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Ogla
Registered: 02/16/04
Posts: 11,332
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Popular Bitcoin exchange Mt. Gox hacked, prices drop to pennies
#14639667 - 06/19/11 08:44 PM (12 years, 9 months ago) |
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June 19, 2011
The most popular Bitcoin exchange, Mt. Gox, on Sunday admitted it had been hacked after the price of Bitcoins dropped from $17 to nearly zero in a matter of minutes. The sell off happened after a Mt. Gox account with a large amount of Bitcoins was hacked, and the hacker sold all Bitcoins in said account.
Bitcoins, an unregulated peer-to-peer currency, have been in the news much lately, with two Senators suggesting it would lead to illegal online drug purchases. It also raised eyebrows when a hacker stole more than $500,000 in Bitcoins from an unsuspecting trader.
Mt. Gox immediately took down its main site and said it will re-launch the exchange after it “rolls back” prices to the levels Bitcoin had before the incident, which is about $17.50 per Bitcoin. Mt. Gox said service would not resume before 10 p.m. EST Sunday and that the re-opening could be “delayed depending on what is found during the investigation,” according to Mt. Gox.
The Hong-Kong-based hacker who broke into the exchange likely used a database of the Mt. Gox user names and associated information that have been making the rounds on the Internet today. The database includes user names, hashed passwords, and e-mail addresses.
To address concerns about leaked passwords, Mt. Gox will require all users with simple passwords to choose new passwords. However, it did encourage users who have e-mail address connected to their Mt. Gox accounts to change their e-mail passwords immediately.
Thankfully for Bitcoin owners, the crash appears to have just affected the price of Bitcoin on Mt. Gox, rather than the value of the currency itself dropping to nothing. Competing Bitcoin exchange TradeHill currently prices the currency at around $13 per Bitcoin. TradeHill has halted trading “for a few hours” because of the possibilty that members had used the same password for TradeHill and Mt. Gox.
The incident is bad news all around for the Bitcoin currency, which has seen a staggering value jump in the last few months. From April to June, the currency rose from $1 to more than $30, but during the last few weeks the price has fallen. Prices were at about $17 before the hacker crashed the market.
After the earlier mentioned theft of $500,000 of Bitcoins, Bitcoin traders were already concerned about the security of their transactions. But with this incident, prepare for Bitcoin holders to consider cashing out completely when the exchanges re-open.
http://venturebeat.com/2011/06/19/popular-bitcoin-exchange-mt-gox-hacked-prices-drop-to-pennies/
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the human abstract
malaka the werewolf
Registered: 11/30/09
Posts: 8,817
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Re: Popular Bitcoin exchange Mt. Gox hacked, prices drop to pennies [Re: Ogla]
#14639716 - 06/19/11 08:54 PM (12 years, 9 months ago) |
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Quote:
losfreddy said: June 19, 2011
The most popular Bitcoin exchange, Mt. Gox, on Sunday admitted it had been hacked after the price of Bitcoins dropped from $17 to nearly zero in a matter of minutes.
From reading about bit coins I thought most of this was done through the air and there was no super computer running the show. I thought the creator of Bitcoin was a hacker himself and designed this un-hackable.
Quote:
Bitcoins, an unregulated peer-to-peer currency, have been in the news much lately, with two Senators suggesting it would lead to illegal online drug purchases.
Common, blaming it on something external like always.
-------------------- ★★★ ★
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aussieshroom
Sub Hunter
Registered: 01/30/09
Posts: 349
Loc: Melbourne, Victoria, AUS
Last seen: 12 years, 8 months
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Re: Popular Bitcoin exchange Mt. Gox hacked, prices drop to pennies [Re: the human abstract] 1
#14639733 - 06/19/11 08:58 PM (12 years, 9 months ago) |
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Quote:
From reading about bit coins I thought most of this was done through the air and there was no super computer running the show. I thought the creator of Bitcoin was a hacker himself and designed this un-hackable.
Nothing, ever, is unhackable
-------------------- Melbourne Mushroom Madness
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withoutawire
hi
Registered: 08/16/09
Posts: 11,384
Loc: Honolulu, Hawaii
Last seen: 9 months, 13 days
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Re: Popular Bitcoin exchange Mt. Gox hacked, prices drop to pennies [Re: aussieshroom]
#14639745 - 06/19/11 09:00 PM (12 years, 9 months ago) |
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lawlll I saw this shit coming when drug website got posted as news article.
Almost as lol as coreyhaimfanclub but still lol
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the human abstract
malaka the werewolf
Registered: 11/30/09
Posts: 8,817
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Re: Popular Bitcoin exchange Mt. Gox hacked, prices drop to pennies [Re: aussieshroom]
#14639751 - 06/19/11 09:01 PM (12 years, 9 months ago) |
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There are some things in networking that are impossible to get into.. I would say impossible being 1/1,000,000,000 chance. No hardware is really un-hackable.
