What is MT Gok? | The rise and fall of the mountain gok bitcoin ekchange

The decline in Mount Gok, once the largest exchange of cryptocurency, the lesson is in what can go wrong. It took 10 years after the collapse platform to start starting to get their fee.

But this catastrophe pushed the entire crypto industry to reconsider its security approach.

What is MT Gok?

The story of MT Goku began in 2007. years, much before Bitcoin and KripptoKorca was on Radar. That year, programmer Jed McCaleb has created a platform called Magic: The Gathering Online Exchange (MTGOX) on the MtGOK.com website, designed for shopping tickets from popular fantastic game, magic: gathering.

Three years later, after learning about Bitcoin (Btc), McCaleb decided to turn the platform in the Criptocurrency. However, about a year after this transformation, he decided to sell the platform to mark Karpeles, a French programmer living in Japan, stating a lack of time to focus on the project.

Meanwhile, Mt Gok quickly gained popularity. By 2011. the platform had tens of thousands of users, and until 2013. was handed over 70% of all BTC transactions around the world.
In February 2014. Mt Gok suspended trading, and in April 2014. submitted bankruptcy protection in the United States

That was because loss From 850K BTC, at the time valued to $ 450 million, which were stolen from the MT Gok wallet. Theft was the biggest kind of species at that time, and that is necessary to trust many in the Bitcoin community.

Mount Gok bankruptcy in detail

24. February 2014, Mt. Gok suddenly stopped all Bitcoin transactions and within a few hours, his website left offline. It soon became clear that about 750K BTC, a member of the user, was stolen for several years, and the platform could not recover from loss. Four days later, 28. February, Mt Gok submitted bankruptcy and announced his extinguishing.

In its submission of bankruptcy, the exchange discovered that, in addition to stolen user funds, hackers and 100K BTC from BTC from their own exchanges. In total, it brought theft at astonishing 850K BTC, approximately 7% of the entire bitter bitter at the time.

Investigations found that hackers stole a private key in the MT Gok’s wallet in September 2011. years. This key allowed to get control over the flow of cryptocurnancy and out. Using this key, the attackers gradually drained exchange funds over a period of several years.

In May 2016, the exchange of Klaken, who helped in the investigation, completed the process of collecting and analysis of creditors’ claims. According to analysts, 24,750 users submitted for compensation.

Analysts, including the Security Company in Tokyo Vizsec, claimed that the stealing was crossed in 2011. year. At that time, Bitcoin is worth 400 kilograms. His climb continued and reached its superior market share in 2013. years. 2014. years, things were asked for the above when users complained about slow withdrawal. The exchange then suspended all the withdrawal and gave public aware of their losses.

MT GOX Payment to Creditors

In September 2018. The Japanese Court approved a rehabilitation The plan to see MT GOK credentials receive approximately $ 1 billion of fees.

Investors received the first payments in December 2023. years – almost ten years after their funds were frozen in February 2014.a March 2025. years, MT Gok is still retained About 35k Bitcoin, worth about 3.08 billion dollars.

Last year, the exchange was pushed by the repayment period for creditors, which extends it from 31. October 2024. until 31. October 2025. years, due to delays in verification and processing.

MT GOK NEWS 2025

25. Marta 2025. Years Arkham Intelligence noticed some Main movements From the MT Gok Wallet. A total of 893 bitcoin was sent to a new address, while another 10,608 BTC was transferred to another wallet under the control of MT GOK. A small amount of 0.000017 BTC was also sent to Kraken, probably for test purposes.