At its peak, Mt. Gox handled over 70% of the world’s bitcoin transactions, and 80-90% of all bitcoin trading volume. The exchange collapsed in 2014 after losing 850,000 BTC, worth hundreds of millions of dollars at the time. It was an event that marked one of the darkest chapters in blockchain history and shattered trust in the nascent cryptocurrency market.I would argue, however, that the lessons learned from its failure have done more good than harm in the decade since. In fact, the destruction of Mt. Gox was instrumental in shaping our industry’s future.

The collapse was an inflection point that exposed critical flaws in security infrastructure, prompting many of the necessary…

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