Mt. Gox

Mt. Gox was a Japanese-based cryptocurrency exchange founded in 2010 that became the world’s largest platform for trading Bitcoin. At its peak, it handled over 70% of all Bitcoin transactions globally. However, in 2014, it shockingly collapsed after losing approximately 850,000 Bitcoins—worth around $450 million at the time—due to hacking and alleged mismanagement. The scandal led to its bankruptcy and widespread loss of investor funds. The incident highlighted vulnerabilities in digital currency security and regulation, significantly impacting the perception and regulation of cryptocurrencies worldwide.