In 2011, the Mt. Gox exchange, originally a platform for trading Magic: The Gathering cards, became the largest Bitcoin trading platform, reaching 70% of the global market. However, in 2014, Mt. Gox announced that it had “lost” 850,000 bitcoins (equivalent to $450 million at the time) and declared bankruptcy. Later, 200,000 bitcoins were found in a forgotten cold wallet, but the mystery about the rest of the funds was never solved. This case alerted the market to the importance of security and self-custody, reinforcing the motto “Not your keys, not your coins.”*
Disclaimer: This is information about the Mt. Gox case and the world of cryptocurrencies. It does not constitute investment advice.
