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Yeah, it was previously a Magic The Gathering exchange, and then converted to a Bitcoin exchange.

They learned the hard way you need a higher standard of engineering for a financial exchange.

Wasn’t it an inside job? Or Arles the heavily speculated?

Nobody knows for sure, but the postmortem suggests that it might have been straight up incompetence. However, it's certainly possible to consider that the "incompetence" was on purpose to hide the fact that he was stealing from the company.

https://www.youtube.com/watch?v=l70iRcSxqzo

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