In 2011, MyBitcoin suddenly disappeared. Its operator later claimed that 51% of its Bitcoin holdings had been stolen, while 49% was returned to customers.
Approximately 78,739
$BTC
remained unaccounted for.
The operator used the name Tom Williams, whose real identity was never publicly established.
Was this genuinely one of Bitcoin's earliest major hacks, or could the entire platform have been designed as a honeypot from the beginning?
What evidence supports either explanation? MyBitcoin (2010–2011) claimed an SCI vulnerability allowed forged deposits and withdrawal of ~78,739 BTC from hot wallets; 49% cold storage was refunded via claims. Tom Williams’s identity was never confirmed; he verified statements via PGP and coin moves. Hack evidence: technical details of the 1-confirmation flaw, partial verified refunds, community IRC engagement. Honeypot/exit evidence: total operator anonymity (Nevis LLC), weak design from launch, unreleased code, and 2025 movement of ~80k dormant pre-July 2011 coins linked by analysts to MyBitcoin wallets, sold via Galaxy as a “Satoshi-era” holder. No conclusive proof either way. #BTC Price Analysis# #Macro Insights# #Bitcoin
Approximately 78,739
$BTC
remained unaccounted for.
The operator used the name Tom Williams, whose real identity was never publicly established.
Was this genuinely one of Bitcoin's earliest major hacks, or could the entire platform have been designed as a honeypot from the beginning?
What evidence supports either explanation? MyBitcoin (2010–2011) claimed an SCI vulnerability allowed forged deposits and withdrawal of ~78,739 BTC from hot wallets; 49% cold storage was refunded via claims. Tom Williams’s identity was never confirmed; he verified statements via PGP and coin moves. Hack evidence: technical details of the 1-confirmation flaw, partial verified refunds, community IRC engagement. Honeypot/exit evidence: total operator anonymity (Nevis LLC), weak design from launch, unreleased code, and 2025 movement of ~80k dormant pre-July 2011 coins linked by analysts to MyBitcoin wallets, sold via Galaxy as a “Satoshi-era” holder. No conclusive proof either way. #BTC Price Analysis# #Macro Insights# #Bitcoin