Bitcoin Basics Quiz 5
- Any computer that is running a Bitcoin software and connected to the internet is part of the Bitcoin network.
- Q 5
28 February 2014, MtGox filed for bankruptcy in Tokyo, Japan. It reported that it had lost $473,000,000 (750,000 Bitcoin) worth of customers’ funds and 100,000 of its own Bitcoin. The company later found a wallet file with 200,000 Bitcoin, bringing the total losses down to 650,000 Bitcoin. Security firm “WizSec” later concluded that the firm was first hacked in early 2011, and the missing Bitcoin was taken over a long period since this date.
At its most dominant point in 2014, MtGox was responsible for over 70% of all Bitcoin transactions.
In April 2014, MtGox ended its plan to rebuild the exchange and filed to be liquidated in Toyko.
In March 2019, the Tokyo District Court found Karpeles guilty of altering the company’s financial records to increase Mt. Gox’s holdings by $33,500,000. He was sentenced to a suspended prison sentence of four years.