In January 2014, Mt. Gox, a popular bitcoin exchange, declared bankruptcy after it was discovered that approximately 850,000 bitcoins had been stolen from the exchange. At the time of the theft, these bitcoins were worth around $450 million, but with the growth of the bitcoin market, their value has now increased to around $4.5 billion.
The exact identity of those who stole the bitcoin is still unknown, but there are several theories as to who may be responsible.
One theory is that the theft was an inside job, as there were reportedly several security breaches at Mt. Gox leading up to the theft. In addition, the CEO of Mt. Gox, Mark Karpeles, was arrested in 2015 and charged with embezzlement and data manipulation, raising suspicions that he may have played a role in the theft.
Another theory is that the theft was the work of hackers, who were able to exploit vulnerabilities in Mt. Gox’s security systems. It is believed that the hackers may have been able to gain access to the exchange’s hot wallet, which is used to store bitcoins that are available for immediate use, and transfer the bitcoins to their own wallets.
There is also speculation that the theft may have been orchestrated by a group or organization, rather than an individual or small group of hackers. This theory is based on the fact that the stolen bitcoins were moved to several different wallets, rather than being consolidated into a single account.
Despite ongoing investigations, no one has yet been charged with the theft of the 850,000 bitcoins from Mt. Gox. However, in 2017, a Russian national named Alexander Vinnik was arrested in Greece and accused of laundering $4 billion worth of bitcoin stolen from Mt. Gox, as well as other bitcoin exchanges. Vinnik denies any involvement in the theft and is currently awaiting extradition to the United States.
The theft of 850,000 bitcoins from Mt. Gox remains one of the largest cryptocurrency heists in history. It serves as a reminder of the importance of secure storage and exchange of digital assets, and highlights the need for increased regulation and oversight in the cryptocurrency market. As the value of cryptocurrencies continues to rise, it is likely that we will see more sophisticated and large-scale thefts in the future, making it all the more important for individuals and businesses to take the necessary precautions to protect their assets.