Mt. Gox

admin 9 min read

At one time, Mt. Gox alone handled 70% of the world’s Bitcoin trades. However, due to internal mismanagement and a multi-year undetected hack, its security was continuously drained.

Mt. Gox

Launch
2010
Death / Exploit
February 2014
Total Loss
$450 Million

In 2014, it was revealed that 850,000 BTC had been stolen. The exchange halted withdrawals overnight and filed for bankruptcy.

Lesson

Size doesn't guarantee safety: Even the largest exchange can collapse overnight due to bad security and mismanagement.

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