🚀💥 Unbelievable but true! 81,193 BTC transferred from Mt.Gox wallets, or approximately $5.3 billion!

This colossal amount of $BTC could soon be released into the market, a decade after the famous Mt. Gox hack. Understanding its history means anticipating market reactions!

🧵 Find out all about Mt. Gox: a story of hacks, lies and betrayals 👇

1/➮ Mt. Gox was founded in 2006 by @JedMcCaleb, initially to trade Magic cards.

🕷 In 2010, Jed, passionate about Bitcoin, realized that there was no easy platform for trading $BTC. He then officially launched a BTC exchange.

2/➮ Ten months later, Jed sells Mt. Gox to @MagicalTux for a value equivalent to six months of income. Six months later, under Mark's leadership, Mt. Gox doubled its trading volume to approximately 20,000 tx/day. At that time, 1 BTC was worth $1.

3/➮ In June 2011, Mt. Gox reported the theft of 25,000 BTC via a compromised computer, approximately $400k at the time, today $525M. The attacker uses artificial trading activities to drop the price from $17 to $0.01, thereby grabbing an additional 2k BTC.

4/➮ Problems multiply for Mt. Gox:

  1. Accidental split of the transaction register in March 2013 -> drop of 23%

  2. Suspension of transactions in April -> drop of 50%

  3. $75M lawsuit and US DHS warrant in May

  4. Suspension of withdrawals on June 20

5/➮ Despite this, the volume of transactions continues to grow. Mt. Gox remains the largest crypto exchange, handling 70% of all $BTC transactions. In December 2013, Mt. Gox reached a record revenue, and the $BTC crossed the $1k mark for the first time.

6/➮ In February 2014, customer complaints increased due to delays in withdrawing $BTC. On February 7, Mt. Gox officially suspended withdrawals, citing the need for a clear technical view of monetary processes.

7/➮ On February 10, Mt. Gox reveals a “bug in Bitcoin software” that alters transaction details, allowing BTC to be resubmitted due to the malleability of transactions.

8/➮ Two weeks later, complaints increase, but CEO Mark continues to assure that withdrawals will resume soon. On February 20, Mark leaves the board of @BTCFoundation. Meanwhile, Mt. Gox deletes all its Twitter posts and shuts down its website.

9/➮ On February 24, an online document reveals that Mt. Gox is insolvent after losing approximately $850,000 BTC. Four days later, Mt. Gox officially filed for bankruptcy.

10/➮ All because of the 2011 theft where Mt. Gox's private key was not encrypted and was stolen. No one knows how the hackers obtained this key, but rumors persist of inside help.

11/➮ On March 20, 2014, Mt. Gox announced that it had found 200,000 of the 850,000 missing BTC. In 2015, the company was managed by Nobuaki Kobayashi, as CEO Mark Karpelès was arrested for fraud and embezzlement in August 2015.

12/➮ Mark is found guilty of manipulating Mt. Gox computers to display incorrect balances and "stealing" $2.6M in user funds for personal use. For years, Mt. Gox's situation stagnated due to lengthy legal proceedings.

13/➮ In November 2021, the case was relaunched and Mt. Gox formalized a “Rehabilitation Plan” aimed at repaying creditors. In July 2022, creditors receive an email regarding the payments.

14/➮ According to this plan, Mt. Gox was to distribute 137,000 $BTC, or approximately 3 billion dollars. Many feared massive dumping, but by 2024, only 36% of this plan has been completed. Mt. Gox is starting to act again.

15/➮ On July 30, 2024, Mt. Gox sends 33,964 BTC, or approximately $2.25 billion, to an unknown address. Additionally, Mt. Gox transfers 47,229 BTC to another wallet. Since July 5, the platform's wallets have sent 61,559 BTC to exchanges Bitstamp, Kraken and Bitbank.

16/➮ So far, these payments have not had a significant impact on the market, and I don't think they will. We are still in a consolidation zone between $54k and $73k. Recently, $BTC hit $70k before dropping back down. The next attempt could well exceed $70k and reach a new all-time high.

#Bitcoin #MtGox

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