According to the report, the bot, known as \"Willy\", assigned itself dozens of accounts with apparently faked US dollar balances, allowing it to buy and withdraw the virtual currency at will.<\/p>\n
The fact that the bot operated in Asian hours is one of several clues suggesting that the creator could have worked at Mt Gox, said Kim Nilsson, chief engineer at WizSec. At its peak, the holding company run by Mt Gox chief Mark Karpels employed some 30 people, some of them on short-term contracts. <\/p>\n
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\"We think it is more plausible that it was an insider rather than an external hacker,\" said Mr Nilsson. <\/p>\n
The shuttering of the exchange once the world's most popular venue for trading and storing bitcoins left thousands of creditors in limbo, and provided a stern test of faith in the infrastructure supporting the alternative currency movement. In the weeks following the collapse, during which Mr Karpels claimed to have recovered 200,000 of the 850,000 missing coins in an old format wallet, the price of bitcoin dropped about 40 per cent. <\/p>\n
Mr Karpels has said he was unaware that any coins were missing until late in February, weeks after users began to report difficulties withdrawing funds. <\/p>\n
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In an emailed comment, Mr Karpels said that the activity patterns uncovered by the WizSec report indicating regular gaps in trading between 2am and 5am, Japan time could \"show the way to new theories\", such as two people operating the bot on shifts, or living in different time zones. <\/p>\n
Since the collapse a succession of other, smaller bitcoin-related businesses have hit trouble, with problems ranging from Gox-like hacks to physical raids on bitcoin ATMs. On Thursday bitcoin was trading at $237, about 80 per cent off its peak of November 2013. <\/p>\n
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Bitcoin hack report suggests inside job<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" According to the report, the bot, known as \"Willy\", assigned itself dozens of accounts with apparently faked US dollar balances, allowing it to buy and withdraw the virtual currency at will. The fact that the bot operated in Asian hours is one of several clues suggesting that the creator could have worked at Mt Gox, said Kim Nilsson, chief engineer at WizSec. At its peak, the holding company run by Mt Gox chief Mark Karpels employed some 30 people, some of them on short-term contracts Continue reading