FTX Isn't New
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FTX Isn’t New
Bad news first.
Then, the good news : )
The Bad News
On February 24, 2014, the world’s largest bitcoin exchange suspended trading. It was the beginning of the end for a company that at one time processed an estimated 80 percent of all global bitcoin transactions. The exchange was called Mt. Gox.
On February 28, 2014, four days after suspending trading, Mt. Gox and CEO Mark Karpeles filed for bankruptcy in a wild turn of events that revealed the exchange was missing roughly 850,000 bitcoin; an amount that, at the time, was worth nearly $500 million. Years later, the bitcoin in question would be worth magnitudes more, well into the tens of billions of dollars.
The details surrounding the Mt. Gox hack remain unclear to this day, some even believing it can be attributed to earlier hacks on the exchange in 2011. When Mt. Gox failed, it shook bitcoin markets to their core, sending investors into a panic.
In early 2016, a cryptocurrency project and lending platform la…
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