The guy who bought 259684 Bitcoin for $ 2613
As you know, on Sunday at the MtGox exchange there was a collapse of the peer-to-peer Bitcoin cryptocurrency quotes. Within minutes, the cost dropped from $ 17 to $ 0.01 for 1 BTC. Analysis of the events showed that someone was actively merging "coins" (possibly stolen ). At the same time, there were those who could take advantage of the situation and buy the currency at an ultra-low price.
Yesterday, one of them himself appeared on the bitcoin.org forum with a detailedrepentance explanation. “My name is Kevin and I'm the guy who bought 259684 BTC yesterday for less than $ 3,000. I really didn't want to tell anyone, but I can't take it anymore. That's how things happened on my part. ”
Kevin explains how the MtGox currency exchange is organized (it is not much different from the same wm.exchange.ru): the same order queues for buying and selling. If there is a large order for the sale, it turns into counter orders for the entire queue, which costs to buy, starting from the highest price and further down the list, until all orders are canceled.
“Like many of you, I watched yesterday as a giant application for selling Bitcoin appeared,” says Kevin. - MtGox does not execute applications very quickly, so we all saw the gradual erosion of the purchase queue. It started with a price of about $ 17.50, and within a few minutes all bids up to $ 10 were satisfied. At this point, I realized that this was not some big seller, ready to put up with some losses from selling at an undervalued rate. It was clearly someone trying to crash the market by simultaneously selling a large package of Bitcoin in circulation.
')
I had about $ 3000 on my MtGox account from previous transactions. I looked at the market and realized that the queue is a lot of applications for $ 0.01, which will surely eat up the full amount in the seller’s application. I figured it out and decided that if I put an order for $ 0,0101 ahead of this entire queue, I can buy a large amount of Bitcoins from this seller until his application is exhausted. The only problem was that MtGox worked slower than usual and everyone said that new applications for the exchange were no longer accepted. I tried several times, and by chance I still managed to put a purchase request for $ 0.0101.
For some time, the site completely stopped responding, because many tried to refresh the page in order to monitor further events. When he earned again, I saw on my account:
06/19/11 17:51 Bought BTC 259684.77 for 0.0101
I just bought over 250,000 BTC for $ 2,613. At the market price, which was before the collapse of the market, it is about $ 5 million. When I was able to calm my breath, I tried to figure out what to do next. I was not sure what was going on. Over the past few days there have been many complaints about the security system MtGox. MtGox user lists, email addresses and encrypted passwords were sold everywhere. If there was some cracker, then he could get into my account and make some other insane deal.
I tried to withdraw BTC to my wallet, but I buried myself in the maximum limit of cashing on the stock exchange ($ 1000 at current market value). So from the first time only 643.27 BTC was removed, that was the course at that time. I could repeat it again and again, but decided not to make suspicious movements.
Then I got the idea that a tiny number of applications for the purchase of only 100 BTC remained on the market, so with such a number of coins I could once again bring down the market and lower it to $ 0.001, then cash out the entire amount at once. But I also decided not to do this, because I realized that the person who brought the market down before me did it for the same reason, so I would look very unattractive.
Then I sent an IRC private message to MagicalTux (Marc Karpeles, founder of MtGox) with an explanation that I am the one who put up a huge bid to buy, but not the one who sold bitcoins. ”
However, Mark some time later posted a message on the stock exchange’s homepage that someone’s account with a lot of BTC was hacked, after which the user crashed the market and bought BTC at a low price, so the $ 1,000 daily withdrawal limit is active for this account and the hacker will not be able to withdraw more than $ 1000.
Of course, this message was false. “Everyone saw the market movement and the fact that there was only one giant bid for sale, and I was a buyer, but not a hacker. Others in the IRC chat discussed who could buy as much as they could. Did Mark think that I was a hacker? I asked him this question several times, but he never answered. But after all, I am already an identified user on the exchange, I sent Mark my identity card and documents indicating the place of residence.
The second mistake in his statement is the impossibility to withdraw more than $ 1000, because I already removed 643 BTC, which cost more than $ 10 thousand. The withdrawal limit is clearly not working properly, which I have already told him before, ”Kevin believes. In fact, this limit provokes the attacker to bring down the market.
Apparently, MtGox has announced such a vision of events in order to justify its intention to cancel the last transaction. In fact, the BTC buyer at the ultra-low price was not a hacker at all, but ordinary ordinary users who would suffer from the cancellation of transactions.
