the chairman of the bitcoin foundation, but also the Block.one, Tether, Mastercoin and co-founder of Blockchain Capital.
At the beginning of 2019, he launched a high-profile Gox Rising project aims to minimize the losses of the creditor, and plans to restart the exchange.
Pierce said their holding company Sunlot has reached an agreement in March 2014 and the acquisition of Mt. Gox fat. This statement by the method of fat fat law denied, said he only received a letter of intent to acquire Mt. Gox, and Pierce did not continue to follow up, he also forgot it.
For Pierce Mt. Gox recovery plan, the original owner was not optimistic about the fat.
“Even if he successfully established a new Mt. Gox, at least half a year to 1 years to get a license, I don’t think anyone will use the exchange, no one would want to see a name called Mt. Gox exchange. “
Mt.Gox it is a mess, why to want to pick Pierce disk?
Method that Pierce tries to get fat, all the people believe he is a major shareholder of Mt. Gox is to launch a lCO project. In fact, Pierce has plans to send money.
According to the Pierce plan, the newly established Gox Rising fund will be issued “Gox currency”, which will allow creditors to hold some of the shares in the fund in the future, the remaining assets of Mt. Gox will be prorated to the holder of the Coin Gox. According to TechCrunch, the Mt. Gox bankruptcy trust assets held about $12 billion, including $, BTC, BCH and other coin bifurcation.
World Rangrang, are all benefits to legacy Mt. Gox battle will continue.
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