Image by Pixabay
The largest bankruptcies of crypto exchanges
- Mt. Gox: Mt. Gox was once the world’s largest cryptocurrency exchange. In 2014, it filed for bankruptcy after a hack that resulted in the loss of 850,000 bitcoins, amounting to a loss of around $450 million.
- Cryptopia: Cryptopia, a New Zealand-based cryptocurrency exchange, filed for liquidation in May 2019 after suffering a major hack. The losses were reported to be around $16 million in Ethereum and other tokens.
- QuadrigaCX: QuadrigaCX was a Canadian cryptocurrency exchange that filed for bankruptcy in 2019 after its founder and CEO, Gerald Cotten, died without revealing the passwords to the exchange’s wallets. The estimated losses were around $190 million.
- Bitfinex: Bitfinex, a Hong Kong-based cryptocurrency exchange, was hacked in August 2016, resulting in a loss of $72 million worth of bitcoin. The exchange was able to partially recover the funds and later filed for bankruptcy.
- Coincheck: Coincheck, a Japanese cryptocurrency exchange, suffered a major hack in January 2018 that resulted in the loss of $530 million worth of NEM tokens. The exchange filed for bankruptcy in April 2018.