-------------------- ★★★ ★
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wildernessjunkie
Reshitivest
Registered: 06/13/10
Posts: 8,118
Loc: HTTP 404 Not Found
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Re: Popular Bitcoin exchange Mt. Gox hacked, prices drop to pennies [Re: aussieshroom]
#14639773 - 06/19/11 09:06 PM (12 years, 9 months ago) |
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Ive got high expectations for the Bitcoin concept.
A currency that lacks any governmental control. That cant be artificially inflated, or more issued due to political need. All based on a world economy.
I think its brilliant. Now I dont think the bugs are fully worked out, I think the concept will eventually change the world.
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limestoneman
The Return
Registered: 04/09/11
Posts: 1,997
Loc: Middle TN
Last seen: 4 years, 3 months
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Re: Popular Bitcoin exchange Mt. Gox hacked, prices drop to pennies [Re: wildernessjunkie]
#14640077 - 06/19/11 10:10 PM (12 years, 9 months ago) |
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Only greed slows our progression as humans.
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ShroomyJohn
Stranger
Registered: 09/13/10
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Re: Popular Bitcoin exchange Mt. Gox hacked, prices drop to pennies [Re: limestoneman]
#14640420 - 06/19/11 11:08 PM (12 years, 9 months ago) |
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Suckers that's why I pay for my drugs in cash.
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blujay
pass it b*ch!
Registered: 04/01/09
Posts: 5,120
Last seen: 8 years, 7 months
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Re: Popular Bitcoin exchange Mt. Gox hacked, prices drop to pennies [Re: the human abstract] 1
#14640564 - 06/19/11 11:41 PM (12 years, 9 months ago) |
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Quote:
the human abstract said:
the creator of Bitcoin was a hacker himself and designed this unhackable.
-------------------- wat man rly
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blujay
pass it b*ch!
Registered: 04/01/09
Posts: 5,120
Last seen: 8 years, 7 months
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Re: Popular Bitcoin exchange Mt. Gox hacked, prices drop to pennies [Re: the human abstract]
#14640569 - 06/19/11 11:43 PM (12 years, 9 months ago) |
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Quote:
the human abstract said: There are some things in networking that are impossible to get into.. I would say impossible being 1/1,000,000,000 chance. No hardware is really un-hackable.
Yep, and for the long shots there's always social engineering, oldschool cons, and straight espionage. It usually just boils down to who has physical access...
-------------------- wat man rly
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shadowplay
Registered: 05/15/10
Posts: 1,337
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Re: Popular Bitcoin exchange Mt. Gox hacked, prices drop to pennies [Re: wildernessjunkie]
#14640690 - 06/20/11 12:17 AM (12 years, 9 months ago) |
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Quote:
wildernessjunkie said: Ive got high expectations for the Bitcoin concept.
A currency that lacks any governmental control. That cant be artificially inflated, or more issued due to political need. All based on a world economy.
I think its brilliant. Now I dont think the bugs are fully worked out, I think the concept will eventually change the world.
I know right? Interesting times we live in!
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Retrovertigo
Urban Shaman
Registered: 03/24/10
Posts: 165
Loc: South
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Re: Popular Bitcoin exchange Mt. Gox hacked, prices drop to pennies [Re: ShroomyJohn]
#14640837 - 06/20/11 12:58 AM (12 years, 9 months ago) |
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Quote:
ShroomyJohn said: Suckers that's why I pay for my drugs in cash.
A-fucking-men what the fuck is a Bitcoin I have never herd of that shit. When did computer nerds start doing drugs anyways ???
-------------------- 3 things your signature should have 1) A disclaimer about how everything you say is a work of ad-libbed fiction and should not be taken seriously 2) A quote from some famous psycho-naut like Tim Leary, or Alexander Shulgin. 3) A grand statement about the current state of the spirituality of mankind.
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1tokeovrtheline
life=painfully beautiful
Registered: 04/12/10
Posts: 866
Loc: innerverse&universe, surrealis...
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Re: Popular Bitcoin exchange Mt. Gox hacked, prices drop to pennies [Re: shadowplay]
#14640861 - 06/20/11 01:06 AM (12 years, 9 months ago) |
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it is important to realize though that nobody 'hacked bitoins', they hacked into someone's mt gox account- way different and way easier
there are some things which are 'unhackable' by conventional methods, but if you look into hardcore hacking shit a lot of the time 'no tech hacking' is incorporated to fill in where technological hacking falls short. For instance I remember hearing of a hacker from new york who would continually hack into networks and get phone numbers, names, etc and then impersonate someone and a make a phone call (I think he used a black box to call through other phones so the number would show up right and be untracable) and then get whatever password he needed. You see sometimes there is an encryption that you just can't hack because it is truly random, shit developed in WWII and used all over the place now (I think the shroomery has an encryption option of this type in pm).
some shit just can't be hacked, and bitcoins themselves can't really as far as I understand them (I'm a noob hacker though so idk, maybe somehow)
-------------------- Music, business as usual Mi' spliff and Guiness as usual Highgrade we puffin as usual Fight down the system as usual The system fight we down as usual The cops dem a watch we as usual And a we a watch the cops as usual
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MidRange
Stranger
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Re: Popular Bitcoin exchange Mt. Gox hacked, prices drop to pennies [Re: wildernessjunkie]
#14641398 - 06/20/11 05:27 AM (12 years, 9 months ago) |
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Quote:
wildernessjunkie said: Ive got high expectations for the Bitcoin concept.
