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Mt. Gox creditor saga: What lessons has the Bitcoin community learned?

Published 03/21/2023, 09:43 AM
Updated 03/21/2023, 11:20 AM
© Reuters.

In the early days of Bitcoin, Mt. Gox was by far the most prominent Bitcoin (BTC) exchange in the world. The Tokyo-based company was responsible for more than 70% of all Bitcoin transactions in 2013. However, by early 2014, it had collapsed spectacularly, leaving investors and traders with losses amounting to hundreds of millions of dollars.

The downfall of Mt. Gox was a defining moment in the history of Bitcoin and cryptocurrency in general, with several regulators, market analysts and industry experts continuing to study the case to prevent such instances in the future. Moreover, the saga has continued to serve as a cautionary tale for the cryptocurrency industry, highlighting the potential risks and pitfalls associated with digital currency trading and investments.

Mt. Gox: The early years

The hack

Mt. Gox hack aftermath

Logarithmic Bitcoin price chart on Mt. Gox from February 2012–February 2014. Source: Bitcoincharts

How are the reimbursement proceedings going?

Delays galore

Recent developments

Lessons learned and looking ahead

Continue Reading on Coin Telegraph

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