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Mt. Gox Missing Bitcoins Likely an Inside Job

Mt. Gox Missing Bitcoins Likely an Inside Job

Mt. Gox used to be the site that most people traded their Bitcoins on and felt safe using. It used to be a pioneer in the Bitcoin industry, where what Mark Karpeles said was being taken seriously and believed that it was the right way forward. That was before $550 million worth of Bitcoins disappeared into the air.

While Mt. Gox, led by Karpeles, was quick to go out and say that the missing Bitcoins was due to transaction malleability and outside hackers, it seems that the people investigating the case has found proof that it was in fact not any of the above that is to blame for most of the losses.

Tokyo police is currently investigating with cryptocurrency experts from around the world and they released information stating that they believe that only 1% of the total coins could have been stolen in hacking attacks or through the transaction malleability.

Instead it is believed that the Bitcoins has been taken from someone inside the company, who performed unauthorized operations in the system and stole Bitcoins. Nobody has been charged with the allegations, but it was stated that the Bitcoins did not disappear to any customer accounts, but to someone who was familiar with the exchange system. 

News by Daniel Allermand
Daniel Allermand - Reporter

Daniel Allermand is a freelance writer, with more than 4 years of experience in the industry as an operator, affiliate and poker player. Daniel has decided it was time to try and bring more coverage about the industry to the general public by writing articles about everything from poker to casino.


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