Mentougou 12-Year Liquidation: 84.4 Thousand Bitcoins Missing—The Trust Crisis of Centralized Exchanges Finally Comes to an End
On February 28, 2014, a bankruptcy petition was filed with the Tokyo District Court. To this day, it remains an unavoidable shadow in the history of crypto finance. The applicant was Mt. Gox—known among Chinese users as “Mentougou”—which was the absolute king of spot Bitcoin trading worldwide at the time, controlling more than 70% of the market share. However, this filing announced the disappearance of 844,000 Bitcoins. At the time, this figure accounted for a huge proportion of the total circulating supply of Bitcoin worldwide. This was not an isolated hacking incident, but a complete breakdown and total implosion of the underlying logic, security mechanisms, and internal governance of a centralized exchange. The disaster not only dragged the market into a three-year deep bear market, but also forced global regulators to re-examine decentral
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On February 28, 2014, a bankruptcy petition was filed with the Tokyo District Court. To this day, it remains an unavoidable shadow in the history of crypto finance. The applicant was Mt. Gox—known among Chinese users as “Mentougou”—which was the absolute king of spot Bitcoin trading worldwide at the time, controlling more than 70% of the market share. However, this filing announced the disappearance of 844,000 Bitcoins. At the time, this figure accounted for a huge proportion of the total circulating supply of Bitcoin worldwide. This was not an isolated hacking incident, but a complete breakdown and total implosion of the underlying logic, security mechanisms, and internal governance of a centralized exchange. The disaster not only dragged the market into a three-year deep bear market, but also forced global regulators to re-examine decentral
Follow me—my next quick read of the charts won’t let you miss a thing.