Mount Gox, at one time, reigned supreme as the premier cryptocurrency exchange globally, facilitating over 70% of all bitcoin transactions during its inception. However, in the early months of 2014, the platform fell victim to a devastating hacking incident resulting in a loss of approximately 740,000 bitcoins, now valued at over $15 billion.
This breach marked the pinnacle of a series of cyberattacks that plagued Mt. Gox between 2010 and 2013, ultimately leading to its demise.
Despite its meteoric rise, the fall of Mt. Gox serves as a cautionary tale of the inherent risks associated with the unregulated and decentralized nature of the cryptocurrency market.
