“Mt. Gox was the largest player in centralized exchanges at the time when these entities dominated. That made this fair more important to the ecosystem than FTX was now,” says Jardine.
The 850,000 Bitcoin from Mt. Gox
The once-great Mt. Gox closed trading in February 2014. It was forced to do so after losing 850,000 Bitcoin in a hack. Customers who had credit on the exchange are still waiting for their money. So you see how long it can take before the users of FTX get any of their credit back after this misery.
On October 6, 2022, the trustee of Mt. Gox indicates that users have until January 10, 2023 to select a refund method. A total of 150,000 Bitcoin has been recovered, which will soon be distributed among these users.
Jardine believes that while there are other factors making FTX bigger, the comparison should inspire optimism within the crypto industry. “There is no reason to think that the industry cannot come out of this stronger than ever,” Jardine concludes.