Ten years after its collapse, the Mt. Gox crypto exchange finally began paying off creditors. What is the reason for this process, which has dragged on for a decade?
Let’s dive deep into the chronology of events associated with the fall of one of the once-largest crypto exchanges.
Table of Contents
The emergence of Mt. Gox
The history of Mt. Gox goes back to the early days of the crypto industry. It all started in 2010 when developer Jed McCaleb founded the Mt. Gox platform for the Magic: The Gathering game, but then transformed it into a Bitcoin exchange.
A year later, he sold the platform to developer Mark Karpeles. After the change in management, Mt. Gox quickly became one of the most popular BTC platforms.
As a result, the first major hacker attack occurred in June 2011. Hackers stole at least 25,000 BTC, or about $400,000, at the time of the attack. Then, the price of Bitcoin on Mt. Gox collapsed from $17 to almost zero.
After the attack, Mt. Gox continued to develop, and in 2013, it processed 70% of all Bitcoin transactions worldwide. However, the exchange faced technical problems that led to a significant increase in transaction processing time.
Internal difficulties and hack of Mt. Gox
Despite external success, the exchange experienced great internal difficulties. In particular, Mt. Gox had no control over the quality and se
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Author: Anna Kharton
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