What Happened with the Mt. Gox Hack in 2014?

So, who really pulled off that 850k bitcoin theft from Mt. Gox back in 2014? And were all those coins ever found? I'm curious why no one's managed to pull off something like that since.

Turns out, those Russian guys Alexey Bilyuchenko and Aleksandr Verner were behind it. The DOJ even charged them in 2023. And no, most of those bitcoins are lost for good.

But seriously, how did they manage to steal that much and no one else has done it since? Seems odd.

I remember hearing that around 200k bitcoin were actually recovered later, but yeah, a lot of factors played into the hack. Internal issues and poor security really opened the door for them back then.

True, back then 850k bitcoin wasn't worth nearly as much as it is today. So people who got scammed back then suffered a larger impact with their loss.

But still, why haven't hackers pulled off something similar in recent years? Aren't their skills better now?

Security back in the day was weak. Most exchanges, including Mt. Gox, didn't have proper security measures. Today’s exchanges use multisig wallets. Look at Binance, they got hacked but only lost a small portion because of their security protocols.

Can we really say that it’s impossible for a massive hack to happen again in the future?

Well, hackers are focusing more on altcoins these days. The recent Bybit hack saw over a billion stolen. Those are easier targets, but yeah, if exchanges don’t secure their systems, who knows what could happen.

Exactly. Back then, security wasn’t as tight, so the risk was higher. Most exchanges have learned from those mistakes and added extra layers of protection.

How do we even know the full story behind the Mt. Gox hack? Media reports aren’t always reliable.

True, 1 BTC is still 1 BTC, regardless of the fiat value. But if those coins had been kept safe, they'd definitely be worth a ton today.

At that time, Bitcoin was still new, and people didn't think storing it with third parties was risky. Now, everyone knows better.

If someone tried to pull off a heist like that today, they’d get caught quick. The stakes are way higher now.

Yeah, hacks have been happening since 2011. If you look into it, there’s a whole history of hackers targeting exchanges.

There’s plenty of info out there about Mt. Gox and how the hacker got caught. It’s a classic case, plus there are other lessons from FTX and Terra.

Back then, cold storage wasn’t really a thing. Most exchanges were using hot wallets, which made them vulnerable.

Bitcoin's been through a lot since the Mt. Gox situation. It’s still here and growing, unlike some fiat currencies.

I didn’t pay much attention to Bitcoin in 2014. Seems like the hack was just one part of a confusing situation.

The authorities were really in the dark about Bitcoin back then. They didn't know whether to treat it as money or something else.