Mt. Gox transfers $7.2 billion worth of Bitcoin, causing major turbulence for the cryptocurrency..

What is Mt.Gox ?

So, Mt. Gox was this big deal cryptocurrency exchange in Tokyo from 2010 to 2014. It practically ruled the roost for Bitcoin trades, handling over 70% of transactions at one point. But then, things went haywire in 2014 with a hack that went down in infamy. Thousands of Bitcoins vanished into thin air, and Mt. Gox had to throw in the towel and declare bankruptcy. Lots of drama followed with lawsuits and all. Fast forward to 2021, after years of legal jousting, a plan was finally agreed upon to deal with the aftermath of the whole mess. And that's the rollercoaster story of Mt. Gox in a nutshell.

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