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Tokyo police figure Mt. Gox bitcoin heist was an inside job
Tokyo police figure Mt. Gox bitcoin heist was an inside job.

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The call came while Hal Finney was in the final stages of his five-year battle with Lou Gehrigs disease. When the phone rang, his wife Fran was giving him a shower, with help from his nurse. Fran took the call, which came from a 911 emergency dispatch operator. Are you OK? the voice asked. Is anyone being attacked in your house?

Fran didnt quite know what to make of the bizarre call, and the operator kept talking, in rather pleasant tones. I need to let you know that you are about to have a SWAT team come to your home, the voice said, and theyre going to ask you to leave.

When Fran poked her head out the door of her Santa Barbara home, she found the building surrounded by police, and a helicopter buzzing in the air above. It was just days after a disturbed young man named Elliot Rodger had killed six people near Santa Barbaras University of California campus and the police were especially concerned. The cops yelled at her to drop her telephone and come out onto the lawn, and thats what she did, leaving her disabled husband, her son Jason, and the nurse in house behind her.

The police eventually cleared the building, and Hal Finney, a noted computer cryptography expert, waited on the lawn for a half hour, shivering in the morning air. Fran worried that Hal, who was unable to swallow, might choke on his own saliva. I was just panicking that he was going to need suction or something, she says. He didnt have anything with him except his ventilator.

The Finneys were the victims of a swatting, a nasty online hoax where the perpetrator calls up emergency dispatch using a spoofed telephone number and pretends to have committed a heinous crime in the hopes of provoking an armed police response to the victims home. In this case, the caller phoned 911, announced that he had just murdered two people, and said was going to kill himself too.

For a year, the caller had been demanding that the Finneys pay an extortion fee of 1,000 bitcoinworth more than $400,000 at the timeand according to Fran Finney, the FBI agents working the case believe that Hal was just one of several people extorted in this way by the caller. The incident further exposes the rather bizarre and often criminal element that continues to hover around bitcoin, a digital currency that grew out of the internet underworld but has since expanded into the mainstream.

Previously, Fran Finney has not publicly spoken about this incident for fear of compromising the investigation, but she spoke with WIRED after the investigating agent gave her the go-ahead. The FBI did not have a comment for this story.

What Im angry about is it took away some of the peace that he could have had for the last few months of his life.

When someone calling himself Satoshi Nakamoto first proposed the idea of bitcoin back in 2008, his ideas went largely unnoticed. But Hal Finney paid attention. He quickly became one of the worlds first bitcoin users. That early enthusiasm proved lucrative for Hal Finney, allowing him to join the digital currencys network and mine many bitcoins during the early days. The stash helped the Finneys cover Hals medical expenses, but it also came at a price.

Hal Finney died in August, and his wife Fran says he spent his final months being harassed by the online extortionist. He called the Finneys home number nine times in the two months after the attack, threatening to assault family members and expose their personal information. What Im angry about is it took away some of the peace that he could have had for the last few months of his life, she says. This was taking up a lot of his emotional energy.

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An Extortionist Has Been Making Life Hell for Bitcoin's ...

Summary:Was the majority of bitcoin stolen from the exchange due to fraud, rather than cyberattack?

Japanese police believe that the majority of bitcoins stolen from Mt. Gox was due to insider tampering, a new report claims.

According to Japanese publication The Yomiuri Shimbun, the fall of once-dominant bitcoin exchange Mt. Gox was due to fraud, rather than an external hack. Sources at the Japanese Metropolitan Police Department (MPD) told the newspaper that out of 650,000 missing bitcoins, only 7,000 -- or one percent -- of the poached currency was lost due to cyberattack.

Approximately 200,000 bitcoins were recovered from an "old" wallet following the Mt. Gox closure, but hundreds of thousands are still unaccounted for.

As a result, the MPD's investigation of the failed bitcoin exchange now includes scrutinizing the behavior of one specific person who is "familiar with the exchange system" and may have stolen bitcoin from users by manipulating the system through fraud.

Tokyo-based Mt. Gox closed its doors without warning in February last year. The bitcoin exchange, once one of the most popular platforms online, filed for bankruptcy later in the same month. At the time, bitcoin belonging both to the exchange and users, worth approximately $500 million, vanished.

Creditors were given until November 2014 to file claims for compensation.

Rumors and whispers of fraud and an inside job have circulated since the exchange floundered. However, no fingers have been pointed specifically at members of staff or the firm's board. Mt. Gox CEO Mark Karpeles was required to attend interviews with police in Japan at the time Mt. Gox closed its doors, but no-one associated with the investigation has suggested the executive is at fault.

Fraudulent trading goes against a statement issued by Mt. Gox at the time of the exchange's closure, which said a system bug which created a security flaw was at fault. The statement (.PDF) read:

According to the Yomiuri, "suspicious" accounts may provide the answer to the rest of the missing 650,000 bitcoins. In addition, traders became suspicious after discovering two automatic trading bots, nicknamed 'Willy' and 'Markus,' which appeared in 2013 at various times. According to leaked transaction data, the bots traded high amounts of the digital currency, before vanishing. Bitcoins handled by these bots did not correlate with user accounts.

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Police suspect Mt. Gox Bitcoin theft was an inside job

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