Crypto Hack: The Mt. Gox Tragedy | CoinMarketCap

Once regarded as the largest Bitcoin exchange, Mt. Gox met a fate that not many could foresee. It reigned as one of the earliest Bitcoin exchanges and was dubbed as the foundation for its succeeding platforms.It intended to serve as a card-trading forum for the famous game: Magic: The Gathering. McCaleb is also the co-founder of OpenCoin Inc. and is the chief developer of Ripple. In 2010, with the rising interest in Bitcoin, McCaleb decided to change Mt. Gox’s mode of operation.

. A total of USD 8.75 million were missing from the platform’s accounts, with no guarantees of return. In the middle of February 2014, the transactions on Mt. Gox came to standstill. To stall their inevitable doom, the company teamed up with Blockchain.info to enhance transaction security. The tragedy started with the 2011 hack and ended in February 2014 following the declaration of bankruptcy.

Mt. Gox Trustee, Nobuaki Kobayashi, has been gradually selling Mt. Gox’s BTC and giving them back to the affected.Nothing has been concluded from any of the investigations so far. Bitcoin was new back in the day and so were exchange platforms.

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