2026-01-08 20:28:46

Do you remember what happened with Bitcoin in 2011? The Mt. Gox exchange was hacked, and the price of $BTC plummeted dramatically: it dropped from $17 to just $0.01. It was total chaos.

Many traders saw the opportunity and bought Bitcoin at ridiculous prices—less than $1 per coin. The deal seemed incredible. But here comes the worst part: the exchange froze all withdrawals. Not only that, but it also reversed all purchases. Those who thought they had made the deal of the century were left with nothing.

That event reminds us of critical lessons about exchange security and the importance of custody.

BTC0,07%

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GasFeeSobber

· 2h ago

That slap from Mt. Gox still hurts now. If it's true that they kept the assets themselves, then exchanges can't be trusted.

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ThreeHornBlasts

· 01-09 08:28

I think the Mt. Gox incident is still a lesson today; exchange risks really cannot be ignored.

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Ser_Liquidated

· 01-08 20:57

The Mt. Gox incident was truly unbelievable. Buying at the bottom price and ending up being scammed, with the exchange freezing withdrawals—this operation is simply robbery.

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BearMarketBuilder

· 01-08 20:52

mt.gox that wave was truly a bloody lesson... owning your own wallet is the real way to go

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PaperHandsCriminal

· 01-08 20:48

Oh no, I wish I had been there during that wave in 2011. I lost everything and paid the price.

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GateUser-44a00d6c

· 01-08 20:47

The nightmare of Mt. Gox, it directly set so many people back to zero. That's why I will never keep my funds on an exchange, no matter what.

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MidnightGenesis

· 01-08 20:43

On-chain data shows that the Mt.Gox reversal was a textbook-level contract trap... It is worth noting that those frozen addresses are still lingering on the chain to this day.

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StealthDeployer

· 01-08 20:39

The Mt. Gox incident is truly a classic lesson in Web3 history. Back then, those people greedily bought low-priced coins and ended up getting wiped out in a counterattack. Tragic.

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