The Mt. Gox hack of 2014 is one of the most infamous incidents in cryptocurrency history.
At the time, Mt. Gox was the largest Bitcoin exchange, handling over 70% of all Bitcoin transactions worldwide.
The platform collapsed after it was discovered that hackers had stolen approximately 850,000 Bitcoins, which were worth around $450 million at the time.
These Bitcoins ($BTC ) had been gradually siphoned off from Mt. Gox's wallets over the span of several years, exploiting vulnerabilities in the exchangeâs security.
Mt. Gox halted trading on February 24, 2014, and soon after, the company filed for bankruptcy. Initially, it was believed that the full amount was lost, but later, around 200,000 Bitcoins were found in an old wallet.
The CEO, Mark KarpelĂšs, was later arrested and charged with embezzlement and data manipulation, though he was ultimately acquitted of embezzlement in 2019.
The case raised major concerns about the security of cryptocurrency exchanges and led to increased regulatory scrutiny.
Although some of the lost Bitcoin has been recovered, the legal process surrounding creditor compensation has been long and complex, with creditors still seeking reimbursement based on the value of Bitcoin at the time of the hack
