Comment by nomilk
3 hours ago
Interestingly, this 18,270 BTC Binance theft is only "the largest crypto theft on record" when measured in USD. In terms of pure BTC, it's not even close to the 2011-14 Mt. Gox loss of ~850,000 BTC!
3 hours ago
Interestingly, this 18,270 BTC Binance theft is only "the largest crypto theft on record" when measured in USD. In terms of pure BTC, it's not even close to the 2011-14 Mt. Gox loss of ~850,000 BTC!
Yes but that’s irrelevant as Mt Gox would not have had 850k BTC in their wallet at current valuations.
They indeed would not have had it, it would've been all stolen by now.
But I guess what you are trying to say, is that with current valuations, Mt Gox would've upped their game and would've moved to much more secure architecture and infra.
If so: I doubt it. At the time of the heist, they were still running largely from a PHP monstrosity, that was originally built to trade cards amongst hobbyists. The only thing one could say for the Mt Gox people (Mark Karpelès etc) is that at that time, things moved extremely fast. Tech and infra may be good to trade tens of thousands of $/year one day. But if weeks later you are now trading millions $/year, there's no catching up. In hindsight they should've realized their organization and tech wasn't up to it and should've closed down. Because keeping up was clearly impossible.
*disclaimer: I lost significant amounts at the heist, eventhough I never held more than strictly needed on an exchange.
Measuring the size of the heist in USD is convenient but arbitrary, as what was stolen was predominantly Stablecoins, BTC and ETH. So it makes more sense to measure the heist in Stablecoins, BTC and ETH. But that doesn't create as exciting a headline, as the BTC component was almost 50x smaller than the Mt. Gox heist!