#MtGox: The Bitcoin Exchange Eruption Timeline
How did Mt.Gox, once the largest #Bitcoin exchange fall apart and why couldn’t it be saved. (To the best of my knowledge) Magic Trading Cards & Magic Money–not so far apart.
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#MtGox eruption not criminal fraud; bad management, bad accounting, & system bugs that went unfixed http://thebea.st/1mJVXlS
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#Mtgox timeline Pt 1: 2009 Magic: The Gathering Online eXchange (Mt.Gox) created. 2010 Becomes Bitcoin exchange (a logical progression)
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#MtGox timeline Pt2: 2011 Computer genius Mark Karpeles takes over Mt.Gox; as Bitcoin exchange company thrives. But software bugs unnoticed
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#MtGox timeline pt3: Circa 2012 “double cheeseburger for one flaw” etc result in bitcoin theft/leakage; problem noted but not fixed.
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#MtGox timeline Pt.4: 2013 Failure to do account reconciliation as company grow results in missed gap between cold storage btw actual stock
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In other words, the bitcoins in cold storage weren’t properly matched with the online transaction data etc. Reconciliation is the accounting term that would apply here.
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#MtGox timeline pt5: 2013 delays in withdrawals, trouble with federal authorities, seizure of cash, system problems hurt firm’s reputation
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Mt. Gox achieved something amazing. A D4 rating from Teikoku Data Bank. It’s a legendary bad score. http://thebea.st/1mJVXlS
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#MtGox timeline pt6: 2014/01/19 CEO moves residence from Setagaya to Meguro, registers it February 3rd. February 7th, withdrawals halted.
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#MtGox timeline pt6: Press release issued 02/10 explains system problems but angers Bitcoin community http://smartnews.cc/financial-times/BcFRCsAgCADQE6m5hGq32croY7JBgtffe8v9O4kiAqdjf426bdqUqNSqvVSFdogAs2ZoKhlSYpGp112G4nJ7fg#.UxJU59xFOMO …
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#MtGox timeline pt6: Circa 02/20 Nearly 850,000 Bitcoins ($500 million) suspected missing confirmed Friday 02/21
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#MtGox timeline pt8: circa 02/22 Crisis Strategy Draft created to help convince key Bitcoin players to keep company solvent, restart.
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#MtGox timeline pt9: 02/23 Karpeles resigns from board of the Bitcoin Foundation which oversees & develops currency. Informs them of crisis?
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#MtGox timeline pt10: 02/22-02/24 Winklevoss twins, Second Market, 3rd parties shown Crisis Strategy Draft. One leaks it to Two-Bit idiot.
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#Mt.Gox Timeline pt11: 02/25 Crisis Strategy Draft leak forces hand, Mt.Gox shuts down website, stops all transactions
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Japan’s Big #Bitcoin Heist http://thebea.st/1mJVXlS Note: This was posted 11:50 am Japan time, 6 hours before Mt.Gox declared bankruptcy.
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#Mt.Gox Addendum 2: Press release of bankruptcy announcment allegedly started circulating to select media Thursday afternoon 02/27
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#Bitcoin fans & twitterdachi: Mt.Gox is gone & so are 850,000 btc http://www.businessinsider.com/r-mt-gox-files-for-bankruptcy-protection-in-tokyo-media-2014-28 … Here’s why: http://www.thedailybeast.com/articles/2014/02/27/inside-japan-s-bitcoin-heist.html …
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Inside Japan’s Bitcoin Heist http://thebea.st/1mJVXlS The total amount of bitcoins missing; 850,000 ($477 million). I’d heard 820,000. Close!
