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BTC · 2w

WizSec: The 80,000 stolen MtGox bitcoins

I've recently been repeatedly asked about the theft of 80,000 BTC from MtGox in early 2011, as initially reported in a 2016 The Daily Beast article, and specifically how it relates to the address 1FeexV6bAHb8ybZjqQMjJrcCrHGW9sb6uF. Rather than address every question individually, I will briefly summarize what's known about this in a blog post. Background For a quick refresher course on the various incidents and thefts from MtGox, see my 2017 presentation on the topic. In short, there were multiple different thefts from MtGox, including but not limited to: The main theft, responsible for over 600,000 BTC gradually stolen throughout 2011–2013, began when the hot wallet was stolen on September 11, 2011. Approximately 2,000 BTC was stolen and the market was crashed after someone gained access to the admin account of original owner Jed McCaleb in June 2011. A side wallet containing 300,000 BTC was stolen from Mark Karpelès' computer in May 2011 (these funds were returned by the thief). During the handover from McCaleb to Karpelès, circa 80,000 BTC was stolen after the hot wallet was stolen from McCaleb's server on March 1, 2011. The last item is the incident we'll cover in this post. Again, this is not the same theft as the main theft, nor is it the same as the June 2011 hack. What we know The first public mention of this theft was when journalists published emails from Karpelès' criminal trial in which a missing 80,000 bitcoins was being discussed by Karpelès and McCaleb (specifically, how to recover from the loss). A chat log between Karpelès and McCaleb from the time of the incident in question has also become public as part of a 2017 lawsuit against MtGox and its administrators, and details MtGox's response to the hack.

After repeated leaks of large volumes of internal accounting data from MtGox (which I have been researching and further refining over a period of several years), we can reconstruct most if not all blockchain activity for the exchange all the w...

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