Cancellation of recent transactions is contrary to the rules of the MtGox exchange, it is not stated anywhere and has never been discussed, so Kevin strongly opposes this. He has already sent notarized copies of his documents to the stock exchange and hopes that the situation will be resolved honestly and he will still be able to cash out his bitcoins.
Yesterday, one of them himself appeared on the bitcoin.org forum with a detailed
Kevin explains how the MtGox currency exchange is organized (it is not much different from the same wm.exchange.ru): the same order queues for buying and selling. If there is a large order for the sale, it turns into counter orders for the entire queue, which costs to buy, starting from the highest price and further down the list, until all orders are canceled.
“Like many of you, I watched yesterday as a giant application for selling Bitcoin appeared,” says Kevin. - MtGox does not execute applications very quickly, so we all saw the gradual erosion of the purchase queue. It started with a price of about $ 17.50, and within a few minutes all bids up to $ 10 were satisfied. At this point, I realized that this was not some big seller, ready to put up with some losses from selling at an undervalued rate. It was clearly someone trying to crash the market by simultaneously selling a large package of Bitcoin in circulation.
')
I had about $ 3000 on my MtGox account from previous transactions. I looked at the market and realized that the queue is a lot of applications for $ 0.01, which will surely eat up the full amount in the seller’s application. I figured it out and decided that if I put an order for $ 0,0101 ahead of this entire queue, I can buy a large amount of Bitcoins from this seller until his application is exhausted. The only problem was that MtGox worked slower than usual and everyone said that new applications for the exchange were no longer accepted. I tried several times, and by chance I still managed to put a purchase request for $ 0.0101.
For some time, the site completely stopped responding, because many tried to refresh the page in order to monitor further events. When he earned again, I saw on my account:
06/19/11 17:51 Bought BTC 259684.77 for 0.0101
I just bought over 250,000 BTC for $ 2,613. At the market price, which was before the collapse of the market, it is about $ 5 million. When I was able to calm my breath, I tried to figure out what to do next. I was not sure what was going on. Over the past few days there have been many complaints about the security system MtGox. MtGox user lists, email addresses and encrypted passwords were sold everywhere. If there was some cracker, then he could get into my account and make some other insane deal.
I tried to withdraw BTC to my wallet, but I buried myself in the maximum limit of cashing on the stock exchange ($ 1000 at current market value). So from the first time only 643.27 BTC was removed, that was the course at that time. I could repeat it again and again, but decided not to make suspicious movements.
Then I got the idea that a tiny number of applications for the purchase of only 100 BTC remained on the market, so with such a number of coins I could once again bring down the market and lower it to $ 0.001, then cash out the entire amount at once. But I also decided not to do this, because I realized that the person who brought the market down before me did it for the same reason, so I would look very unattractive.
Then I sent an IRC private message to MagicalTux (Marc Karpeles, founder of MtGox) with an explanation that I am the one who put up a huge bid to buy, but not the one who sold bitcoins. ”
However, Mark some time later posted a message on the stock exchange’s homepage that someone’s account with a lot of BTC was hacked, after which the user crashed the market and bought BTC at a low price, so the $ 1,000 daily withdrawal limit is active for this account and the hacker will not be able to withdraw more than $ 1000.
Of course, this message was false. “Everyone saw the market movement and the fact that there was only one giant bid for sale, and I was a buyer, but not a hacker. Others in the IRC chat discussed who could buy as much as they could. Did Mark think that I was a hacker? I asked him this question several times, but he never answered. But after all, I am already an identified user on the exchange, I sent Mark my identity card and documents indicating the place of residence.
The second mistake in his statement is the impossibility to withdraw more than $ 1000, because I already removed 643 BTC, which cost more than $ 10 thousand. The withdrawal limit is clearly not working properly, which I have already told him before, ”Kevin believes. In fact, this limit provokes the attacker to bring down the market.
Apparently, MtGox has announced such a vision of events in order to justify its intention to cancel the last transaction. In fact, the BTC buyer at the ultra-low price was not a hacker at all, but ordinary ordinary users who would suffer from the cancellation of transactions.
Cancellation of recent transactions is contrary to the rules of the MtGox exchange, it is not stated anywhere and has never been discussed, so Kevin strongly opposes this. He has already sent notarized copies of his documents to the stock exchange and hopes that the situation will be resolved honestly and he will still be able to cash out his bitcoins.
Source: https://habr.com/ru/post/122341/
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