🔥 An evening tale to enjoy with tea and a hint of facepalm.
💰 Once upon a time, there was an exchange called Mt. Gox. In its heyday, around 70% of all Bitcoin transactions worldwide went through it. Almost the entire crypto market was in one basket.
⚠️ In 2014, it emerged that around 850,000 $BTC had gone missing from the exchange. Some were stolen by hackers; the rest was down to plain old security holes and mismanagement. The exchange ground to a halt, leaving users high and dry.
🧠 The lesson is simple and timeless: not your keys, not your coins. When everything is held on one centralized platform without cold storage or a proper audit, it’s not an investment—it’s roulette played by someone else’s rules.
😅 The industry learned the phrase “self-custody” like a mantra, yet keeps stumbling into the same traps with remarkable regularity—only the traps are new each time, with a fresh rebrand.
👀 Have you ever kept coins on an exchange and regretted it later? Share your story in the comments—we’ll have a laugh together.
#Bitcoin #crypto #MtGox #selfcustody
💰 Once upon a time, there was an exchange called Mt. Gox. In its heyday, around 70% of all Bitcoin transactions worldwide went through it. Almost the entire crypto market was in one basket.
⚠️ In 2014, it emerged that around 850,000 $BTC had gone missing from the exchange. Some were stolen by hackers; the rest was down to plain old security holes and mismanagement. The exchange ground to a halt, leaving users high and dry.
🧠 The lesson is simple and timeless: not your keys, not your coins. When everything is held on one centralized platform without cold storage or a proper audit, it’s not an investment—it’s roulette played by someone else’s rules.
😅 The industry learned the phrase “self-custody” like a mantra, yet keeps stumbling into the same traps with remarkable regularity—only the traps are new each time, with a fresh rebrand.
👀 Have you ever kept coins on an exchange and regretted it later? Share your story in the comments—we’ll have a laugh together.
#Bitcoin #crypto #MtGox #selfcustody