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Web3_Vibes
@W3Vibes
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In Community we trust | Telegram: https://t.co/X5GmtrT6zq
Joined August 2023
#MtGox is the main failure in crypto history βοΈ Today marks exactly 11 years since Mt.Gox, the largest cryptocurrency platform at the time, went dark. βοΈ The exchange declared bankruptcy in 2014 after revealing the loss of approximately 850,000 $BTC due to hacking and mismanagement. βοΈ It took approximately 10 years for Mt. Gox victims to start receiving repayments, with the process still ongoing for some creditors. Creditors' losses varied depending on their holdings. Some estimates suggest that creditors lost about 70% of their bitcoin holdings, as the recovered assets were insufficient to cover all claims fully. The narrative of Mt. Gox also serves as a cautionary tale about the risks of centralized exchanges and the importance of self-custody in the crypto space.
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