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Re: Legendary profiles of bitcointalk.
by
Ariem
on 28/05/2018, 14:02:34 UTC

№9

The story of how Kevin bought 259,684 BTC for $ 2,613 (worth $ 5 million at that time)

It is known that Mt. Gox exchange was hacked, almost all bitcoins were stolen, and the consequences of this are haunting us all till now, but here is one of the stories about what was happening on this exchange before the main hack:




The forum has a thread with the title “I'm Kevin, here's my side”.  In which the user toasty tells how once he saw that gigantic sell order was burning through the bids at exchange, the price dropped from 17.5$ dollars to 10$, Mt. Gox processed orders slowly, it all lasted a minutes, there were many orders to buy bitcoin for $ 0.01, so he placed his order for $ 0.0101, the exchange was heavily lagging, but with some effort, he managed to place that order, then The site stopped responding completely, when he got back in, he saw this message:

Code:
06/19/11 17:51  Bought BTC  259 684.77 for 0.0101

He realized that these bitcoins were most likely from hacking and wanted to behave as honestly as possible, especially since on the eve he sent his id documents for passing verification. There was a limit for withdrawal, but there was a bug that allowed you to withdraw $ 1000 many times in a day, he could also sell a huge number of bitcoins, lower the price again to 0.01 cents, and withdraw all bitcoins fitting in the daily limit, but he did not do it, he only withdraw 643 bitcoins. He hoped until the end that he would be let to keep these BTC, but there where decision to roll back all transactions, and Kevin gained only 643 BTC.


Added a story about Mt. Gox and buying 259,684 BTC for $ 2,613.