In 2014, a massive hacking attack occurred on Mt. Gox, which at that time was one of the largest #Bitcoin exchanges. This attack caused significant losses, with approximately 650,000 bitcoins being stolen.
The hacker behind the Mt. Gox attack gradually siphoned off about 650,000 BTC from the #exchange over three years. These bitcoins were likely transferred through BTC-e, a platform founded by Alexander Vinnik and Alexander Bilyuchenko in 2011, who were later convicted of crimes related to hacking.
According to forensic analyses, the Mt. Gox hacker still holds approximately 79,957 BTC, valued at about $3.18 billion. This places the hacker among the thousand richest people in the world, according to the Forbes list, with wealth comparable to famous personalities like basketball star Michael Jordan.
Mt. Gox Heist
In June 2011, Mt. Gox became the target of a hacker attack. The exchange was founded by Jed McCaleb, who is also a co-founder of Ripple and Stellar (XLM).
The hacker exploited a weakness in the exchange's security system and manipulated account balances using a fake account, utilizing stolen login credentials of Mt. Gox's auditor, Auden McKernan. The hacker created a fake account that displayed bitcoins for sale at very low prices, leading to a sharp drop in the bitcoin price on the exchange.
Subsequently, the hacker purchased bitcoins at these reduced prices and then laundered the funds through BTC-e. Security experts criticized Mt. Gox for inadequate security protocols. The exchange promised to improve its systems and compensate users affected by the hack.
This incident continues to impact bitcoin investors and the cryptocurrency market, who fear a possible sale of bitcoins by the Mt. Gox hacker and subsequent settlements with affected users and creditors.
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