Mt. Gox Collapses
- Centralized Exchange
On February 7th, 2014, Mt. Gox halted all bitcoin withdrawals. The company said it was pausing withdrawal requests `to obtain a clear technical view of the currency processes`. On 24 February 2014, Mt. Gox suspended all trading, and hours later its website went offline, returning a blank page. Around 850,000 BTC (~$450M at the time) were stolen over several years. On 14 March 2019, the Tokyo District Court found Karpelès guilty of falsifying data to inflate Mt. Gox's holdings by $33.5 million, for which he was sentenced to 30 months in prison, suspended for four years, meaning he will serve no time unless he commits additional offenses over the next four years.
Incident Details
- Type
- EXCHANGE HACK
- Funds Lost
- $450M
- Status
- Partial recovery
Exchange filed for bankruptcy; creditors still awaiting payouts a decade later.