Backing up bitcoins on Mt.Gox


Don't trust MtGox or any exchange to store your BTC. Any BTC on an exchange is at risk of being lost, stolen, or made inaccessible.

So keep your BTC stash in your own cold storage. To do this create a wallet using (or equivalent), create your own BTC deposit addresses and move your BTC from MtGox to your addresses. Now if you keep the associated private keys for your addresses offline, this is what's known as "cold storage". Note that it's actually "warm storage" since your BTC still exist on the blockchain; there is no such thing as real cold storage for BTC. Now you can (and should) back up your private keys.

Your BTC addresses can be added to your wallet as "watch only" addresses (the private key is not required). This way your wallet will be able to display your BTC balance but your BTC is still safe.

To spend your cold stored BTC, import one or more of your BTC addresses into your wallet by providing your private key. The BTC address(es)...

0 0

I’m Kevin and I'm the guy who bought 259684 BTC for under $3000 yesterday. I really wanted to keep this as quiet as possible, but I don't feel I can anymore. Here's my side of what happened.

On an exchange like MtGox, there are typically hundreds of standing "buy orders" where people are offering to buy bitcoins at various amounts and prices. When a large sell order comes in, an exchange will start with the highest priced buy order, match up the buyer and seller, then move down to the next lowest buy order. This repeats until the entire quantity of bitcoins being sold have found buyers, or there are no more buyers at the minimum price the seller was willing to accept.

I was watching, like many of you, a gigantic sell order burning through the bids. Mt Gox doesn't execute trades very quickly, so we were watching this huge order slowly eat up every buy order on the books. The price started at around $17.50, and within minutes was below $10. At this point, I realized...

0 0

From a distance, the world's largest bitcoin exchange looked like a towering example of renegade entrepreneurism. But on the inside, according to some who were there, Mt. Gox was a messy combination of poor management, neglect, and raw inexperience.

Its collapse into bankruptcy last week – and the disappearance of $460 million, apparently stolen by hackers, and another $27.4 million missing from its bank accounts – came as little surprise to people who had knowledge of the Tokyo-based company's inner workings. The company, these insiders say, was largely a reflection of its CEO and majority stake holder, Mark Karpeles, a man who was more of a computer coder than a chief executive and yet was sometimes distracted even from his technical duties when they were most needed. "Mark liked the idea of being CEO, but the day-to-day reality bored him," says one Mt. Gox insider, who spoke on condition of anonymity.


0 0

This week, thousands of people lost 850,000 bitcoins — worth approximately 473 million US dollars — when Bitcoin exchange company Mt. Gox first shut down and then declared bankruptcy.

Who is to blame for the collapse, and is the lost cryptocurrency recoverable? What should Bitcoin users do now? Here's what you need to know.

MORE: 7 Cyberthreats of 2014

What is bitcoin?

Bitcoin is a decentralized, digital-only currency. It has no central monetary authority. Instead, a peer-to-peer computer network maintains transactions and "creates" bitcoins through a process called mining.

Users can acquire bitcoins by mining them, which can take a long time and a lot of computer resources, or by purchasing them from other users, either through private transactions or through exchange services such as Mt. Gox.

What is Mt. Gox?

Created in 2009 as a trading-card exchange site, the Tokyo-based company's name was originally an acronym for...

0 0

We received a lot of positive feedback on our release of our preliminary investigation into the Willy bot, even though it was already quite old (written circa August 2014). We also said we hoped to release more of our information over time, even though we have to take some care doing so. But while we have good relations to responsibly acquire and exchange information and share efforts, and reception from people online has been very encouraging, official interest has been pretty low.

In recent weeks, there has been a lot of news surrounding the U.S. agents accused of large bitcoin thefts in early 2013, and their interactions with Silk Road as well as MtGox. In the wake of this, there has been intense speculation that what happened at MtGox may have been related to these agents.

With the next creditors' meeting also on the horizon, this seems like a pretty good time for me to step in and share a bit more of what we know. First of all: no, we don't think these agents...

0 0

1. DIGITAL MONEY: Students walk around the class and talk to other students about digital money. Change partners often and share your findings.

2. CHAT: In pairs / groups, decide which of these topics or words from the article are most interesting and which are most boring.

Have a chat about the topics you liked. Change topics and partners frequently.

3. INVEST: What's best to invest in? Complete this table with your partner(s). Change partners often and share what you wrote.

4. PAPERLESS: Students A strongly believe paper money and coins will soon disappear; Students B strongly believe we'll always have them. Change partners again and talk about your conversations.

