Once the most important Bitcoin exchange, Tokyo-based Mt. Gox ultimately went into bankruptcy in 2014. Why did the exchange blow up?
What Happened to Mt. Gox?
Mt. Gox was launched 2010 and was, at one point, handling almost three quarters of all Bitcoin transactions. In February, 2014, it filed for bankruptcy after losing 850,000 Bitcoin in a hack, which would be worth nearly $6 billion at today's prices. Even at the time it was a substantial amount, worth around $450 million. This resulted in catastrophic losses for the exchange's users.
