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Fraud, Not Hackers, Took Most of Mt. Gox's Missing Bitcoins

Posted by timothy on from the shocked-simply-shocked dept.

itwbennett writes Nearly all of the roughly $370 million in bitcoin that disappeared in the February 2014 collapse of Mt. Gox probably vanished due to fraudulent transactions, with only 1 percent taken by yet-to-be-identified hackers, according to a report in Japan's Yomiuri Shimbun newspaper, citing sources close to a Tokyo police probe. The disclosure follows months of investigations by police and others into the tangled mess surrounding the disappearance of the 650,000 bit coins.

1 of 108 comments (clear)

  1. Re:Bitcoin != Coins by hey! · · Score: 2, Informative

    With bitcoin, the only thing you are trading is the knowledge that somebody wasted a shitload of electricity.

    The technical term would be 'seigniorage'.

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