**Do you still remember the crash that plunged the entire crypto world into a winter?**
In February 2014, a globally renowned exchange suddenly shut down. 850,000 bitcoins evaporated into thin air.
What does that mean? That was over 6% of the total circulating supply at the time—just gone. The day the news broke, BTC prices plummeted like a nosedive, and countless people's accounts went to zero overnight.
Even worse was the investigation result—
This wasn't some high-tech hacker blitz. The platform had been riddled with internal vulnerabilities for years, and nobody cared. So-called "cold wallets" and "multisig"? A joke. The coins had long been siphoned away bit by bit, while the system pretended everything was normal, and users had no clue.
**This incident tore open a bloody truth:**
No matter how big the platform, it can collapse overnight. No matter how flashy the project, it might just be a ticking time bomb. If you put all your assets in one basket, you’re basically entrusting your fate to someone else’s conscience.
What truly keeps you safe has never been the platform’s promises: - Diversify asset storage - Keep your private keys - Stay away from get-rich-quick myths - Maintain clear-headed independent judgment
History may not repeat itself exactly, but it always comes back in disguise. Every blow-up is a reminder: It's okay to take a calculated risk, but going all-in blindly? That’s just asking to get burned.
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
9 Likes
Reward
9
5
Repost
Share
Comment
0/400
SerNgmi
· 2025-12-09 08:10
Here comes another nostalgia trip. I still remember the Mt Gox fiasco to this day.
Seriously, once bitten, twice shy—for ten years. Now, whenever I see an exchange, I just want to transfer everything to a cold wallet.
History keeps repeating itself, just with a different look.
That's why I'd rather HODL than go all-in now. Playing it safe lasts longer.
View OriginalReply0
LootboxPhobia
· 2025-12-07 13:45
Eh, digging up old scandals again... That wave back then was really brutal, a lot of people quit the scene for good.
View OriginalReply0
SurvivorshipBias
· 2025-12-07 13:43
850,000 Bitcoins gone just like that, how crazy is that... Holding your own private keys really is the only way.
View OriginalReply0
StakeTillRetire
· 2025-12-07 13:38
850,000 units... Oh my god... That was really a bloodbath back then.
View OriginalReply0
EternalMiner
· 2025-12-07 13:28
Oh, that was another lesson learned. It was truly a story written in blood and tears back then.
**Do you still remember the crash that plunged the entire crypto world into a winter?**
In February 2014, a globally renowned exchange suddenly shut down. 850,000 bitcoins evaporated into thin air.
What does that mean? That was over 6% of the total circulating supply at the time—just gone. The day the news broke, BTC prices plummeted like a nosedive, and countless people's accounts went to zero overnight.
Even worse was the investigation result—
This wasn't some high-tech hacker blitz. The platform had been riddled with internal vulnerabilities for years, and nobody cared. So-called "cold wallets" and "multisig"? A joke. The coins had long been siphoned away bit by bit, while the system pretended everything was normal, and users had no clue.
**This incident tore open a bloody truth:**
No matter how big the platform, it can collapse overnight. No matter how flashy the project, it might just be a ticking time bomb. If you put all your assets in one basket, you’re basically entrusting your fate to someone else’s conscience.
What truly keeps you safe has never been the platform’s promises:
- Diversify asset storage
- Keep your private keys
- Stay away from get-rich-quick myths
- Maintain clear-headed independent judgment
History may not repeat itself exactly, but it always comes back in disguise. Every blow-up is a reminder: It's okay to take a calculated risk, but going all-in blindly? That’s just asking to get burned.
$BTC $ETH