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How Mt. Gox Imploded


How Mt Gox Imploded Motherboard

Source: http://motherboard.vice.com/read/how-mt-...

For about four years, Tokyo-based Mt. Gox was the largest and most important Bitcoin exchange. Despite having numerous flaws, many considered it the default option for buying and selling Bitcoin using real world currencies. But in early 2014, Mt. Gox collapsed and its customers’ money vaporized. It entered bankruptcy shortly afterward. Its assets have been acquired by Kraken, a San Francisco-based competitor, which is now refunding Mt. Gox customers. This is what happened behind the scenes of the collapse.

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tl;dr A combination of stupidity, arrogance, and greed.

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