Biggest Bitcoin Debate. Mt. Gox has been in the spotlight because it has returned $9 billion worth of Bitcoin transactions to its customers. These transactions were not a gift reward but a return of the customers’ stolen items. Mount Gox, the largest Bitcoin cryptocurrency exchange at the time, experienced a security breach that resulted in the largest cryptocurrency theft ever, resulting in the loss of 850,000 Bitcoin. This occurred more than a decade ago. While it was valued at over $470 million, it is now worth $53.3 billion. The difference is a significant amount.
Thousands of holders have been harmed as a result, but Kevin Day has become embroiled in the most significant Bitcoin debate. This circumstance is partly tied to the previous one. The Bitcoin Historian, a well-known creator on X, recently made a post that brought the user’s attention to Kevin Day’s Nightmare. In this article, he highlighted the debate that has been the most significant about Bitcoin.
It is also important to watch for the bearish event that will occur in the future months when Mt.Gox will distribute up to $9 billion worth of Bitcoin and Bitcoin Cash (BCH). Due to these occurrences, the price of Bitcoin may experience further fluctuations throughout this quarter.
Introducing Kevin Day of This Bitcoin Debate
As a video game developer and nerd during the 1990s, Kevin Day was known as Kevin Day. He appeared in several well-known video games, including Mortal Kombat and NBA Showtime. When Kevin was looking for a website hosting service, he was pointed in the direction of Bitcoin. He had started a company named Dot-Com, but it was unsuccessful.
When Kevin made his initial purchase of Bitcoin, the price was scarcely seven dollars. However, on June 19, 2011, he was fortunate enough to purchase the same cryptocurrency at a price of one cent. At that time, the price of Bitcoin saw a significant crash, which resulted in the price falling from seventeen dollars to one penny in twenty minutes.
Immediately seizing the chance, Kevin purchased three thousand dollars worth of Bitcoin. However, this was the beginning of the most significant issue surrounding Bitcoin because it was a component of the hacking of Mt. Gox.
Mt. Gox Snatced The Bitcoins Back
Kevin purchased 259,684 Bitcoins at that time for $3000, which was a stroke of luck. It is interesting to note that the price of Bitcoin has returned, and he has already earned gains of 166,000%, resulting in a total of $5 million with only a few thousand deposits.
However, the good fortune was short-lived because the Bitcoin exchange, Mt. Gox, came forth with an explanation for this disaster. The hackers took the tokens and sold them at a low price on the market, as stated by the exchange. However, the most unfortunate aspect was that all of these stolen tokens would be rolled back, which meant that all deals done after the attack were invalid and voided. This included Kevin’s trades.
Hero or Hacker? $16 Billion Lost
By this point, Kevin had already become involved in the most significant issue surrounding Bitcoin. Even more significantly, he was considered a hacker because he was successful in purchasing Bitcoin at such low prices.
The debate became even more intense after it was disclosed that he had withdrawn 643 BTC just before the reversal. Kevin continued his struggle even though many people called him the hacker and said they would sue him for stealing those 643 bitcoins. He participated in several interviews, answering questions on his decency.
The other side of the argument referred to him as a hero. This is because Kevin abstained from bringing a lawsuit against Mt. Gox despite the fact that doing so would have the potential to impact the Bitcoin ecosystem. Later, Kevin suffered a loss of 259,684 BTC as a result of the exchanges erasing all of the trades. Kevin lost 16.3 billion dollars worth of Bitcoin as a result of this incident, which is equivalent to $63,000 in today’s currency.
