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tradeandholder

Mt.Gox failed us again

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For some of you don't know, Mt.Gox was first Bitcoin exchange that ended its services in February 2014 because of bankruptcy. 

In 2013 a theft drained users accounts from Mt.Gox and some other minor exchanges so Mt.Gox had to file for bankruptcy in 2014. Here is a visualization how bitcoins travelled from Mt.Gox to other accounts: theft_flow.svg

Confiscated bitcoins were auctioned and partly sold by authorities to some big buyers back then, causing crypto market to tank.

Story we thought was ended, it never were. Mt.Gox Trustee started selling some bitcoins in December 2017 and ended in February 2018 indicated in picture bellow. They still have $1.7B worth of bitcoins.

btc-sold.thumb.png.be437ebfa40c315c5c1a53e9adade75d.png
 

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wow that's huge! how can they sell bitcoins whenever they want? isn't there any institution keeping eye on confiscated bitcoins?

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It's speculated that they sold $400 million worth of bitcoins (around 35k) to cover the debt they owe to their customers.

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I found this image bellow describing each exchange thefts from Bloomberg. Mt.Gox seems to be missing $480M from 2014. In today's prices that's around $4B worth of cryptocurrencies.

 

cryptotheft.png.1215923119b04ef7d5e68179f97d5e2d.png

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Hackers stole all that money, more than 10 billions worth. No wonders feds want to hunt all coins down. 🤨

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