Quote:
Originally Posted by dyna mo
Sunday, June 19, 2011
MTGox DB got leaked. . .
In 2011 they had a database stolen by a contractor. It was used to crash the market (which had already been headed down for ~1-2 weeks from the all time high). There was a huge sell-out of bitcoins this afternoon. (6/19/11)
Bitcoin is far too risky of a business to just take on new big business partners without a solid prior relationship.
Think about it, in one swoop $100,000,000, or more, could vanish without a trace if their servers fell into the wrong hands. There's nothing quite like that outside of Bitcoin.
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Yep, I was invested when that happened. Luckily they did have some safety/security. I think only a small fraction of the bitcoins were in their "HOT wallet" which were the ones that were dumped to cause the massive drop. I believe MTGox reversed the exchange and reset it though. After that they made everyone verify their account with last used IP, e-mail, password, account balance information, which accounts you used to transfer the money into MTGox or bitcoin addresses used before they would give you your account back. But I didn't lose a dime from it so I do have a bit of faith in MTGox.