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Hacked or Stolen

March 7, 2014 Leave a Comment

Apparently MtGox had over  700,000  Bitcoins stolen.   This equates to about 6% of all Bitcoin ever minted.

MtGox down

Take a step back, and think about what you would do if you ran a Bitcoin exchange that was valued at over $300million USD.

First, you would store the majority of your coins offline, in cold storage.  That is exactly what www.coinbase.com does.   When you have thousands of customers trading millions of dollars in Bitcoin every day, there is no reason to keep it all online.  There is enough flow, that only about 10 percent needs to be liquid.  It’s called fractional reserve banking.

Second, if you were in control of 700,000 Bitcoins, you would keep good track of the coins.  MtGox is claiming the theft occurred in 2011, but they just became aware of it this year.

The whole thing sounds like an inside job.  The coins were not hacked, they were most likely stolen.  The Bitcoin system was not compromised, the employees were.

Mark Karpeles, chief executive of Mt. Gox, attends a news conference at the Tokyo District Court in Tokyo

 

Filed Under: Cryptocurrency Tagged With: Bitcoins stolen, cold storage, Mark Karpeles, MTGox, MtGox bankruptcy

Bitcoin Foundation Opens Nominations for Empty Board of Directors Seat

February 19, 2014 Leave a Comment

The Bitcoin Foundation has announced that it is now accepting nominations for a new board member to fill the open spot left vacant since the arrest of former BitInstant CEO Charlie Shrem this January.

The organization broke the news via blog post on 18th February, setting a 7th April deadline for nominations.

Voting will be held on 21st April, with multiple voting rounds set to occur if there are a large number of nominees.

Continue reading at CoinDesk

Filed Under: News Tagged With: Bitcoin Foundation, Charlie Shrem, Mark Karpeles

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