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What is Mt. Gox?

Mt. Gox - a cryptocurrency exchange for buying and selling Bitcoin that closed after a major hack in 2014.
2 minutes

Let's find out Mt. Gox meaning, definition in crypto, what is Mt. Gox, and all other detailed facts.

First revealed in July of 2010, Mt. Gox was a cryptocurrency exchange specifically created for buying and selling Bitcoin. Unfortunately, it closed four years after when a major hack took place.

Prior to the event, it swiftly became the world's largest platform for buying and selling Bitcoin. According to statistics, this platform processed more than 70% of Bitcoin transactions over three years.

To specify, it was February of 2014, when the crucial turn took place. The organization unveiled that approximately 850,000 BTC had been taken by hackers. The problematic thing was that 750,000 BTC belonged to clients. At that moment, the stoled amount would have been valued at about $450 million, and today, even at many billions.

This episode was significant in the cryptocurrency industry because it demonstrated that a big portion of Bitcoin's total supply had vanished for good. It also prompted significantly more monitoring of Bitcoin exchanges and fostered the growth of decentralized alternatives in which investors have complete control over their funds on all occasions.

Approximately a month after the website was shut down, about 200,000 BTC was found in an old wallet. Attempts to locate the rest missing cryptocurrencies have proved futile. According to projections, 127,000 credits have filed claims for compensation.

Also, a Japanese court has been entrusted with compensating victims, although it is quite probable that they will simply receive a portion of what they lost.