Mt. Gox Bitcoin exchange(Banking Frauds and Hacks)

Banking Frauds and Hacks - Mt. Gox Bitcoin exchange

Time: 2001

Place: Tokyo, Japan

Details: Mt. Gox's large cryptocurrency exchange was hacked in June 2011. It is believed by the experts that the breach was made from a compromised computer belonging to a company auditor. Alexander Vinnik was the main suspect. Hackers broke into the exchange customer database, which gained them access to very important data like the username and passwords of 60,000 people. This information was used to steal nearly 6% of existed Bitcoin at the time. More than 850,000 Bitcoin were stolen, 750,000 of them were owned by MGBE customers. 5$ million were seized by the government from the MT. Gox bank account, Around 650,000 of the stolen Bitcoin was never recovered.