Mar 3 2014: The Inside Story of Mt. Gox, Bitcoin's $460 Million Disaster

Back in March 3 2014: The Inside Story of Mt. Gox, Bitcoin's $460 Million Disaster

Bitcoin exchange Mt. Gox has filed for bankruptcy protection in Japan, saying it may have lost nearly half a billion dollars worth of the virtual coins due to hacking that went on for years. The collapse of Mt. Gox underscores the risk of bitcoin's current architecture which is largely based on the Internet's original, decades-old design that was built long before bitcoin and its promise of an anonymous, global currency.

The documents filed with the Tokyo District Court showed Mt. Gox had 142,000 bitcoins of its own, valued at about $78 million at current prices, and that it owed about $47 million in debts, plus another $27.5 million in bitcoins owed to customers.

Fast forward to June 9 2023: Feds charge two men for the $400 million Bitcoin hack that took down Mt. Gox

Two Russian hackers, Alexey Bilyuchenko and Aleksandr Verner, have been charged for their involvement in the 2014 cyber attack on the Mt. Gox Bitcoin exchange, which saw almost half a billion dollars worth of Bitcoin stolen.

The Department of Justice has unsealed a 2019 indictment against the pair on charges of money laundering. The stolen Bitcoin was laundered through the now-defunct BTC-e crypto exchange.

Who do you think was responsible for the 2014 Mt. Gox Bitcoin exchange hack?