{"id":510788,"date":"2022-11-16T16:20:00","date_gmt":"2022-11-16T13:20:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ftx-bitcoin-stash-worth-same-as-mt-gox-840k-btc-before-hack\/"},"modified":"2022-11-16T16:20:00","modified_gmt":"2022-11-16T13:20:00","slug":"ftx-bitcoin-stash-worth-same-as-mt-gox-840k-btc-before-hack","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ftx-bitcoin-stash-worth-same-as-mt-gox-840k-btc-before-hack\/","title":{"rendered":"# FTX Bitcoin stash worth same as Mt. Gox 840K BTC before hack"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a261ecfd452e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a261ecfd452e\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/ftx-bitcoin-stash-worth-same-as-mt-gox-840k-btc-before-hack\/#%E2%80%9D_FTX_Bitcoin_stash_worth_same_as_Mt_Gox_840K_BTC_before_hack_%E2%80%9C\" >&#8221; FTX Bitcoin stash worth same as Mt. Gox 840K BTC before hack &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/ftx-bitcoin-stash-worth-same-as-mt-gox-840k-btc-before-hack\/#FTX_vs_Mt_Gox_Same_same_but_different\" >FTX vs. Mt. Gox: Same, same but different<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/ftx-bitcoin-stash-worth-same-as-mt-gox-840k-btc-before-hack\/#Whats_in_a_400_million_wipeout\" >What&#8217;s in a $400 million wipeout?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_FTX_Bitcoin_stash_worth_same_as_Mt_Gox_840K_BTC_before_hack_%E2%80%9C\"><\/span>&#8221; FTX Bitcoin stash worth same as Mt. Gox 840K BTC before hack &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p style=\"float:right;margin:0 0 10px 15px;width:240px\"><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvZWQ2NWFlZTUtMzQ1OC00NzA1LTk2N2QtMGM1MjlhOWVhMjA4LmpwZw==.jpg\" class=\"type:primaryImage\"><\/p>\n<pre><code>                The infamous Mt. Gox Bitcoin hack cost the same in U.S. dollar terms as FTX emptying its 20,000 BTC balance.\n                &lt;p&gt;If FTX is sparking new Bitcoin (BTC) bear market lows, BTC price action has further to fall to match Mt. Gox.\n<\/code><\/pre>\n<p>Data from on-chain analytics firm <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/studio.glassnode.com\/metrics\">Glassnode<\/a> confirms that the \u201cMt. Gox bear market\u201d almost a decade ago still beats the 2022 lows.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"FTX_vs_Mt_Gox_Same_same_but_different\"><\/span>FTX vs. Mt. Gox: Same, same but different<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>With the fallout from the FTX bankruptcy scandal still unfolding, questions remain over how many major crypto entities will be affected and how big industry losses will be.<\/p>\n<p>BTC\/USD fell over 25% last week as the ramifications became known, and has failed to recover much lost ground.<\/p>\n<p>At the same time, multiple <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/rektcapital\/status\/1590646268019503104\">comparisons<\/a> to Mt. Gox have emerged \u2014 alleged mismanagement, poor security and insider trading activity have all been cited as examples.<\/p>\n<p>The raw data, however, reveals some interesting additional numbers to bear in mind.<\/p>\n<p>Mt. Gox imploded as a result of a giant 840,000 BTC hack in February 2014. Just months before, Bitcoin had seen a fresh all-time high of around $1,100, with Mt. Gox handling around 70% of all trading activity.<\/p>\n<p>In the months that followed, Bitcoin lost up to 85% of its value versus that high, bottoming out in January 2015 \u2014 almost a year after the hack.<\/p>\n<p>This cycle became the first Bitcoin bear market witnessed on a wide scale by hodlers, and it took until December 2017 for another all-time high to emerge.<\/p>\n<p>Fast forward to 2022, and at its recent two-year lows, BTC\/USD was down 77% in just under a year against its latest all-time highs of $69,000.<\/p>\n<p>With the timeframes similar between FTX and Mt. Gox, the question facing analysts is whether BTC price action will add another 10% to its drawdown versus its prior peak \u2014 or worse.<\/p>\n<p>As Cointelegraph reported, calls for a return to $10,000 were already in place even before the FTX episode. The \u201cblack swan\u201d bankruptcy, others warn, have meanwhile set the crypto industry back several years.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/cea50b1d-675f-46a2-972e-865bed432717.png\" \/><figcaption style=\"text-align: center\"><em>BTC\/USD % drawdown from all-time highs chart. Source: Glassnode<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Whats_in_a_400_million_wipeout\"><\/span>What&#8217;s in a $400 million wipeout?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Comparing FTX to a similar \u201cblack swan\u201d event from almost ten years ago may seem out of place. However, the numbers involved are eerily similar in some respects. <\/p>\n<p><strong><em>Related:\u00a0Bitcoin will shrug off FTX \u2018black swan\u2019 just like Mt. Gox \u2014 analysis<\/em><\/strong><\/p>\n<p>Mt.Gox lost 840,000 BTC, worth at the time around $460 million. Before going down, FTX had a Bitcoin balance of 20,000, according to data from on-chain analytics platform <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptoquant.com\/asset\/btc\/summary\">CryptoQuant<\/a> \u2014 also worth just over $400 million.<\/p>\n<p>As a fraction of market cap, however, this year\u2019s losses pale in comparison to the 2014 drawdown. <\/p>\n<p>Bitcoin\u2019s market cap at the start of March 2014 was $6.9 billion compared to $320 billion today. The overall crypto market cap today is $834 billion, data from CoinMarketCap <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coinmarketcap.com\/historical\/20140302\/\">confirms<\/a>.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/a6d366e1-e153-4cc9-b437-ca0834410b42.png\" \/><figcaption style=\"text-align: center\"><em>FTX Bitcoin balance chart. Source: CryptoQuant<\/em><\/figcaption><\/figure>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/ftx-bitcoin-stash-worth-same-as-mt-gox-840k-btc-before-hack\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; FTX Bitcoin stash worth same as Mt. Gox 840K BTC before hack &#8220; The infamous Mt. Gox Bitcoin hack cost the same in U.S. dollar terms as FTX emptying its 20,000 BTC balance. &lt;p&gt;If FTX is sparking new Bitcoin (BTC) bear market lows, BTC price action has further to fall to match Mt. Gox&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":510789,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvZWQ2NWFlZTUtMzQ1OC00NzA1LTk2N2QtMGM1MjlhOWVhMjA4LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,135234,75873,73785],"class_list":["post-510788","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-ftx","tag-mt-gox","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/510788","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=510788"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/510788\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/510789"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=510788"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=510788"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=510788"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}