In the early days of Bitcoin's birth, the trading channels were extremely limited. A website named Mt. Gox, originally focused on trading Magic: The Gathering game cards, unexpectedly became the main platform for Bitcoin trading. This platform quickly rose to prominence, at one point accounting for over 70% of the global Bitcoin volume.

However, the seemingly indestructible Mt. Gox was actually fraught with crises. In February 2014, the platform suddenly stopped all withdrawal operations and subsequently declared bankruptcy. Mt. Gox claimed that due to long-standing security vulnerabilities, hackers stole a total of 850,000 Bitcoins from users and the company, worth approximately $450 million at the time.

This event became the first large-scale theft and exchange collapse in the history of cryptocurrency to impact the world, leading to a sudden halving of the Bitcoin price. This disaster taught early cryptocurrency participants a painful lesson, highlighting the important principle of "not your private keys, not your coins."

The Mt. Gox incident not only had a huge impact on Bitcoin prices, but more importantly, it prompted a profound reflection on the security and transparency of exchanges across the entire industry. This incident became an important turning point in the history of cryptocurrency development, leading subsequent trading platforms to make significant improvements in security measures and the protection of user assets.

Looking back at this history, we can see the rapid development and maturation of the cryptocurrency industry. From the initial simple trading platforms to today's complex financial ecosystems, each step has been accompanied by challenges and lessons. The Mt. Gox incident, while causing significant losses, also laid the foundation for the healthy development of the entire industry and promoted the formation of a safer and more transparent trading environment.