Understanding Mt. Gox’s Legacy and Bankruptcy
Founded in 2010 by Jed McCaleb, Mt. Gox quickly rose to dominance as the premier platform for trading Bitcoin. Handling over 70% of global Bitcoin transactions at its peak, it was a pivotal player in shaping Bitcoin’s early adoption and price discovery. However, in early 2014, the exchange suffered a catastrophic breach resulting in the loss of 850,000 Bitcoins, worth approximately $450 million at the time.·
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