Chapter 801 Distributed Foundation
“I know that the Tibanne company in Japan also wants to buy your website, and their bid is higher...”
Attitude towards Jed , Lamy didn’t care, he said calmly:
“But if my guess is correct, I’m afraid you didn’t talk about some of the security vulnerabilities of Mt. Gox when you contacted this company. , right? It’s even possible that Mt.Gox has already had its coins stolen...”
Hearing Lamy’s words, Jed’s expression changed, but he still pretended. He said calmly:
"This is completely untrue. Mt. Gox's operating conditions are very normal and it is developing rapidly..."
"If this is really the case, then you should not object to us kindly reminding Tibanne to pay attention to this "
Jade took a deep breath and suddenly asked:
"Did you do that?"
"No..."
Lamy seemed to have heard something funny:
“This is completely unnecessary, sir. If you can understand the background of our Matrix Capital, you should know that for an investment of this scale, we There's no need to risk the law by doing something like this... just But before the acquisition, basic background checks still need to be done. It was at that time that we happened to discover this matter..."
In Barron's previous life, in transactions including BitC, who What cannot be bypassed is the famous "Mentougou Incident".
At that time, Mt.Gox was already the world's largest BitC exchange, accounting for more than 80% of the world's BitC trading share. Then in February 2014, Mt.Gox had a withdrawal problem. After a period of time, Mt. Gox announced the suspension of all trading activities, leaving only a blank page on the Mt. Gox website.
According to a document circulated on the Internet at the time, Mt.Gox lost a total of nearly 850,000 BitCs, including 100,000 BitCs from the Mt.Gox platform itself, as well as 744,408 BitCs stolen by hackers over the years, 85 Ten thousand BitC accounted for 7% of the total circulation at that time - based on the average price of BitC of US$400 at the time, this wave of losses was approximately US$470 million.
At that time, Mt. Gox had been sold by Jade, and the owner at the time was Marc Capelles, a BitC enthusiast from France.
On February 28, 2014, Mt. Gox filed for bankruptcy protection in Tokyo, and then on March 9, it filed for bankruptcy protection in the United States.
The remaining 200,000 frozen BitC coins in Mt.Gox have been derived from other properties (later forked through BitC, there are various other coins, which are also of considerable value), all the way to Pakistan When Lun was reborn in his previous life, there was no final confirmation. To determine the compensation plan for Mt. Gox users, these BitCs have also become the "Sword of Damocles" hanging above its currency price. After all, the total amount of 200,000 BitCs is likely to be sold once the plan is determined. Compensation, this must be a huge impact on the market.
Back to Lamy, although the "Mentougou Incident" happened three years later, in fact, before Jed sold Mt. Gox, hackers stole money. Before Mt.Gox, about 80,000 had been lost 1 BitC...
In fact, at this time, exchanges including Mt.Gox were all privately founded. Compared with other financial systems, their scale was too small. In terms of security protection, they naturally had to do So-so...
Therefore, this kind of hacker theft of coins really happens frequently - when the "Mentougou Incident" broke out earlier, in March and May 2012, hackers took advantage of the vulnerability in the security measures of the Bitcoin exchange network server to conduct two separate attacks. The attack resulted in the theft of 61,000 Bitcoins, which eventually led to the bankruptcy of Bitcoinica.
So, when Lamy took out a document and told Jed that when they were conducting security checks on the Mt.Gox website, the technicians discovered many loopholes in the website, and also found There are traces left by hackers - their transfer records from Mt. Gox's official wallet can be matched one-to-one...
In this case, he finally convinced the other party with "reasonable Gox will be sold to Matrix Capital at a price of "Mt. Gox", and Mt. Gox Capital is willing to help him clean up the current "mess".
It is also because of Mt.Gox’s current popularity among BitC enthusiasts that they decided to acquire this website instead of starting a new one. And Barron also hopes to avoid the "Mentougou Incident" that later caused great harm to BitC.
After all, only 80,000 BitCs have been stolen from Mt. Gox, and at the current price of BitCs, only a small amount of money is needed to make up for this hole.
The reason why the Mt. Gox incident became more and more troublesome was because as time passed, the value of BitC changed dramatically, making these losses difficult to make up for.
You must know that the 850,000 BitC lost by Mt. Gox was already worth US$470 million in 2014, but ten years later, its highest value was close to US$60 billion!
For now, there is no need for Barron to personally intervene in the acquisition of Mt. Gox in terms of the scale of funds.
But this is still very important for future layout.
Mt.Gox will not change much for the time being. After the acquisition is completed, Mt.Gox’s headquarters will be moved to Colobri Towers, and professional security teams will be established in London and China HK to exclude the website. vulnerabilities, and is responsible for preventing hackers from stealing coins.
And in the future, Mt.Gox will also adopt the common practice of various exchanges - store most of the BitC assets in "cold wallets" that are physically isolated from the network, and only use them when connected to the daily network. The "hot wallet" stores a small amount of BitC used for daily circulation, which can greatly increase its security.
Even if it is accidentally hacked by hackers, at most it will only lose a small amount of BitC and other assets in the hot wallet.
And in the future, they also plan to use part of the website's surplus to establish an "Investor Protection Fund" to protect users' properties - in the event of an unexpected risk, this fund will be used to protect Mt. Gox users will pay compensation in advance to protect their rights and interests.
In addition to acquiring Mt.Gox, an organization called Distributed Foundations was also founded in a very low-key manner in Brita, the capital of Colo.
The BitC previously obtained by the Barrons through early mining is under the control of this foundation, and in order not to attract attention, the distributed foundation currently holds approximately 500,000 BitC, scattered across several Among the ten cold wallets, the number of BitC in each wallet will not exceed 10,000.
And for a long time in the future, the BitC they have will be in a "dormant" state.
The private keys of these wallets were split and engraved on two separate stainless steel sheets, which were stored in the United Bank for Africa vault in Bulita and the Standard Chartered Bank vault in London.
In addition, the Distributed Foundation will also continue to acquire relatively small amounts of BitC on the market and properly store them.
In the future, I am afraid that in the eyes of many people, the BitC in these wallets will also be part of the "permanently lost" part...
(End of this chapter)