The Inside Story of Mt. Gox, Bitcoin's $460 Million ...
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Bad possible scenario for Bitcoin. MT Gox exchange hacked 850,000 bitcoin gets returned to investors at current
Price Without adjusting to price at the time ($400 instead of $8,500 now) That bitcoin would now be $8 billion dollars worth. At current price. Not even estimating bitcoin rising to 100k before the case settles (will take years) if they cash out at a price of that sort bye bye bitcoin. To the people currently appealing this judgement: Y'all hella greedy. You should just get the 400$ bitcoin was worth at the time. Nothing more. The investors after had to invest, risk and revive the cryptocurrency without you guys. You got burned, it's a risk EVERYONE IS CRYPTO MAKES, but not at new investors expense. We don't have any guarantees by investing, and no government backing us up yet so why should you? Many of us have made many loses in crypto due to scams and have gotten nothing back. Be happy you're getting at least your initial investment. No more than $400 for you guys. Without us your bitcoin would be worth $0 and you'd have nothing to fight about. Period. ✌️ Be happy with that $400 dollars per bitcoin instead of getting bitcoin back, because we would all cash out way before you get to a computer. Because when the case was opened and MTGox filed for bankruptcy legally bitcoin was worth only $400. That's what they are owed at the time it was filed. When you don't get the item back you get the value worth at the time of The bankruptcy- that's what he company owes you. You are not entitled to future gains in the market. UPDATE: this also applies to people who had their Nano stolen at Bitgrail. New investors should be Leary of Nano if a case gets opened.
At the beginning of 2014, Mt Gox, a bitcoin exchange based in Japan, was the largest bitcoin exchange in the world, handling over 70% of all bitcoin transactions worldwide. By the end of February of that year, it was bankrupt. Anyone who was using Mt. Gox lost access to their assets, and it has been a cautionary tale for crypto investors. 2014-03-20: 当社保有ビットコインの残高に関するお知らせ / Announcement regarding the balance of Bitcoin held by the company; 2014-03-14: 米国連邦破産法第15章適用の申請に関するお知らせ / Announcement regarding the applicability of US Bankruptcy Code Chapter 15 Mt. Gox, called "Mount Gox" or simply "Gox", was the most widely used bitcoin currency exchange market from shortly after its inception in 2010 to its insolvency late 2013. The market was closed February 25, 2014 and has since filed for bankruptcy protection in Japan and the United States, after losing 640 thousand bitcoins.. A registrant on Mt. Gox had at least two sub-accounts: one for ... Tokyo-based bitcoin exchange Mt. Gox filed for bankruptcy last week, saying hackers had stolen the equivalent of $460 million from its online coffers. The news rocked the bitcoin world, and it ... Mt. Gox took a devastating hit in the largest bitcoin hack to date. Hackers accessed and stole 740,000 bitcoin from Mt. Gox customers and 100,000 from the company itself, roughly the equivalent of $460 million at the time. The event quickly spiraled out of control and the company was bankrupt by the end of February 2014.
Bitcoin Mt. Gox FLASH CRASH! Bitcoins at $0.01 Each - YouTube
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