700,000 Bitcoin Lost Eight Years Ago Today: Learning From The Fall Of Mt. Gox Today

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Today marks the eighth anniversary of the fall of Mt. Gox, the once-popular online exchange that at one point accounted for the majority of all Bitcoin transactions.

Tokyo-based Mt. Gox, whose domain (MtGox.com) was originally registered in 2007 to host a trading site for the wildly popular “Magic: The Gathering” game cards, began operating as a rudimentary bitcoin exchange in late 2010. However, as business began to drive huge traffic, the owner sold the platform to Mark Karpeles.

Karpeles, an avid programmer and Bitcoin enthusiast, beefed up the web platform’s code to handle an increased volume of Bitcoin transactions and buy and sell orders. But ultimately, the exchange’s failure demonstrated that he did not do a sufficient job in the technical or management aspects of the business, as he tried fulfilling the role of Mt. Gox’s chief executive officer with little experience.


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