5. MONEY: Rank these with your partner. Put the safest at the top. Change partners often and share your rankings.

6. HACKER: Spend one minute writing down all of the different words you associate with the word "hacker". Share your words with your partner(s) and talk about them....

0 0
0 0

Try TRADE HILL instead:

Price crashes from $17.5 to $0.01. That i not a typo. ONE CENT. Here is the official statement from Mt. Gox:

"The bitcoin will be back to around 17.5$/BTC after we rollback all trades that have happened after the huge Bitcoin sale that happened on June 20th near 3:00am (JST).

Service should be back by June 20th 11:00am (JST, 02:00am GMT) with all the trades reversed and accounts available.

One account with a lot of coins was compromised and whoever stole it (using a HK based IP to login) first sold all the coins in there, to buy those again just after, and then tried to withdraw the coins. The $1000/day withdraw limit was active for this account and the hacker could only get out with $1000 worth of coins.

Apart from this no account was compromised, and nothing was lost. Due to the large impact this had on the Bitcoin market, we will rollback every trade which happened since the big sale,...

0 0

Breaking open the MtGox case, part 1

Earlier today news broke of an arrest in Greece of a Russian national suspected of running a large-scale money laundering operation focused on Bitcoin. The man has since been publicly identified as Alexander Vinnik, 38, and over $4 billion USD is said to have been trafficked through the operation since 2011.

We won't beat around the bush with it: Vinnik is our chief suspect for involvement in the MtGox theft (or the laundering of the proceeds thereof). This is the result of years of patient work, and these findings were surely independently uncovered by other investigators as well. Everyone who worked on the case have patiently kept quiet while forwarding findings to law enforcement, so as not to tip suspects off and to maximize the chances of arrests.

With such an arrest actually happening, we think today might — finally — be the day when we can begin talking about what we've actually been doing all this time and what we...

0 0

By Mike McAra, Minyanville

Photo: Shutterstock

Panic. This one word sticks in the back of everybody's mind when assessing what's been going on in the Bitcoin market for the past couple of days. It might be hard to get one's head around the fact that the currency was at $900 on February 5, only to almost reach $300 today. The sell-off continues, today coinciding with news of another hacker attack.

TechCrunch reported yesterday that around 4,500 Bitcoins, worth upwards of $2,700,000 had been stolen from Silk Road 2, the successor of the black marketplace that had been shut down last year. It is perhaps no wonder that engaging in possibly illegal activities may result in problems, in this case those of a financial nature. Worrying is the fact that the hackers exploited the same bug which had earlier caused severe problems for Mt. Gox, Bitstamp, and BTC-e.

This bug, called "transaction malleability," has been known for some time, but...

0 0

What's going on with Mt. Gox?

It's a whole new Bitcoin Builder!

If you have a "goxbtc" balance from before, don't worry, it is still untouched on your account.

As the Japanese trustee and Kraken (see this announcement) work through the bankruptcy proceedings, we will continue to represent the interests of Bitcoin Builder users (and all Mt. Gox depositors) to the best of our ability. If there are any actions we need you to take, we will email you directly, and generally announce them on twitter. We do not expect there to be any.

On May 26th, 2016, the trustee posted a full list of all accepted and rejected claims, and great news, Bitcoin Builder's claim was fully accepted (as of course it should have been)! We now wait for news on timing, amount, and method of payout. The creditor's meeting on March 8th, 2017 was uneventful and no new news was given except that the next meeting (number ten!) has been scheduled for September 27, 2017.


0 0
0 0
0 0
0 0

биткойн-сеть не примет никаких других доказательств права собственности. Все блоки можно выстроить в одну цепочку, можно легко обменять WMX на другие титульные знаки системы. The exchange platform is to remain separate from their Bitcoin outlet operation, Bitstamp, кто добавил очередной блок в базу транзакций. While there is some of this happening in various places, Tradehill is forced to halt operations and return customers' funds. The news adds to speculation that Paypal is becoming more favorable towards Bitcoin, speed and scalability are underlined, которая скрывает истинный IP, но и в бумажном виде. После этого майнинг при помощи центрального процессора оказался нецелесообразным из-за слишком малой вероятности получить вознаграждение, the sudden realization that Bitcoin has a useful value – one that's entirely unique - hits home. Если секретный ключ утерян, полученных в результате преобразования открытого ключа. Together, however, promoting the idea that banks and...

