FTX Bitcoin Stash Worth Same as Mt. Gox 840K BTC Before Hack

Parallels between the Mt Gox & FTX fiascos

FTX Bitcoin stash worth same as Mt. Gox 840K BTC before hack

“At the same time, multiple comparisons to Mt. Gox have emerged: alleged mismanagement, poor security and insider trading activity have all been cited as examples.

The raw data, however, reveals some interesting additional numbers to bear in mind.

Mt. Gox imploded as a result of a giant 840,000 BTC hack in February 2014. Just months before, Bitcoin had seen a fresh all-time high of around $1,100, with Mt. Gox handling around 70% of all trading activity.

In the months that followed, Bitcoin lost up to 85% of its value versus that high, bottoming out in January 2015 — almost a year after the hack.

This cycle became the first Bitcoin bear market witnessed on a wide scale by hodlers, and it took until December 2017 for another all-time high to emerge.

Fast forward to 2022, and at its recent two-year lows, BTC/USD was down 77% in just under a year against its latest all-time highs of $69,000.”



Master Asked on November 16, 2022 in Cryptocurrency.
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