AnonTechie writes: Nearly all of the roughly US$370 million - TopicsExpress

AnonTechie writes: Nearly all of the roughly US$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 hackers, according to a report in Japans Yomiuri Shimbun newspaper, citing sources close to a Tokyo police probe. Of the 650,000 bitcoins unaccounted for — worth about US$208 million today — only about 7,000 appear to have been purloined by hackers, the newspaper reported on New Years Day, adding that investigators have yet to identify who was responsible. That conflicts with the explanation by Mt. Gox, which blamed a bug in the Bitcoin system when it filed for bankruptcy on Feb. 28. We believe that there is a high probability that these bitcoins were stolen as a result of an abuse of this bug, Mt. Gox said in a statement on its website that day ( https://mtgox/img/pdf/20140228-announcement_eng.pdf ), which suggested a variety of causes including hacking by third parties. computerworld/article/2863167/police-blame-fraud-for-most-of-mt-goxs-missing-bitcoins.html Read more of this story at SoylentNews.

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