In the past day, users in the Mt. Gox creditor community have been raising the alarm over a surge in suspicious login attempts on their accounts. This incident has prompted fears of a potential cyberattack.
The “r/mtgoxinsolvency” subreddit has become a hub of activity as creditors share their experiences and concerns. The defunct exchange’s claims website is under maintenance following the recent flood of login attempts.
Mt. Gox Cyberattack Concern
Several members reported difficulties accessing their accounts on the Mt. Gox website. Some even posted screenshots that show numerous unauthorized login attempts.
This pattern has led many to suspect a coordinated brute-force attack aimed at compromising user accounts. One concerned Redditor highlighted the situation by posting a message stating that he had just received 15 notifications regarding account login.
When he revealed this information, the user reported that he could not access his account and wondered if the platform was under attack.
Notably, his sentiment resonates with many other users who shared similar experiences. Those who managed to regain access to their accounts faced uncertainty about whether they should change their passwords to enhance security.
Meanwhile, the nature of these login attempts has sparked a debate within the community about the motives behind the attack. Some users are puzzled as to why hackers would target the system now. These thoughts hinge on the firm’s recent transfers of most of its digital assets to Kraken.
One user raised this query, noting that the exchange no longer permits creditors to alter their repayment details.
Moreover, the Mt. Gox website subsequently went into maintenance mode and displayed a message. The message context indicated that the company appreciated its users’ patience and asked them to check back later to access the site.
Undoubtedly, this response has left creditors anxious and uncertain about the security of their accounts and personal information. Meanwhile, in recent months, Mt. Gox has made significant progress in repaying its creditors.
It distributed 36% of the Bitcoin owed after moving over 140,000 BTC to a cold wallet and two undisclosed addresses. The total amount of Bitcoin transferred at the time was valued at nearly $9 billion.
Bitcoin Reacts to Recent Events
This move has stirred fears among the 127,000 creditors that a sudden release of such a large volume of Bitcoin could destabilize the market. Indeed, these concerns were a factor in Bitcoin’s decline to a nearly five-month low of $53,600 on July 5.
On a positive note, Bitcoin recorded a swift yet brief price surge, reaching $59,516 on Bitstamp. This uptick followed the release of the latest U.S. Consumer Price Index (CPI) data, which indicated that inflation was slowing down more than anticipated.
The June CPI figures showed year-on-year and month-on-month inflation rates coming in 0.1% lower than predicted. This news met with positive responses from the crypto and U.S. stock markets.
In the meantime, Bitcoin has recorded a slight positive change of 0.09% over the past 24 hours. It now trades at a little above the $64,900 price mark.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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