What Is Mt. Gox?
Mt. Gox, launched in July 2010, was a cryptocurrency exchange that quickly became the largest platform for buying and selling Bitcoin. It is estimated that within three years, more than 70% of BTC transactions were conducted through this exchange.
However, in February 2014, Mt. Gox faced a major setback. The company announced that hackers had stolen over 850,000 BTC, with 750,000 BTC belonging to customers. At that time, this crypto haul would have been valued at approximately $450 million, but today it would be worth billions.
About a month after the website’s closure, around 200,000 BTC was discovered in an old wallet. However, attempts to recover the remaining lost crypto have been unsuccessful. Over 127,000 individuals have filed claims seeking compensation.
A Japanese court has been assigned the responsibility of reimbursing the victims, but it is highly unlikely that they will receive the full amount they lost.
The Mt. Gox incident had a significant impact on the cryptocurrency industry as it resulted in the permanent disappearance of a substantial portion of Bitcoin’s total supply. It also led to increased scrutiny of cryptocurrency exchanges and contributed to the rise of decentralized alternatives where investors have complete control over their assets at all times.
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