What date did the Mt. Gox Exchange collapse?
Mt. gox was a Bitcoin that took over the market in 2010. It was launched in Tokyo, Japan in 2010 and by 2014 it was already handling over 75% of all Bitcoins. Mt. Gox collapsed due to a fraud-related issue which led to the loss of Bitcoins worth hundreds of millions of US dollars.
Mt.gox took over the market within a very short period after its launch. The sudden collapse came as a shock to a lot of people and baffling questions concerning this issue have been asked by netizens. This article serves to answer the many questions being asked about the collapse of Mt. Gox, so read on!
WHO FOUNDED MT.GOX?
Mt.Gox was founded by a renowned programmer named Jed McCaleb in 2010. He got the idea of making trading worthwhile for online traders in 2006, and in January 2007 he proceeded to buy the domain name mtgox.com. After a few months, he moved on to other projects neglecting mtgox.com. in his speech, he said “It wasn’t worth his time”
WHAT HAPPENED TO MT.GOX?
Mt. Gox which started as a breakthrough route for many traders suddenly collapsed tragically years after its launch, defrauding many Bitcoin traders of their investments.
It started off with delays in funds withdrawal, many assumed that this incident was caused by technical issues and kept their faith alive hoping it would be rectified shortly.
The longevity of the withdrawal process robbed the hope of many in the mold and raised many suspicious thoughts in the hearts of users.
Reports show that Mt.gox was hacked leading to loss of thousands of millions in US dollars, and raised alarm for traders to become more conscious. The fall of Mt gox led to a shift in the crypto industry as many traders diverted to using DeFi platforms.
What date did the Mt. Gox exchange collapse?
Mt.gox exchange collapsed in February 2014 just four years after it was launched and on 9 March 2014, it filed for bankruptcy.