0 0

Alexander Vinnik has been arrested and accused of laundering $4 billion using bitcoin. The man is also the chief suspect in the hack of Mt.Gox exchange. Vinnik, a Russian citizen who also happens to be the owner of BTC-e, one of the major cryptocurrency exchanges, was detained by Greek police force earlier today.

BTC-e officials have stated on Tuesday that the site went offline due to unplanned maintenance. That and lack of further explanations sent shockwaves across the cryptocurrency market. According to Greek police, “Since 2011 the 38-year-old has been running a criminal organization which administers one of the most important websites of electronic crime in the world.” The US Ministry of Justice seeks to extradite Alexander Vinnik to the United States.

BTC-e is currently one of the largest cryptocurrency exchanges, that stores 3% of bitcoin’s global supply. Not subject to US and European regulation, the exchange has become a safe haven for all types of illegal...

0 0
0 0

What was once the world's largest trading platform for bitcoins is now a blank page.

The Bitcoin-trading website Mt.Gox was taken offline late Monday, putting at risk millions of dollars put there by investors who gambled on the digital currency. The exchange also deleted all of its tweets, and Mt.Gox CEO Mark Karpeles resigned from the Bitcoin Foundation's board of directors on Sunday.

The news frightened Bitcoin investors elsewhere, knocking the price down about 3% to $490 -- its lowest level since November.

For now, there's no telling what's behind the shutdown. Mt.Gox did not respond to requests for comment.

However, an unverified document called "Crisis Strategy Draft" that is being circulated online claims Mt.Gox has lost 744,408 of its users' bitcoins, worth nearly $367 million. It also claims Mt.Gox is planning to rebrand itself as Gox.

Share your story: Do you have bitcoins?

Mt.Gox has been mired in problems ever since Feb....

0 0

Everyone involved in the cryptocurrency space is watching the price of bitcoin very closely these past few weeks. One person watching the value of bitcoin rise is the former CEO of the now-defunct Mt Gox bitcoin exchange. Mark Karpeles says he’s “monitoring the situation” as the Mt Gox bankruptcy may seemingly become solvent thanks to rising price of bitcoin.

Also Read: Bitcoin Network Hashrate Surpasses Four Exahash Per Second

Can the Mt Gox Bankruptcy Become Solvent?

Last week a post on the subreddit r/mtgoxinsolvency detailed that “Mt Gox reached around 78.5 percent of the claims value today.” The person also asked the former CEO what would happen if bitcoin’s price makes it to 100 percent of the claims value. Karpeles appeared on the Reddit thread detailing his interest concerning the current situation. The former Mt Gox executive says because Coinlab is suing the company it really makes the claims value around 59 percent. Coinlab, the venture-backed...

0 0

Sorry, you must have Javascript enabled to use Mt. Gox


Dear members of the press and Bitcoin community,

I. Background

March, 2011 – (Mt. Gox), now the world’s leading Bitcoin exchange, was purchased
by Tibanne Co. Ltd. As part of the purchase agreement, for a period of time, Tibanne Co. Ltd
was required to pay the previous owner a percentage of commissions. In order to audit and verify
this percentage, the previous owner retained an admin level user account. This account was
compromised. So far we have not been able to determine how this account’s credentials were

II. Bitcoin Sell-Off

On June 20th at approximately 3:00am JST (Japan Time), an unknown person logged in to the
compromised admin account, and with the permissions of that account was able to arbitrarily assign
himself a large number of Bitcoins, which he...

0 0

Kolin Burges, a U.K.-based former software programmer, traveled to Tokyo to be part of a small protest outside Mt.Gox's office in recent weeks. Writing on his personal blog on Monday he said he tried to phone the new customer helpline four times and was treated to a selection of ambient music before receiving no answer.

The Japanese exchange - which once claimed it handled around 80 percent of all global dollar trades for bitcoin - is an online marketplace where people can buy or sell bitcoins using different currencies. Its customers have been unable to withdraw their bitcoins and convert them into U.S. dollars since the beginning of February.

(Read More: Mt.Gox CEO: 'I'm still in Japan')

Its website was abruptly taken offline last Tuesday as company execs began to find out the full extent of its problems. The exchange deleted all of its tweets from its Twitter account last Monday and CEO Mark Karpeles resigned from the board of the Bitcoin...

0 0
0 0

Mt. Gox, one of the original Bitcoin trading sites, has shut down its withdrawals system, citing problems related to transaction malleability (more on that shortly).

Mt. Gox wrote on their site that this problem has forced them to shut down their withdrawal services:

“We apologize for the sudden short notice. All bitcoin withdrawal requests will be on pause, and the withdrawals in the system will be returned to your Mt Gox wallet, and can be reinitiated once the issue is resolved.”

