Origin Stories

How to lose a fortune and make over $700M: the story of Mt. Gox

Posted by James Underhill on

Magic: The Gathering Online eXchange Until recently cryptocurrencies lived in the realm of the obscure. The community was small and the interest was niche. It’s no wonder that in 2013 a single exchange was handling 70% of all Bitcoin transactions worldwide. Most people have heard of Mt. Gox - its name is synonymous with mismanagement and corruption.  Through negligence they lost over 850k bitcoins in 2014.. How did this happen? Let’s go back to the beginning. In 2006 a programmer, Jed McCaleb created an online exchange to buy and sell Magic: The Gathering cards. With limited success he scrapped the...

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