The Willy Report: proof of massive fraudulent trading activity at Mt. Gox, and how it has affected the price of Bitcoin

Posted on May 25, 2014


Willy the Whale: the MtGox mystery account behind Bitcoin’s explosive growth in late 2013. Who was it? Where did the money go? Did somebody get out of the MtGox crash alive and with wallet intact? Some very interesting questions raised here, along with rigorous analysis.

The Willy Report

Somewhere in December 2013, a number of traders including myself began noticing suspicious bot behavior on Mt. Gox. Basically, a random number between 10 and 20 bitcoin would be bought every 5-10 minutes, non-stop, for at least a month on end until the end of January. The bot was dubbed “Willy” at some point, which is the name I’ll continue to use here. Since Willy was buying in such a recognizable pattern, I figured it would be easy to find in the Mt. Gox trading logs that were leaked about two months ago (there’s a torrent of the data here). However, the logs only went as far as November 2013; luckily, I was able to detect the buying pattern in the last few days of November. Below is a compiled log of its trades on the last two days of November (from the file “2013-11_mtgox_japan.csv”):

29-11-2013 0:07 - UID:…

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