MtGox Exchange Hacked

[Suba]

MtGox is the former largest crypto exchange based in Japan, has lost 850,000 BTC of crypto, due to this hack the MtGox exchange was closed in 2014. and Bitcoin price at that time was only $391.00 per BTC. It has been seven years since MtGox has been hacked and of course many users are disappointed because of the loss of their cryptocurrency. However, the hard work of the MtGox team in the compensation effort finally paid off. So far, around 200,000 BTC has been successfully recovered, and MtGox exchange users who have fallen victim to or lost their crypto, then the amount of 200,000 BTC will be immediately distributed to MtGox users.
What Will Happen After MtGox Indemnity?
A very large number of Bitcoins will certainly result in price fluctuations in the crypto market, because it is very likely that MtGox users who are victims of hacking will sell their Bitcoin returns and MtGox users will take profit by selling BTC which is currently above $60K, so we must be aware of the price correction.

 

[Deleted member 28127]

The bad fact of exchange platforms is that they are hacked easily by hackers for one simple reason that the hackers are saying that crypto transactions are irreversible and spend the hacked funds since they are hacked but when the exchange complain to the police they got their funds recovered by law and hackers to enter to the prison in the country where they leave. Crypto transactions must update to be reversible in case of hack then you submit a complaint.

 

[Jasmine]

I don't know MtGox, never heard of this exchange platform. Crypto hacking is becomeing very common these days. Recently, I red news where it was claimed that 200 BTC were stolen form a user account on Coinbase. Currently, this issue is being investigated. There is a danger of keeping your funds on exchange.

 

[laurentharp]

I don't know MtGox, never heard of this exchange platform. Crypto hacking is becomeing very common these days. Recently, I red news where it was claimed that 200 BTC were stolen form a user account on Coinbase. Currently, this issue is being investigated. There is a danger of keeping your funds on exchange.

It's better to isolate your wallets by function: storage, operation, exploration

 

[Victorial]

I have never heard of this exchange before but the process of hacking exchanges is not new. It has been going on for years and it will continue to be so far the anonymous nature of crypto is still there. Worse, I do not think it can be traced and the users are now in a panic. There was a time coin base was also hacked and about 6000 users lost their crypto.
I did not know who is going to pay for that or the users will have to forget their money. The fact that the exchange is not popular is a threat and not advisable to use