Mt. Gox

A digital asset market called Mt. Gox was established in 2010. It accounted for an estimated 70% of Bitcoin transactions globally at the time of its collapse in February 2014. The business disclosed that month that it had lost around 750,000 of its clients’ Bitcoins, which were then worth between $400 and $500 million.

Despite significant thefts, the majority of Mt. Gox victims will receive compensation in 2014 that is 5–6 times the value of their Bitcoin assets. Sound custody solutions should include majority cold storage and proof of reserves audits for both digital asset markets and exchange traded products.