History of Mt.Gox: Rise and Fall of the Exchange

Mt.Gox, founded in 2010, was one of the first major cryptocurrency exchanges. Initially, the platform started as a marketplace for trading Magic: The Gathering cards, but over time, it evolved into a giant in the cryptocurrency industry, processing up to 70% of all Bitcoin transactions worldwide. However, in 2014, Mt.Gox experienced one of the most dramatic crashes in cryptocurrency history. The exchange declared bankruptcy, claiming it had been hacked, losing 850,000 Bitcoins, which at the time was worth over $450 million. This event shocked the cryptocurrency community, raising concerns about security and regulation in the industry.