Zhou Tong: 16-year-old genius boy's dream was shattered in Bitcoinica, millions of bitcoins evaporated, who paid for the loss?
In the world of cryptocurrency, there is a name that will never be forgotten - Zhou Tong. This 16-year-old Chinese genius bought Bitcoin for $10 and created the first cryptocurrency margin exchange Bitcoinica in just four days. However, a twist of fate plunged him and his exchange into an unprecedented crisis, which eventually led to a huge loss of more than 100,000 bitcoins (now worth about $6.8 billion).
Zhou Tong's story is full of legends. With his love for the concept of global Bitcoin delivery and his talent for self-taught programming, he created Bitcoinica and pushed its trading volume to $40 million per month in a short period of time, second only to the giant Mt. Gox at the time. However, with the rapid development of the exchange, security issues gradually surfaced. In just a few months, Bitcoinica suffered three consecutive hacker attacks, with a total loss of more than 100,000 bitcoins.
Who is responsible for this disaster? Is it the young founder Zhou Tong? Or the Wendon Group after taking over? Or was it Amir Taaki, a hacker activist who participated in the exchange's security audit? In the vortex of this huge loss, investors have demanded to recover their losses, but there has been no definite result so far.
Zhou Tong's last ditch effort was to invest 1,000 bitcoins in rare Casascius coins, a move that made him one of only three people who own these rare collectibles, which are now worth more than $60 million. However, this did not make up for his huge losses on Bitcoinica.
The Bitcoinica incident has become a warning in the cryptocurrency field.
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