Page 9 - CRYPTO COINS COLLECTION
P. 9

CRYPTO COINS



                                         COLLECTION




                                                        MTGOX



                                                                              [1]
               Mt. Gox was a bitcoin  exchange  based in  Shibuya,  Tokyo, Japan.  Launched  in July  2010, by
               2013 and into  2014 it was handling  over 70% of all  bitcoin  transactions  worldwide,  as the largest
               bitcoin  intermediary  and the world's leading  bitcoin  exchange. [2][3][4][5]


               In February  2014, Mt. Gox suspended  trading,  closed its website  and exchange  service,  and filed
               for bankruptcy  protection  from  creditors. [6][7]  In April  2014, the company  began  liquidation
                           [8]
               proceedings.

               Mt. Gox announced  that approximately  850,000 bitcoins  belonging  to customers  and the
               company  were missing  and likely  stolen,  an amount  valued  at more than $450 million  at the
               time. [9][10]  Although  200,000 bitcoins  have since  been "found",  the reason(s)  for the
               disappearance—theft,  fraud,  mismanagement,  or a combination  of these—were  initially  unclear.
               New evidence  presented in  April  2015 by Tokyo security  company  WizSec  led them  to conclude
               that "most  or all  of the missing  bitcoins  were stolen  straight  out of the Mt. Gox hot wallet  over
               time,  beginning  in  late 2011." [11][12]


               Founding (2006-10)


               In late 2006, programmer  Jed McCaleb (eDonkey2000,  Overnet1, Ripple,  Stellar)  thought  of
               building  a website  for users of the Magic: The Gathering Online fantasy-based  card game
               service,  to let them  trade "Magic:  The Gathering  Online"  cards like  stocks. [13][14][4]  In January
               2007, he purchased  the domain  name  mtgox.com, short for "Magic:  The Gathering  Online
               eXchange". [15][16][17][18]  Initially  in  beta release, [19]  sometime  around late 2007, the service  went
               live  for approximately  three months  before  McCaleb moved on to other projects, having  decided
               it was not worth  his time.  He reused the domain  name in  2009 to advertise  his  card game  The
               Far Wilds. [20]

               In July  2010, McCaleb read about bitcoin  on Slashdot, [21]  and decided that the bitcoin
               community  needed an exchange  for trading  bitcoin  and regular  currencies.  After  writing  an
               exchange  website,  he launched  it while  reusing  the spare mtgox.com domain  name. [14]  On July
               18, Mt. Gox launched  its exchange  and price quoting  service  deploying  it on the spare
               mtgox.com domain  name.  [14][22]
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