'The Mt. Gox creditors were some of the earliest believers in bitcoin. The exchange might be gone but they are still here, still HODLing, still believing.' jeffwilser on the legacy of crypto's most iconic hack: the 2014 fall of Mt Gox. CoinDeskTurns10
that because of this Mt. Gox-inspired regulation, “Japan was the safest place to be an FTX customer.”
And there’s one more mystery of Mt. Gox that has long cast a shadow over the space. Weeks after Mt. Gox declared bankruptcy and all of the bitcoin had vanished, Karpelès made a startling discovery. He had found an old bitcoin wallet. That wallet contained 200,000 bitcoin, which he thought had been stolen. For perspective, this one tiny wallet contained nearly 1% of all the bitcoin that will ever exist.
But what exactly were those assets worth? In 2014, before the hack, each bitcoin was worth around $1,000. Post-hack, the price crashed to below $500. At one point, the trustee’s plan was to liquidate the 200,000 bitcoin and then divvy up the cash to the creditors … with the price pegged to $483. Happily, that 102-page Japanese document does appear to have one important takeaway: The creditors will soon get back their bitcoin, or at least a chunk of it. The creditors will receive roughly 21% of the bitcoin they lost at Mt. Gox, plus a matching amount of bitcoin cash , which was created during the “fork wars” of 2017.
In theory, if Greg’s bitcoin had never been shackled at Mt. Gox and if he had perfectly timed the market, he could have sold all 14.7 bitcoin in November 2021 for $69,000 each, pocketing a cool $1 million. But that feels unlikely. What are the odds he would have held onto all 14.7 for many bumpy years and then sold at the top?
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