Mt. Gox once handled the majority of the world's Bitcoin trades. In February 2014, it went offline.
The exchange admitted roughly 850,000 BTC belonging to customers and the company itself was missing, worth several hundred million dollars at the time. It filed for bankruptcy days later.
People who left coins sitting on the exchange, thinking that was normal, lost access for years. Repayments to creditors only started in 2024, more than ten years later.
Not your keys, not your coins became the lesson everyone repeats. The part people skip is that withdrawal delays had been piling up for months before the collapse. Most users stayed anyway, because moving coins felt like an unnecessary extra step.
Bitcoin is at $85,598 now. It took a decade for Mt. Gox creditors to see any of their coins again.
Were you around for this one?
Personal view, not advice. Do your own research.
#Bitcoin #MtGox
The exchange admitted roughly 850,000 BTC belonging to customers and the company itself was missing, worth several hundred million dollars at the time. It filed for bankruptcy days later.
People who left coins sitting on the exchange, thinking that was normal, lost access for years. Repayments to creditors only started in 2024, more than ten years later.
Not your keys, not your coins became the lesson everyone repeats. The part people skip is that withdrawal delays had been piling up for months before the collapse. Most users stayed anyway, because moving coins felt like an unnecessary extra step.
Bitcoin is at $85,598 now. It took a decade for Mt. Gox creditors to see any of their coins again.
Were you around for this one?
Personal view, not advice. Do your own research.
#Bitcoin #MtGox