A currency that lacks any governmental control. That cant be artificially inflated, or more issued due to political need. All based on a world economy.
I think its brilliant. Now I dont think the bugs are fully worked out, I think the concept will eventually change the world.
One person sold off a large amount of bitcoins and it completely inflated the price. To the point of being nearly worthless.
-------------------- "Sacrifice is the Christian way of life. Theft is the Socialist way of achieving all ends. Together they represent an awesome evil for this nation to confront." Marc Emery. People who receive medical cannabis trough the federal government.
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Beefy1
GONE
Registered: 05/01/09
Posts: 3,573
Loc: around
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Re: Popular Bitcoin exchange Mt. Gox hacked, prices drop to pennies [Re: wildernessjunkie]
#14641530 - 06/20/11 06:45 AM (12 years, 9 months ago) |
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Quote:
wildernessjunkie said: Ive got high expectations for the Bitcoin concept.
A currency that lacks any governmental control. That cant be artificially inflated, or more issued due to political need. All based on a world economy.
I think its brilliant. Now I dont think the bugs are fully worked out, I think the concept will eventually change the world.
What do you call it when the price jumps 4000% after someone posts an article linking bitcoins to the silk road?
How about the huge drop when a single large user decides to dump their holdings?
Sounds just as fucked as any real money to me.
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Humility
Working on it
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Re: Popular Bitcoin exchange Mt. Gox hacked, prices drop to pennies [Re: Beefy1]
#14641830 - 06/20/11 08:46 AM (12 years, 9 months ago) |
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That has nothing to do with centralized currency though; decentralized curency fluctuates like any other but lacks the problems that fiat, centralized currency does.
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smoke dank
Registered: 01/02/10
Posts: 390
Last seen: 12 years, 8 months
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Re: Popular Bitcoin exchange Mt. Gox hacked, prices drop to pennies [Re: Retrovertigo]
#14642013 - 06/20/11 09:35 AM (12 years, 9 months ago) |
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Quote:
Retrovertigo said:
Quote:
ShroomyJohn said: Suckers that's why I pay for my drugs in cash.
A-fucking-men what the fuck is a Bitcoin I have never herd of that shit. When did computer nerds start doing drugs anyways ???
Drugs are actually pretty popular among that demographic. Mostly ampehtamines. They aren't stoners or anything. They mostly tweak.
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the human abstract
malaka the werewolf
Registered: 11/30/09
Posts: 8,817
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Re: Popular Bitcoin exchange Mt. Gox hacked, prices drop to pennies [Re: blujay]
#14642271 - 06/20/11 10:44 AM (12 years, 9 months ago) |
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Quote:
blujay said:
Quote:
the human abstract said:
the creator of Bitcoin was a hacker himself and designed this unhackable.
Nice. Care to quote me and give reason why, other than a lolsy.
-------------------- ★★★ ★
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Heffy
BrauMeister
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Posts: 3,262
Loc: International Traveller
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Re: Popular Bitcoin exchange Mt. Gox hacked, prices drop to pennies [Re: MidRange]
#14642344 - 06/20/11 10:59 AM (12 years, 9 months ago) |
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Quote:
MidRange said:
Quote:
wildernessjunkie said: Ive got high expectations for the Bitcoin concept.
A currency that lacks any governmental control. That cant be artificially inflated, or more issued due to political need. All based on a world economy.
I think its brilliant. Now I dont think the bugs are fully worked out, I think the concept will eventually change the world.
One person sold off a large amount of bitcoins and it completely inflated the price. To the point of being nearly worthless.
Only through the one exchange. As stated in the article other exchanges maintained a value of around $13 despite the hack.
Quote:
A-fucking-men what the fuck is a Bitcoin I have never herd of that shit. When did computer nerds start doing drugs anyways ???
-------------------- I am the king of Rome, and above grammar! - Emperor Sigismund
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runningfox2002
Engineer
Registered: 02/19/11
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Re: Popular Bitcoin exchange Mt. Gox hacked, prices drop to pennies [Re: smoke dank]
#14642450 - 06/20/11 11:21 AM (12 years, 9 months ago) |
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Quote:
smoke dank said:
Quote:
Retrovertigo said:
Quote:
ShroomyJohn said: Suckers that's why I pay for my drugs in cash.
A-fucking-men what the fuck is a Bitcoin I have never herd of that shit. When did computer nerds start doing drugs anyways ???
Drugs are actually pretty popular among that demographic. Mostly ampehtamines. They aren't stoners or anything. They mostly tweak.
My best friend works in IT as a systems admin and both him and his boss smoke the mj. As for the tweekin...id say, for them at least, thats not a correct statement. Dont know about the rest of the geek population.
-------------------- ...to have some fun? Nobody knows Anything I say or talk about is strictly for my own search of knowledge and to satisfy my thirst of curiosity.
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