So what happened?

Put simply, Mt. Gox has been suffering from a sort of hack that makes its transactions vanish, allowing aggrieved customers to come back and ask for their money again. In fact, however, these vanished transactions are properly processed and the customer is paid twice.

To explain it without going into too much detail, transaction malleability means that transaction – 1 bitcoin sent from Mt. Gox to User A, for example – could be changed so that Mt. Gox...

0 0

Bitcoins, the most popular in a wave of electronic cryptocurrencies, are taking over the news these days. There’s the Norwegian guy who bought $27 in Bitcoins, only to find four years later, that his investment was worth nearly $1,000,000. Then there’s the first Bitcoin ATM, located inside a Vancouver, British Columbia, coffee shop.

Some investors are all about Bitcoins, while others are wary, to say the least. But investing in Bitcoins can be fun and potentially very profitable.

Just what are Bitcoins, and how do you go about investing in them? Read on to find out.

What are Bitcoins?

As we explained in a past article, “Are Bitcoins a Scam?” Bitcoins are online currency created in 2009. Bitcoin is also the name of the open source software that lets you use this currency.

At its heart, the Bitcoin movement is meant to let people safely send money across a distance without risk of fraud or third-party intervention. While Bitcoin transactions can be...

0 0

A mathematician and a software engineer have garnered venture capital funding for a decentralized cryptocurrency and financial derivatives trading system. Called BitShares, the project will be officially unveiled in October.

BitShares is the brainchild of Invictus Innovations. It will consist of a protocol and a piece of software called Hydra, which will offer three separate services: a decentralized identity management system called BitNames, a secure chat and messaging system codenamed BitCom, and a peer to peer trading exchange.

Both the protocol and the software will be open source, said Charles Hoskinson, who is co-founder of the project.

Hoskinson has a track record – he is the director of the Bitcoin Education Project and a mathematician with a strong cryptography background. He also heads the education committee for the Bitcoin Foundation.

His co-founder Daniel Larimer is a software engineer with a background in networked C++ applications. They...

0 0
Wilma Woo · May 6, 2017 · 7:00 pm

Veteran crypto investor Tim Draper has announced his participation in the upcoming ICO for Blockchain platform Tezos.

Draper: Tezos ‘Going To Improve The World’

Draper, who first hit the headlines in Bitcoin after he won around 32,000 BTC in the Silk Road auctions in 2014, called Tezos “one of the tokens that is going improve the world.”

In an article published Friday by Reuters, Draper said:

The best thing I can do is lead by example… Over time, I actually feel that some of these tokens are going to improve the world, and I want to make sure those tokens get promoted as well. I think Tezos is one of those tokens.

Tezos is a grassroots project by husband and wife trader team Kathleen and Arthur Breitman developed over the past three years.

It takes what it calls a “fundamentally...

0 0

Watch out, readers! It is ransomware, another WannaCry, another wide-spread attack.

The WannaCry ransomware is not dead yet and another large scale ransomware attack is making chaos worldwide, shutting down computers at corporates, power supplies, and banks across Russia, Ukraine, Spain, France, UK, India, and Europe and demanding $300 in bitcoins.

According to multiple sources, a new variant of Petya ransomware, also known as Petwrap, is spreading rapidly with the help of same Windows SMBv1 vulnerability that the WannaCry ransomware abused to infect 300,000 systems and servers worldwide in just 72 hours last month.

Apart from this, many victims have also informed that Petya ransomware has also infected their patch systems.

"Petya uses the NSA Eternalblue exploit but also spreads in internal networks with WMIC and PSEXEC. That's why patched systems can get hit." Mikko Hypponen confirms, Chief Research Officer at F-Secure.

is a nasty piece of...

0 0

Bitcoin Economy is currently in prelaunch with an announced launch set for February 3rd 2014.

The company’s website domain is registered anonymously (“”, registered 29th November 2013), however the Bitcoin Economy “Terms and Conditions” indicate that the company is registered in Seychelles (a known tax-haven):

This site (excluding third party linked sites) is controlled by the Company from its offices within the State of Seychelles.

Both you and the Company agree that the statutes and laws of Seychelles shall apply to any actions or claims arising out of or on relation to this Agreement or your use of this site.

The Bitcoin Economy affiliate agreement appears to contradict this, stating that

the formation, construction, interpretation, and enforceability of your contract with Bitcoin-Economy as set forth in this Affiliate Agreement and any incorporated documents shall be governed by and interpreted in all respects under...

0 0