MtGox

Mt. Gox was a Bitcoin exchange that operated from 2010 until its collapse in 2014. Originally launched as a platform for trading collectible "Magic: The Gathering" cards, it pivoted to become one of the earliest and largest Bitcoin exchanges in the world. At its peak, Mt. Gox handled over 70% of all Bitcoin transactions globally.

The exchange was founded by Jed McCaleb and later sold to Mark Karpelès. In its early years, Mt. Gox facilitated the growth and adoption of Bitcoin, serving as a primary gateway for many individuals to acquire the cryptocurrency. However, it also experienced periods of instability, including technical issues and Bitcoin withdrawal delays.

In February 2014, Mt. Gox abruptly ceased all trading and began proceedings for bankruptcy protection. The company cited a "malfunctioning system" and the loss of approximately 850,000 Bitcoins, valued at hundreds of millions of dollars at the time. This event sent shockwaves through the cryptocurrency community, leading to a significant price drop for Bitcoin and raising serious concerns about the security and regulation of digital currencies.

Investigations into the disappearance of the Bitcoins and the subsequent bankruptcy proceedings have been ongoing for years. Mark Karpelès was arrested in Japan in 2015 on suspicion of embezzlement, though his trial and the ultimate resolution of the Mt. Gox case have been complex and protracted. The collapse of Mt. Gox remains a significant event in Bitcoin's history, highlighting the risks associated with early cryptocurrency exchanges and influencing the development of security and regulatory frameworks for the industry.