At the beginning of 2014, Mt Gox, a bitcoin exchange based in Japan, was the largest bitcoin exchange in the world, handling over 70% of all bitcoin transactions worldwide. By the end of February of that year, it was bankrupt.
Anyone who was using Mt. Gox lost access to their assets, and it has been a cautionary tale for crypto investors. While the assets weren’t all lost, anything that was left has been frozen for years.
Now, it looks like things might be turning a corner, but there are still many unknowns. Before we talk about how there could be a resolution on the horizon, let’s look at how we got here in the first place.
The victim of a massive hack, Mt. Gox lost about 740,000 bitcoins (6% of all bitcoin in existence at the time), valued at the equivalent of €460 million at the time and over $3 billion at October 2017 prices. An additional $27 million was missing from the company’s bank accounts. Although…
