Mt. Gox: the bitcoin exchange that still isn't done paying people back 🕰️
In 2013 Mt. Gox handled most of the world's bitcoin trading, by common estimates around 70%. On Feb 7, 2014 it froze withdrawals. Three weeks later, on Feb 28, it filed for bankruptcy in Tokyo, saying about 850,000 BTC were gone. Roughly 200,000 BTC later turned up in an old wallet.
Creditors waited about ten years. Big repayments only started in July 2024, with around 142,000 BTC leaving the estate.
The twist: on Oct 16 the trustee pushed the deadline again, from Oct 31, 2026 to Oct 31, 2027. That's the fourth one-year delay in a row. Wallets tracked by Arkham still hold about 34,400 BTC, roughly $2.56B at today's price near $74,400 per coin, and nothing has moved since June.
Lesson: a balance on an exchange is a promise, not coins in your hands. And whenever a "Gox dump" scare goes around, check the chain before the headline.
$BTC
#CryptoHistory #MtGox #Bitcoin #CryptoLessons
Not financial advice.
In 2013 Mt. Gox handled most of the world's bitcoin trading, by common estimates around 70%. On Feb 7, 2014 it froze withdrawals. Three weeks later, on Feb 28, it filed for bankruptcy in Tokyo, saying about 850,000 BTC were gone. Roughly 200,000 BTC later turned up in an old wallet.
Creditors waited about ten years. Big repayments only started in July 2024, with around 142,000 BTC leaving the estate.
The twist: on Oct 16 the trustee pushed the deadline again, from Oct 31, 2026 to Oct 31, 2027. That's the fourth one-year delay in a row. Wallets tracked by Arkham still hold about 34,400 BTC, roughly $2.56B at today's price near $74,400 per coin, and nothing has moved since June.
Lesson: a balance on an exchange is a promise, not coins in your hands. And whenever a "Gox dump" scare goes around, check the chain before the headline.
$BTC
#CryptoHistory #MtGox #Bitcoin #CryptoLessons
Not financial advice.
