exchange-collapse

Mt. Gox files for bankruptcy — 850,000 BTC lost

Mt. Gox, once the world's largest Bitcoin exchange handling approximately 70% of all Bitcoin transactions, filed for bankruptcy in Tokyo. CEO Mark Karpeles revealed that approximately 850,000 BTC (worth ~$450 million) had been lost. The collapse was the most significant crisis Bitcoin had faced since the 2010 value overflow incident.

FTX files for bankruptcy — $8 billion in customer funds missing

FTX, the world's second-largest cryptocurrency exchange, filed for Chapter 11 bankruptcy. Founder Sam Bankman-Fried resigned as CEO. Approximately $8 billion in customer funds had been misappropriated. SBF was later convicted on all seven criminal counts and sentenced to 25 years in prison.