In 2014, the world of Crypto Assets experienced a massive shock. The largest Bitcoin exchange, Mt. Gox, suddenly declared bankruptcy, an event that still sparks profound discussions within the industry today. At that time, countless traders logged in to the platform only to find that their account balance had vanished. Subsequently, Mt. Gox admitted a shocking fact: approximately 850,000 Bitcoins had evaporated into thin air.

The scale of this loss is staggering. At the time of the incident, the value of these Bitcoins had already reached 450 million dollars. Now, based on the current price of Bitcoin at 114,000 dollars, the value of this loss has ballooned to an astonishing 100 billion dollars. Over time, the scale of wealth involved in this event continues to rise, becoming an indelible mark in the history of Crypto Assets.

Unlike the sudden hacker attacks that people might imagine, the loss of funds at Mt. Gox resembled a slow and covert process. For a long time, the exchange's Bitcoin wallet was continuously drained of funds without triggering any obvious alarms. Traders were still conducting daily operations on the platform, completely unaware of the ongoing "dark box operation." It wasn't until the exchange finally fell into chaos that this years-long loss of funds was ultimately revealed.

As the investigation deepened, digital footprints identified the suspect as Alexander Vinnik, a Russian national. The exchange he operated, BTC-e, had long existed in a regulatory gray area, becoming a hub for a large amount of illegal funds. The investigation revealed that Vinnik played a key role in laundering the stolen Bitcoins from Mt. Gox, and the money laundering network he built provided a channel for the circulation of this massive sum.

In 2017, the arrest of Vinick sparked a transnational judicial dispute. The United States, France, and Russia all claimed jurisdiction over him, and the struggle over judicial jurisdiction lasted a long time. Although some victims have begun to receive compensation, the impact of the Mt. Gox incident is still ongoing.

To this day, this event remains an indelible shadow over the Crypto Assets industry. It constantly reminds industry professionals that there are still many gaps and challenges in security mechanisms and regulatory norms. The collapse of Mt. Gox has become an important milestone in the history of Crypto Assets development, driving progress in safety and transparency within the industry while also providing valuable lessons for future development.