Mt Gox collapse probe

The latest report by Wizsec, a five man security consulting firm, hints  what could have happened at Mt Gox, which went bust almost a year ago saying it had lost track of 850.000 coins then worth almost $500m could have been an inside job.  The bot known as willy assigned itself dozens of accounts with faked US Dollar balances, enabling it to buy and withdraw the virtual currency at will. The closing of  the exchange- a popular venue for trading and storing bitcoins, disappointed thousands of creditors as  the weeks following the collapse Mr Karpeles claimed to have recovered 200,000 of 850,000 missing coins in an old format wallet and price of bitcoin dropped by 40 per cent.

According to  Kim Nilsson, chief engineer at WizSec ,  ” the fact that the bot operated in Asian time zone  gives the clue hinting that this was an insider rather than an external hacker.”  WizSec’s Managing Director  Jason  Maurice, said  he had been authorised to release the report under the terms of a deal with Kraken, a San Francisco-based firm appointed by bankruptcy courts trustee last November  to verify and process claims on Mt Gox’s  Assets.