If you've been following the cryptocurrency space for a while, chances are you've heard of Mt Gox. But when exactly did this infamous exchange collapse? Let's dive into the timeline of events that led to the downfall of Mt Gox.
Mt Gox was once the largest Bitcoin exchange in the world, handling over 70% of all Bitcoin transactions at its peak. However, in 2014, the exchange filed for bankruptcy after losing around 850,000 bitcoins worth over $450 million at the time.
The collapse of Mt Gox sent shockwaves through the cryptocurrency community and highlighted the need for better security measures in the industry. It also left thousands of customers without access to their funds, many of whom are still waiting for compensation years later.
In the end, the story of Mt Gox serves as a cautionary tale for both investors and exchanges in the cryptocurrency space. It's a reminder of the importance of transparency, security, and trust in an industry that is still finding its footing. While Mt Gox may be gone, its legacy continues to shape the way we think about cryptocurrency exchanges and the importance of protecting users' funds.