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lennier writes "Has Magic the Gathering Online Exchange tapped all its mana? MtGox, the first and best known Bitcoin exchange, has abruptly shut down, and CEO Mark Karpeles has resigned from the Bitcoin Foundation after rumors of ongoing theft related to the transaction malleability issue reported several weeks ago. According to the latest news reports, Bitcoin has hit a three-month low of $465 USD per coin."
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MtGox Shuts Down, CEO Resigns From BTC Foundation
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In the Halls of Justice the only justice is in the halls.
-- Lenny Bruce
(Score: 1) by tynin on Wednesday February 26 2014, @02:20PM
LOL. Yes, I realize that. I was just thinking with all of the transaction logs that mtgox would have, plus their KYC and AML information they have on each customer, they'd have something to investigate.
The problem is only supposed to be an issue when a customer pulls bitcoins out of the exchange. Then after they get the bitcoins, they use that TM issue to modify there transaction info so it looks like they never got the bitcoins. Later on, they contact the exchange and say they never received there coinage, and to please fix/resend. Supposedly mtgox was sending out, effectively twice the amount of bitcoins to them.
They should have a clear way to search what customers complained they never got the coins, where they resent them twice. And with the KYC (know your customer) they should have detailed information on them. All of this assumes they, mtgox, weren't just skimming off the top this entire time.